The owner of the Bayview Market site has been given until next week to respond to a foreclosure lawsuit.
Rebuild Miami-Edgewater, LLC, managed by Richard Meruelo, purchased the 7.35-acre site in January 2015 for $64 million, with the seller providing a two year, $34 million loan. The company had said they would build a mixed-use project, including a Vib hotel.
The loan matured in January but has not been repaid.
A January letter from the lender demands a cure payment of $40.56m, including interest and a late fee.
Lawyers for Rebuild Miami requested an extension of time to respond to the suit. The lender filed a motion on March 14 agreeing to the extension, giving Rebuild Miami until March 31 to respond.