Receiver Alan Fine takes over troubled 1212 Aventura mixed-use project by Medical District Developments
Court-appointed receiver Alan Fine will oversee and manage the troubled 1212 Aventura mixed-use project, which has faced challenges including office condo owners being forced to vacate the property this summer.
After more than a dozen office condo owners were forced to vacate the property this summer, Miami-Dade Circuit Court Judge Thomas Rebull has appointed receiver Alan Fine to oversee and manage the troubled 1212 Aventura mixed-use project by Medical District Developments.
The project, located at 21290 Biscayne Boulevard, consists of an assisted senior living facility with 163 apartments, 39 office condos spanning 25,796 square feet, and 29,684 square feet of retail. Rebull is presiding over a foreclosure case against Medical District Developments filed in March by a lender who claims the developer defaulted on a $17.5 million mortgage.
The decision to appoint Fine as receiver comes after multiple challenges faced by the project, including office condo owners being forced to vacate the property this summer. The troubled development has also faced delays and financial struggles.
Fine, a veteran receiver and attorney with experience in handling distressed properties, will now be responsible for managing and overseeing the completion and operation of the project. In his role, Fine will work to address the project's challenges and ensure the best possible outcome for all involved parties.
While the future of 1212 Aventura remains uncertain, the appointment of a receiver may provide a glimmer of hope for the project's completion and success. Only time will tell if Fine is able to turn things around for the troubled mixed-use development.