River Landing is in foreclosure, and the developer owes millions to lenders and architects.
Architect ADD Inc. filed a lien late last month claiming that $1.1 million worth of architectural work remains unpaid, out of a total of about $3 million billed. ADD’s Jon Cardello signed the lien.
Last week, lender Eastwatch Holdings filed a foreclosure lawsuit over a $38.19 million mortgage issued in April 2014. Eastwatch is an affiliate of Northstar Realty Finance Corp.
River Landing is one of the few Special Area Plans that have been approved in the city of Miami, thanks to an unusually large property size. It is approved to include 537,000-square-feet of retail and 440 apartment units. The Mahi River Shrine once stood on the property and has already been demolished.
The developer claimed last week that he had ‘just signed an agreement with an equity partner’ and will pay off the loan.