Chip Abele’s downtown Hollywood tower threatened with $121M foreclosure

Chip Abele’s mixed-use development that has Publix as a tenant in downtown Hollywood is threatened with a $121.4 million foreclosure. An affiliate of Miami Beach-based Arc Asset Management sued the developers of The Circ for foreclosure, the South Florida Business Journal reported. The 25-story complex is at 1740-1776 Polk Street.  It includes the 111-key Circ Hotel, the 386-unit Circ Residences, a 48,000-square-foot Publix and a rooftop Olivia Restaurant & Bar. The lawsuit, filed April 30, targets HC Real Property LLC, Circ Hotel LLC, and Circ Residences LLC, along with guarantors Chip Abele, Peter Jago, Daniel McCarthy and Harish Mehta. Abele […]This article originally appeared on The Real Deal. Click here to read the full story.