Bankruptcies in Florida

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Artecity is a partially-completed 202 unit condominium project in Miami Beach whose developers filed for Chapter 11 bankruptcy recently in efforts to avoid foreclosure of the project. The Artecity project developer’s lawyers stated that 93 of the units are presently under contract and the developers have raised $2.7 million from original investors in order to finish the project.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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