Photo by C. StilesTao Sawgrass in Sunrise is owned by Corus.Behind some of the area's biggest condo ghost towers -- Tao Sawgrass in Sunrise and Trump International Hotel & Tower in Fort Lauderdale -- lies one very cash-strapped bank. Chicago-based Corus Bank has become a poster child for the condo meltdown, because it lent money to at least 16 South Florida condo projects before the real estate bubble burst. Now that condos aren't selling, developers can't repay their construction loans,
Photo by C.StilesCityPlace South Tower is now in foreclosure.Miami-based real estate giant The Related Group has struggled to weather the housing bust, watching its massive Icon Brickell condo project on Biscayne Bay sit largely empty, while its CityPlace South Tower in West Palm Beach goes into "friendly foreclosure." But that hasn't stopped Related's thirst to keep building. According to the Palm Beach Post, Related Companies is one of five development teams now vying to build a hotel to se
Photo by C.StilesWith CityPlace South Tower in foreclosure, what is Related thinking?You have to hand it to the Related Group. No matter how bad the economy gets or how many ghost towers dot the skyline, the Miami real estate giant keeps looking for ways to make a buck. Here's the current philosophy: We can't pay our own bills. But hey, let's buy more stuff and hope for the best!According to the Wall Street Journal, Related Companies of New York is now trying to buy the assets of a bank that
