An affiliate of Aventura-based Cabi Developers plans to sell 5.9 acres on the New River in Fort Lauderdale for $11.75 million to emerge from bankruptcy.
Cabi New River on Dec. 20 will ask U.S. Bankruptcy Judge A. Jay Cristol in Miami to approve the land deal. In December 2010, Cabi New River filed for Chapter 11 bankruptcy protection with plans to restructure a $17.5 million loan from HSBC Realty Credit. The loan is backed by the land in downtown Fort Lauderdale. HSBC is not objecting to the land sale. The proposed buyer is A&C Builders, an affiliate of Miami-based Cymbal Development, which is planning a mixed-use project in Miami’s Design District. The Miami project would have 54 residential units, about 42,000 square feet of retail space and a 400-space parking garage.
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