19 Jul 2025 1 min read

Legacy in Limbo: Miami Tower Faces Foreclosure Amid Developer-Lender Feud

Conceptual rendering of the Legacy Miami Worldcenter high-rise development in Downtown Miami, showcasing a luxury mixed-use tower with residential, hotel, and commercial components. Image used for illustrative purposes only. All rights go to their respective owners.

A major project in Downtown Miami, the Legacy Miami Worldcenter, is now at the center of a legal and financial conflict. The tower—once envisioned as a blend of luxury residences, hotel space, and a medical center—has been hit with foreclosure proceedings. The project's lender, an affiliate of Monarch Alternative Capital, claims the developer, Royal Palm Companies, defaulted on nearly $32 million in debt, including taxes and fees.

Construction stalled in 2024 after delays and funding shortfalls. In response to the foreclosure, Royal Palm Companies countersued, accusing Monarch of deliberately underfunding the project to take it over.

This legal battle casts doubt over the future of one of Miami’s most high-profile projects and signals deeper instability in the city’s real estate sector. As luxury condo prices soar beyond sustainable levels and financing grows tighter, the Legacy saga could become a cautionary tale in an overheated market teetering on overvaluation.