Dan Kodsi misses deadline in Legacy Miami Worldcenter foreclosure lawsuit

Developer Dan Kodsi, known for his role in the Legacy Hotel & Residences project at Miami Worldcenter, has failed to meet a deadline set by a judge in a foreclosure lawsuit.

In August, Judge Spencer Eig ordered Kodsi to post a $32 million bond as part of an agreement with his lender, New York-based Monarch Alternative Capital. However, as of September 22, Kodsi had not met the deadline.

The dispute between Kodsi and Monarch stems from a construction loan for the Legacy Hotel & Residences project, which has been on hold since last year. The project, which was originally planned as a 50-story tower, is currently in limbo due to the ongoing legal battle.

According to court filings, Monarch claims that Kodsi defaulted on the loan and owes nearly $60 million in principal and interest. Kodsi, on the other hand, argues that Monarch failed to fund the remaining portion of the loan and is using the foreclosure as a tactic to gain control of the project.

In a statement, Kodsi's attorney stated that they "remain confident in the merits of our case and will continue to vigorously defend against Monarch's baseless claims."

Originally reported by The Real Deal.

https://therealdeal.com/miami/2025/10/01/kodsi-misses-deadline-in-legacy-miami-worldcenter-foreclosure/