Icon Brickell
Monday, May 17, 2010
The Real Deal l South Florida
Icon Brickell towers deeded back to HSBC
Icon BrickellIn a "friendly settlement," Miami-based developer the Related Group has deeded back two towers at Icon Brickell to a group of lenders led by HSBC. The company will return Tower 1 and Tower 2 to the lender group, and the buildings' sales and marketing work will be managed by Related and Fortune International. Sales have rebounded recently at the 1,793-unit, three-tower site, especially after Related was able to secure approval to cut prices by 30 percent. Related will still own and operate the third tower, a 50-story building where the Viceroy Miami hotel is located. [Miami Herald via Sun Sentinel]
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