The original mastermind of the troubled Biscayne Landing project is looking to buy it back. The special servicer on the site's $190 million loan is in default on a $1 million payment owed to the city, and is also late on rent and does not plan to pay back taxes, according to North Miami city manager Russell Benford. In a Feb. 22 letter to the city, Michael Swerdlow, the developer of the project, laid out his proposal to buy it back. He had been bought out by Boca Developers, which only built a small percentage of the residential units envisioned for the site. Biscayne Landing is currently the largest delinquent loan in South Florida. [SFBJ]
Tags: biscayne landing boca developers michael swerdlow
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