Midtown Miami Land In Foreclosure Listed For Sale

3601 North Miami Avenue with Francisco Arocha (Credit: Google Maps)

3601 North Miami Avenue with Francisco Arocha (Credit: Google Maps)

The developer of the planned Triptych project that straddles the border between Midtown Miami and the Design District is listing the site for sale.

HES Group, which is facing foreclosure from its lender, is looking to sell or find a joint venture partner for the 1-acre property at 3601 North Miami Avenue, said Francisco Arocha, CEO and managing partner of HES.

“We’re working in good faith to find a good solution,” Arocha said. “We own the land and we control the land. Our goal is that during the next few weeks, the economy will come back during the election.”

Miguel Pinto of Apex Capital Realty

Miguel Pinto of Apex Capital Realty

Miguel Pinto of Apex Capital Realty and Daniela Lainville of Yaffe International Realty are co-listing the site.

In early September, LV Midtown LLC filed a foreclosure lawsuit against Aventura Hotel Properties LLC and QR Triptych

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Harbor Group International’s Midtown retail property poised for foreclosure

Payments were due on the 10th of each month, but when HGI missed its May payment, the bank took the cash out of the reserve fund; HGI never restored the balance. Reserves are typically used to supplement mortgage payments when the borrower can’t pay the full monthly amount and must be replenished to a minimum amount depending on the size of the loan. It is a practice similar to that of residential landlords who use security deposits when tenants don’t pay rent.

May 22 CIBC let the property owner know it had defaulted, but HGI has yet to make a payment. The investment firm “lacked sufficient revenue” to make the monthly payments, according to the complaint.

“New York retail properties are facing serious challenges due to current market conditions, where rents have dropped significantly,” said Richard Litton, HGI’s president. “We believe in the long-term prospects of this property and will

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