Mercedes-Benz Places Miami

Mercedes-Benz Places Miami is in foreclosure and construction has stopped. In April 2026 an affiliate of Cottonwood Group filed suit in Miami-Dade Circuit Court seeking $80.4 million in principal plus interest and fees, with interest accruing at $53,621 per day. The bridge loan behind it matured on 15 January 2025 and was not repaid.

This page exists because a buyer considering a deposit here — or holding one — needs the actual record, not a rendering. Everything below is dated and sourced. If you have money in this building, the section on buyer rescissions is the one to read first.

By Josh Stein — Miami real estate associate, Florida license SL3057661. Selling Miami luxury property since 2002, with more than $1 billion closed.

What Happened, in Order

• 2019 — JDS Development Group acquires the Southside Park site for $23.5 million.
• An $85 million bridge loan is provided by Maxim Credit Group. Its maturity is repeatedly extended from late 2023.
• February 2024 — the Mercedes-Benz branded project launches sales, promising delivery in 2027.
• January 2025 — the bridge loan matures and is not repaid, after repeated extensions from late 2023.
• March 2025 — vertical construction begins on Tower 1.
• 24 March 2026 — the loan is taken over by CWRE SSF Flamingo Capital, an affiliate of Los Angeles-based Cottonwood Group.
• April 2026 — foreclosure suit filed, seeking $80.4 million in principal plus interest and fees. A number of subcontractors have also filed liens against the project. Delivery guidance moves to 2028.
• May 2026 — roughly 10 percent of unit buyers request rescission of their contracts. The Real Deal describes the two-tower project as partially built with work stopped amid the litigation.
• June 2026 — the City of Miami notifies JDS of default under its public benefits agreement, which requires construction of an $8 million firehouse. Separately, Fontainebleau Development is reported as poised to join as a partner alongside a roughly $1.06 billion financing package involving BDT & MSD.

The Foreclosure

The numbers matter here, so take them slowly.

The original facility was $85 million from Maxim Credit Group, with a maturity repeatedly extended from late 2023. It matured in January 2025 and was not repaid. On 24 March 2026 the loan was taken over by CWRE SSF Flamingo Capital, an affiliate of Los Angeles-based Cottonwood Group, and in April 2026 that affiliate filed to foreclose. The claim is $80.4 million in principal plus nearly $20 million in interest — close to $100 million in total, with interest running at $53,621 a day as of 30 March 2026.

Alongside it, a number of subcontractors have filed liens against the project. The Real Deal does not give a count. That is the pattern you see when a project stops paying its trades.

JDS has countersued Cottonwood. This is contested litigation, not a settled outcome, and nothing on this page should be read as predicting how it resolves.

Interest on the defaulted loan was accruing at $53,621 per day as of 30 March 2026 — roughly $1.6 million a month — while construction is stopped.

The Real Deal, 6 April 2026

What This Means If You Have a Deposit In

I am not your lawyer and this is not legal advice. But if you are holding a contract here, these are the questions to take to counsel, in this order:

• Where is your deposit held, and under what escrow terms? Florida’s condominium statute governs escrow for pre-construction deposits, and the answer depends on the specific language in your purchase agreement.
• What is your outside date, and has it passed? Roughly 10 percent of buyers requested rescission after the foreclosure filing. Whether that right is available to you turns on your contract, not on the news.
• Does a foreclosure or a change of sponsor trigger any right on your side? Ask specifically about lender-consent provisions and assignment clauses.
• If a new partner recapitalises the project, what happens to your contract and your price? A rescue is not automatically a bad outcome for a buyer — but the terms are everything.

Do not take the answer from the sales office. Take it from a Florida real-estate attorney reading your actual contract. That is worth a few hundred dollars against a seven-figure deposit.

The Possible Rescue

In June 2026 The Real Deal reported that Fontainebleau Development, Jeff Soffer’s firm, was poised to join the project as a partner alongside a financing package of roughly $1.06 billion involving BDT & MSD — against the $750 million package The Real Deal described in April 2026.

That has not been reported as closed. It is the most recent substantive development on the public record and it is genuinely significant — a sponsor of that scale and a facility of that size would change the picture entirely. But “poised to” is not “did,” and as of this writing no source confirms the deal closed, construction restarted, or the foreclosure resolved.

If you are watching this building, that is the single item to watch.

What Was Planned

The scheme is two towers carrying 800 residential units and a 174-key hotel. JDS’s own website lists 821 residential units, which is unreconciled with the 800 reported by The Real Deal.

Sales launched in February 2024. No units-sold figure or percentage in contract has ever been published — in more than two years of selling, and through a foreclosure. That absence is itself informative.

Note also that JDS is the developer behind 888 Brickell by Dolce&Gabbana, which as of 8 July 2026 had still not closed construction financing and has never had vertical construction reported. Two JDS projects in Brickell, both stalled at the financing stage, is a sponsor-level pattern worth understanding before you sign anything with this developer.

Brickell Around It

The site sits at the western edge of Brickell around Southside Park, close to the Miami River and a short distance from Brickell City Centre and the Metromover Brickell Loop. It is a genuinely good location, which is part of why the land and the entitlements have value regardless of how the litigation resolves.

For context on how this project compares with the rest of the market, the Miami Pre-Construction Delivery Tracker records 38 South Florida towers: 22 have slipped at least once, 14 have no construction loan reported, and 5 — including this one — are stalled or in litigation.

Since2002Selling Miami luxury

Closed$1B+In career sales volume

Years24In this market

Buildings478Tracked across Miami

Mercedes-Benz Places Miami — Frequently Asked Questions

Is Mercedes-Benz Places Miami still being built?

No. As of the most recent reporting the two-tower project is partially built with construction stopped amid litigation. Vertical construction began on Tower 1 in March 2025 and the project reached partial height before work halted.

What is the foreclosure about?

An $85 million bridge loan from Maxim Credit Group, whose maturity was repeatedly extended from late 2023, matured in January 2025 and was not repaid. On 24 March 2026 the loan was taken over by CWRE SSF Flamingo Capital, an affiliate of Los Angeles-based Cottonwood Group, which filed to foreclose in April 2026. The claim is $80.4 million in principal plus nearly $20 million in interest — close to $100 million in total — with interest accruing at $53,621 a day as of 30 March 2026. A number of subcontractors have also filed liens. JDS has countersued Cottonwood and is reported to be working on a $750 million replacement financing package.

I have a deposit in this building. What should I do?

Take your purchase agreement to a Florida real-estate attorney, not to the sales office. Ask where your deposit is held and under what escrow terms, what your outside date is and whether it has passed, whether a foreclosure or change of sponsor triggers any right on your side, and what happens to your contract and price if the project is recapitalised. Roughly 10 percent of buyers requested rescission after the April 2026 foreclosure filing; whether that right is available to you depends on your specific contract.

Could the project be rescued?

Possibly. In June 2026 The Real Deal reported that Fontainebleau Development, Jeff Soffer’s firm, was poised to join as a partner alongside a roughly $1.06 billion financing package involving BDT & MSD. That has not been reported as closed, and no source confirms construction has restarted or the foreclosure has resolved. It is the single item worth watching.

When was it supposed to be finished?

2027, promised at the February 2024 sales launch. Guidance moved to 2028 by April 2026 — but that figure predates the construction halt and should not be relied on.

How many units have sold?

Never published. In more than two years of selling, and through a foreclosure filing, no units-sold figure or percentage in contract has appeared in any source. That absence is itself worth noting.

Is the developer behind other Miami projects?

Yes. JDS Development Group is also the developer of 888 Brickell by Dolce&Gabbana, which as of 8 July 2026 had still not closed construction financing and has never had vertical construction reported by any credible source. Two JDS Brickell projects stalled at the financing stage is a sponsor-level pattern worth understanding.

Sources and further reading

• Michael Stern’s JDS launches sales for Mercedes-Benz branded Brickell condo tower — The Real Deal26 February 2024: the sales launch, the two-tower residential and 174-key hotel programme, and the original 2027 delivery promise.
• Michael Stern’s Mercedes-Benz condo project hit with foreclosure suit — Bisnow6 April 2026: the foreclosure filing, the six subcontractor lien suits and the move to a 2028 delivery figure.
• Soffer to the rescue? JDS working on securing partner, $1B loan for Mercedes-Benz Miami project — The Real Deal11 June 2026: the reported Fontainebleau partnership, the ~$1.06B financing discussions, and the City of Miami default notice over the $8M firehouse obligation.
• First phase of Mercedes-Benz Places goes vertical in Brickell — Florida YIMBYMarch 2025: vertical construction beginning on Tower 1, with 2027 still the stated delivery.
• Miami Pre-Construction Delivery Tracker — Josh SteinOur dated record of 38 South Florida towers — 22 slipped, 14 with no construction loan reported, 5 stalled or in litigation.

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