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A proposal to build Infinity, a 15-story mixed-use project on the west side of Sunny Isles Beach is dead. As a result, developer GPI Real Estate Group wants to kill a $20 million deal that has been pending since 2015 to buy the land. Reported The Real Deal.
The developer’s affiliate, GPI Sunny Isles LLC, is suing TNG Holdings and its owner Robert Cornfeld in Miami-Dade Circuit Court to force the repayment of a $5 million advance. The no-interest loan is tied to the purchase agreement for a parking lot at 16700 Collins Avenue where the project was to be developed, according to the suit, filed May 21.
Read More at The Real Deal: https://therealdeal.com/miami/2020/06/03/developer-of-nixed-sunny-isles-beach-project-seeks-return-of-5m-advance-lawsuit/
