It looks like the retail space at the base of Miami’s 57-story 50 Biscayne condominium is facing some serious financial trouble. After the owner lost a $4.27 million judgment, the retail condos are now slated for a foreclosure auction – a big shake-up in downtown Miami’s real estate scene.
What’s the Story Here?
The whole situation kicked off when Miami-Dade County Circuit Court Judge Reemberto Diaz awarded Fort Lauderdale-based Fuse 10 LLC a foreclosure judgment against the current owner, AZB I LLC of Boca Raton, back on August 29. At the heart of this legal battle is a mortgage that still had $3.4 million in principal, plus interest and fees. The details were confirmed by property data firm Vizzda.
The foreclosure involves a total of 7,531 square feet of commercial space, specifically units CU-1, CU-2, and CU-3 at 50 Biscayne Blvd. These units are now set to hit the online auction block on October 30. That’s quite a prime spot in downtown Miami, so it’s definitely catching some attention.