Creditors to Take Over Troubled Biscayne Landing Project

An email alert from North Miami Councilman Scott Galvin bears more bad news for a troubled residential and commercial development in his city.Galvin informs North Miami residents not to bother showing up for a town hall meeting scheduled for tonight to discuss what the heck is gonna happen with Biscayne...

By Francisco Alvarado

July 20, 2009

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An email alert from North Miami Councilman Scott Galvin bears more bad news for a troubled residential and commercial development in his city.

Galvin informs North Miami residents not to bother showing up for a town hall meeting scheduled for tonight to discuss what the heck is gonna happen with Biscayne Landing.

The meeting has been postponed, Galvin explained, because Boca Developers, the real estate company developing Biscayne Landing, is no longer in control of the project. In two weeks, international financial firm Credit Suisse will take over the 99-year lease with the city.

This past April, the South Florida Business Journal reported Boca Developers was in default on a $110 million mortgage on the 188-acre site. City leaders had hoped Biscayne Landing would be a catalyst for economic growth, with 5,999 new residences and funding for affordable housing units.

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Francisco Alvarado was born in Nicaragua and grew up in Miami, giving him unique insight into the Magic City and all its dark corners. An investigative reporter with a knack for uncovering corruption, Alvarado made his bones as a staff writer at Miami New Times and remains in dogged pursuit of the next juicy story.

Contact: Francisco Alvarado

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Twitter: @thefrankness