City Park Aventura Headed For Auction

City Park Aventura Office Building
City Park Aventura Office Building

City Park Aventura will be auctioned off to the highest bidder on August 13, 2010.

The auction is the result of losing an $18.3 million foreclosure judgment against Aventura Land Trust and Yizhak Toledano, CEO of Sky Development (no longer in business) by HRCBJS Partners.

To be built on a 7.5 acre-site approved in 2006 by The City of Aventura, City Park Aventura was planned as a mixed-use project of commercial and residential properties, containing townhouses, apartment units, an office building, restaurant, hotel, and shopping center.

Located in the center of Aventura at the corner of  207th Street and NE 30th Ave, it was supposed to start construction in 2007, but the land remains vacant. Neither is the City Park Aventura Master Association, incorporated by Alex Tukh, David Levy, Yizhak Toledano, active. Formerly located at 2999 NE 191st St #Ph-2 Miami, FL 33180, the company was incorporated November 13, 2007 in Florida.

The project team was lead by Sky Development Inc., with financing by HRCBJS Partners and CSE Mortgage, leasing by Cushman & Wakefield, designing by the world-renowned Arquitectonia, and decorating by Paradigm Interiors of Coral Gables.

According to CEO Toledano, in September of 2007 the $180 million project supposedly had a waiting list of 600 buyers for the 104 residential units before the real estate market imploded in 2007. He is quoted as saying , “We are based here, so we understand the market. Having the knowledge of being a local business owner makes my life easier because I know the city needs something like this.” The developer even had a “Sky’s the Limit” grand opening party in December of 2007.

Turnberry Bank Undercapitalized

Turnberry Bank remained in “undercapitalized” status as another loss hurt its capital.

The Aventura-based bank lost $1.32 million in the first quarter, slightly worse than its $1.29 million loss in the fourth quarter.

In April, federal regulators hit Turnberry Bank with a cease and desist order, giving it until June 30 to raise its Tier 1 core capital ratio to 8 percent and its total risk-based capital ratio to 12 percent.

As of March 31, those ratios were at 3.38 percent and 6.76 percent, respectively – a decline from the ratios at year-end. The bank would have to nearly double its $8.9 million in Tier 1 capital to meet the regulatory goal.

The bank is seeking investors to raise capital.

Read more in the South Florida Business Journal: Turnberry Bank’s capital slips