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Mira Flores UPDATE: Foreclosures delayed but still moving forward

CM Robinson

Jun 27, 2023

This month Councilwoman Robinson continued to check in with the City Attorney's office who is actively tracking and regularly communicating with lenders who have filed for foreclosure on the Mira Flores property. In June 2023 both trust deeds rescheduled the foreclosure and auction to July 6th, 2023. According to the City Attorney's office the lenders can reschedule the foreclosure and auction indefinitely.


CM Robinson has inquired as to possible pathways forward including but not limited finding a developer who would be willing to purchase the property so the project can move foward. The City Attorney's office let us know that while the property is in this limbo the lenders in foreclosure CANNOT enter into an agreement prior to the foreclosure to sell the property to a third party. They say that this is called “chilling the bidding” as that third party should be bidding at the foreclosure sale.


The ball is truly in the court of the lender and of course the current developer who continues to assert they are in the process of securing funding although we would love for this to be true, the City has yet to see proof of this claim.


CM Robinson and City staff will continue to look for ways to help move this project forward and will continue to stay in touch with the current developer and the lenders throughout the foreclosure process and auction.


 

More posts tracking the Mira Flores Project:

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