Foreclosure roundup: Worldcenter set for auction

10/22/2010

Adam Greenberg, managing director of Miami-based BayBridge Real Estate Group, said the development plan for Miami Worldcenter still makes sense, especially as the downtown Miami condo units fill with residents. They will be looking for places to shop and for entertainment.

However, there’s little hope of getting construction financing for such a project now – not unless it’s by a wealthy developer with a major guarantee to the bank, he said. Greenberg said he expects a lot of interest in the property, but at discounts of 30 percent to 50 percent off the foreclosure amount.

“Anything that has multiple uses and fits within the grid of the city I think will do well in the future,” Greenberg said.

For the FULL article from South Florida Business Journal by Brian Bandell, please click HERE.

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