Lawsuit Settlement Will Allow Bayside Expansion To Move Forward

Developer Jeff Berkowitz is giving up on a request for county funding for the SkyRise project, according to the Herald.

In a letter, Berkowitz said that he was unable to meet county requirements for to obtain $9 million in funding. Instead, he will move forward on the $430 million project without it.

A lawsuit filed by Raquel Regalado and Norman Braman had threatened to help up both SkyRise and Bayside’s expansion project, the Herald wrote. The owner of Bayside increased their mortgage from $79 million to $250 million in December 2014 to help fund the expansion, according to The Real Deal.

The Bayside Marketplace Renovation and Addition project includes the renovation of the existing outdoor common areas and waterfront plaza; the renovation of the existing open-air, two-level parking garage; the addition of two new levels of parking; and a new retail addition to provide new tenant shell spaces along Biscayne Boulevard.