The trendy Gansevoort in South Beach will be hitting the auction block soon after defaulting on a $89m loan to Credit Suisse.

The property was renovated by a father and son team and reopened a 334-room hotel in 2007. There are also 259 condos, a rooftop pool, and 63,000 square feet of retail space and restaurants.

A partnership of Armco Capital Inc. and Southwest Properties Ltd. paid $17.9 million in cash for 158 units to Goldman Sachs who had aquired the property in foreclosure. The original developer paid roughly three times that amount for Downtown Dadeland, a seven-tower residential and retail development in Kendall, Florida, about six miles south of downtown Miami.

This exciting commercial and retail development is sure to satisfy residents and condo owners in downtown Miami. Built by Developers Diversified Realty, this project is sure to amaze and wow. Current anchor tenants include a Super Target, Ross, Marshalls, and PetSmart among others.

The site consists of 645,000 square feet of prime retail space on 28 acres, easily accessible to downtown Miami and Miami beach. The shops are nested between I-95 and I-195. Be sure to visit for all your shopping needs the next time you are in Miami!