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Financing Dispute Brings Design District Project To Screeching Halt

January 7, 2014

Construction of an Enrique Norten-designed mixed-use building in Miami’s Design District has stalled while the developer faces off in court with a project partner.

Asi Cymbal’s Design41 project, a 27,000 square foot mixed-use office, retail, and restaurant building planned for 112-130 NE 41 St. in the Design District, is on hold after an arrangement to secure EB-5 financing did not work out.

Construction of an Enrique Norten-designed mixed-use building in Miami’s Design District has stalled while the developer faces off in court with a project partner.

Asi Cymbal’s Design41 project, a 27,000 square foot mixed-use office, retail, and restaurant building planned for 112-130 NE 41 St. in the Design District, is on hold after an arrangement to secure EB-5 financing did not work out. An undisclosed entity was supposed to bring in the EB-5 funding but did not hold up its end of the agreement. Cymbal started construction without the financing last year with hopes of completing Design41 this May.

But the lack of EB-5 funds eventually forced Cymbal to shut down construction and file liens against the project on behalf of his subcontractors. A lawsuit against the EB-5 partner is pending.

The building was to include retail at the ground floor, topped by two parking levels, then three levels of office space, and a restaurant perched atop in a glass box.

Source:  The Real Deal

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