SOUTH FLORIDA NEWS

Mandarin Boca's $418M Foreclosure. Is Your Deposit Safe?

After nine years of delays, buyer lawsuits, and a hotel bankruptcy, the condo tower is the next domino to fall. This time, buyers' deposits are on the line.

Key Takeaways

• Lenders affiliated with Apollo Global Management filed a $417.7 million foreclosure suit against the Mandarin Oriental Residences developer on July 17, 2026.
• In a foreclosure, the mortgage lender is paid first, so the 10% of deposits still in escrow should be recoverable, but released funds may not be.
• A judgment is only as good as the developer's ability to pay, and the higher cost is years of money tied up earning nothing.

The Mandarin Oriental saga in Boca Raton just took its worst turn yet. We have followed this project for years, from nine years of delays to…

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Inside the $6M Funding Gap Holding Up The Jax in Hollywood

Three developers have tried to build on this Hollywood site. None broke ground. Affiliated Development thinks it can be different, but the financing is still not locked.

• The Jax would bring 394 apartments to 400 South Dixie Highway in Hollywood, with half reserved for workforce housing.
• Affiliated Development is seeking $6 million in public incentives from the city to close a financing gap on the $126 million project.
• Priority would go to "hometown heroes": first responders, teachers, and veterans.

The Jax shows the difficult side of workforce housing in South Florida. Affiliated Development has the experience, the Hollywood location, and the workforce housing playbook, but the project still needs public incentives to make the numbers…

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The Cove Adds 376 Live Local Units to Fort Lauderdale

Pacific Life just bet $74 million that workforce housing can pencil in Fort Lauderdale. The result is 376 apartments replacing a demolished hotel, with 55% of units reserved for teachers, nurses, and first responders.

• The Cove is an eight-story, 376-unit building at the corner of Sunrise Boulevard and Federal Highway in Fort Lauderdale.
• Pacific Life Insurance Company provided a $74 million construction loan, the second major Affiliated project the insurer has financed.
• 207 units (55%) are reserved for households earning up to 120% of area median income, exceeding the Live Local Act's 40% minimum.

The Cove is a strong example of how Live Local, city partnerships, and experienced workforce housing developers can turn a troubled site into…

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Related Group Sells Aventura Stake as Condos Cool

Florida's biggest condo builder just walked away from an Aventura project, as the plan flipped from for-sale condos to rentals and a hotel. When the condo king cashes out, it says something about the market.

Key Takeaways

• BH Group and The Apollo Companies bought out Related Group's stake in the 4.5-acre Aventura City Center site at 2999 NE 191st Street.
• The project flipped from for-sale condos to a 248-unit rental tower plus a 153-room Marriott hotel, with the hotel zoning approved in May 2026.
• Related Group, Florida's largest condo developer, exiting a project that dropped condos, points to a cooling for-sale market.

When Florida's largest condo developer steps back from a project, it is worth asking why. According to The Real…

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Mayweather's Former Palm Island Home Resells at a $3.5M Loss

Even in real estate, "Money" Mayweather stayed undefeated. He booked a profit and left the loss to the next owner, who may have been smart to take the hit and move on.

Key Takeaways

• The Palm Island estate at 288 South Coconut Lane sold for $18.5 million in July 2026, about $3.5 million below what the seller paid in November 2024.
• Floyd Mayweather, the home's former owner, actually profited, buying at $18 million in 2021 and selling at $22 million in 2024.
• The loss belongs to the current seller, an LLC tied to Black Spruce Management's Josh Gotlib, who chose to cut it rather than keep holding.

A mansion once owned by boxing champion Floyd Mayweather just resold at a loss. According to The Real Deal, the waterfront estate at 288 South…

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Why Palm Beach County Paused the Self-Driving Airport Connector

Glydways pitched autonomous cars on elevated roadways running from downtown West Palm Beach to the airport. Commissioners said "not now" after the company requested a nearly $1 million feasibility study.

• Glydways withdrew its proposal on July 7, 2026, after Palm Beach County commissioners raised concerns about upfront study costs.
• The proposed system would connect Palm Beach International Airport to six downtown stations over a 4-5 mile elevated route.
• Commissioners cited budget uncertainty tied to the November 2026 homestead exemption referendum.

West Palm Beach's self-driving airport transit idea is not dead, but it makes sense that the county paused it. The concept is interesting, but a nearly $1 million feasibility study and a…

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How Florida Foreclosure Auctions Actually Work

Most first-time bidders lose money, and it usually happens after the gavel rather than during it. Surviving liens, credit bids, and occupied houses do the real damage.

• Winning bidders generally owe 5% at the sale and the full balance by noon the next business day.

• Junior claims usually clear, though property taxes, municipal fines, and IRS redemption rights can outlive the sale.

• Third-party buyers do not receive the association assessment safe harbor that lenders get.

Free live workshop, Wednesday July 29, 2026: Larry Mastropieri and three Florida foreclosure specialists take bidder questions on Zoom, 10:00 AM to 11:30 AM EST. Reserve a seat at no cost.

Distressed property keeps surfacing…

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21 Hollywood Nears 2027 Delivery With Premium Rents

Studios start at $2,250 a month in a city where the average studio rents for about $1,589. With the building nearly done and pre-leasing open, the real question is whether South Florida demand backs up the price.

Key Takeaways

• 21 Hollywood, a 14-story, 200-unit luxury rental at 2100 N Federal Highway, launched pre-leasing in July 2026 and targets completion in early 2027.
• Studios start around $2,250 a month, well above Hollywood's roughly $1,589 average studio rent, with about 22 units available now.
• Hollywood's Federal Highway corridor is planned for up to 25,100 residences, with nearly 6,000 completed or in the pipeline.

Hollywood's building boom is not only happening on the sand. While big names like Related Group circle the…

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$1.98M Judgment Over Mandarin Oriental Boca Condos

One buyer settled for $2.1 million, a dozen more are in line, and now a lender wants the whole project. The delay was always the headline, but the real problem now is that buyers no longer trust the finish line.

Key Takeaways

• A Palm Beach County judge awarded buyers Douglas and Debra Jacobs a $1.98 million judgment on June 29, 2026, after their condo missed its December 31, 2025 deadline.
• County records show 13 buyers have sued the developer, Penn-Florida affiliate Via Mizner Owner III, and a separate buyer settled for $2.1 million.
• In July 2026, a lender group tied to Apollo Global Management filed a $417.7 million foreclosure suit on the condo project, putting buyer deposits at risk.

The Mandarin Oriental story in downtown Boca…

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Fort Lauderdale's River District Gets Two New Towers

A $54 million pre-construction loan moved two ODA-designed high-rises closer to reality on a quiet stretch just south of downtown.

Key Takeaways

• Dependable Equities landed a $54 million pre-construction loan for two ODA-designed towers of 45 and 47 stories.
• Combined, the towers would add about 1,460 residences and nearly 2 million square feet, with construction targeted to begin in early 2028.
• The site sits south of the New River, an older office pocket that developers keep converting to new construction.

Downtown Fort Lauderdale has spent two decades filling in, and lately the building has been jumping the New River to the south side. That quieter bank is where the newest project lands. According to Florida YIMBY, Dependable Equities…

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