Project Approved For Fisher Island

A U.S. bankruptcy judge has allowed a company to pursue two residential developments on Fisher Island while its Chapter 11 case and a pending foreclosure lawsuit play out.
Judge A. Jay Cristol approved a plan submitted by Fisher Island Investments for the proposed Palazzo del Sol and Palazzo del Luna projects on Tuesday, South Florida Business Journal reported. Fisher Island Investments was hit with an involuntary Chapter 11 filing by several creditors three years ago. The company can now attempt to refinance the nearly $140 million mortgage for the land on the north side of the island and finalize development plans.
A foreclosure auction of the company’s land is still tentatively scheduled for March 12. Fisher Island Investments controls two companies that own a combined 24.5 acres of mostly vacant land on the island.

Article from The Real Deal

 

 

 

Nobu hotel chain to convert Eden Roc Miami Beach

Nobu Hospitality Group plans to convert the landmark hotel Eden Roc Miami Beach into a Nobu-branded operation by the end of this year.
Nobu would head up the food and beverage aspect and its namesake restaurant would relocate from the Shore Club from 1701 Collins Avenue to 4525 Collins Avenue, Miami.com reported.
The hospitality chain also owns hotels in Riyadh, Saudi Arabia, and in Las Vegas at Caesar’s Palace.
In 2012, Marriott won a case against Eden Roc, the owners of the Renaissance Hotel in Miami Beach. Eden Roc had sued Marriott and its Renaissance Hotel Management unit, accusing the chain of mismanaging the property, following a $300 million investment, as previously reported.

Article by The Real Deal