Here’s where Michael Stern’s Miami projects stand amid $100M foreclosure suit
Michael Stern’s JDS Development Group is navigating market headwinds in Miami, where the firm is focusing on a pair of ambitious Brickell skyscrapers. After handing over control of his 1250 West Avenue project to a competitor, developer David Martin, Stern’s South Florida holdings have narrowed. Another project, the under-construction Mercedes-Benz Places, was hit with a $100 million-plus foreclosure lawsuit. JDS was also, at one point, working on a planned condo buyout of the Casablanca condo-hotel in Miami Beach, but he does not actively have a deal in place with unit owners, sources said. The buyout revealed itself in a messy […]This article originally appeared on The Real Deal. Click here to read the full story.
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