While it may not belong to the collection of Miami Beach condos, Everglades on the Bay is an easily recognizable condominium over in the downtown Miami area due to its 49 story height and large size. However, in spite of its size and the consistent coverage it receives, Everglades on the Bay is having a little bit of trouble behind the scenes.
Everglades on the Bay will soon be exchanging ownership from its developer to the building’s lender, a collective of banks spearheaded by Bank of America. Everglades on the Bay has a total of 849 units, 137 of which have been purchased while the rest are either rented or unoccupied. The building consists of two large towers with views of Biscayne Bay, the Miami Beach condos and the many island neighborhoods.
This isn’t the first building whose unsold units have reverted to the original lender’s ownership, Everglades on the Bay is one of six condominiums that are now under lender control and that doesn’t include any potential Miami Beach condos. The good news is that should you be interested in purchasing a unit at Everglades on the Bay, there is now slightly less risk knowing that it is no longer in limbo due to the developer’s financial woes.
