Local Bank Seeks Foreclosure Lawsuit On One Of Downtown Miami’s Oldest Buildings

metro miami building-1 ne 1 street_photo credit time century holdings 1030x385

The Time Century Jewelry Center in downtown Miami, a 225,054-square-foot retail property located at 1 N.E. First St., has been targeted with a $26 million foreclosure lawsuit as the owner works to complete renovations to the retail center.

Miami-based City National Bank of Florida filed a foreclosure complaint Sept. 12 against TC Metro Mall Investments LLC, along with loan guarantors Shoshana Levy, Galit Levy, Rafael Levy and Yair Levy.

Formerly known as the Metro Mall, the five-story retail center was built in 1926 and is one of the oldest retail buildings remaining in downtown Miami.

In addition to seeking to foreclose on the mortgage, the bank wants the court to appoint a receiver over the property.

Source:  SFBJ