The tower stopped at 16
Legacy Hotel & Residences stands at 942 NE 1st Avenue inside Miami Worldcenter. The record dates the halt to March 2024. Work stopped when plumbing and electrical slab penetrations were found in the wrong place, and the tower had reached roughly its 16th floor.
The tracker lists 50 stories, 310 residences and 219 hotel keys on 1.5 acres. A 120,000-square-foot health and wellness centre anchors the building. Royal Palm Companies develops it and Kobi Karp designed it. The status reads Under Construction, the opening date reads TBD, and the tracker verified the record on October 17, 2026.
The lender sued for $31.9 million
Legacy Lender Holdings, an affiliate of Monarch Alternative Capital, filed in Miami-Dade Circuit Court on 2 July 2025. The claim is $31.9 million in unpaid principal, interest, fees and taxes. Royal Palm is countersuing.
Each side names a figure. Neither has published a settlement.
A $32 million bond went unposted
On 22 September 2025 the developer missed the deadline for a $32 million surety bond ordered under his settlement with Monarch. The same settlement required more than $35 million paid by early November 2025.
The tracker's dated milestone, citing The Real Deal, records the miss. It leaves the half-built tower exposed to receivership or a debt auction.
A dozen liens, no total
A dozen contractors are pursuing lien claims against the property. No published figure covers them. Liens attach to the property and follow it through a transfer until they are cleared, bonded or otherwise resolved.
No repair number on the record
The record publishes no remediation scope, no engineer's report and no repair estimate. The defect sits in slab penetrations, which carry plumbing and electrical services through each floorplate. A correction runs through the floors above and below the fault, so a survey has to reach every level that shares the affected risers.
The frame has stood open since March 2024. No envelope survey is on the record.
Receivership hands over a shell
A receiver takes the shell and the site, secures both and commissions the engineer's report the file lacks. The hotel component carries no published brand, no operator, no management agreement and no franchise term. Nothing on the record binds an operator to the asset.
That leaves 219 keys with no repair budget and no operator attached.
A debt sale moves the repair bill
A buyer prices the frame, the slab work, the lien queue and whatever schedule can be built from a 16-floor structure. The unmeasured repair cost travels to the buyer.
Diligence starts at the court file. The record publishes no claim register, no amount per claim and no filing date.
Three counts that do not agree
The tracker publishes 50 floors, 310 residences and 219 keys. The project marketing site headlines 46 stories, 255 hotel rooms and 278 residences. A broker page lists 39 floors, 278 units and a 2025 delivery.
No source reconciles the three sets. The tracker and the marketing site differ by 36 keys and four floors.
What ends the wait
Three events would move the asset: a court order appointing a receiver, a docketed sale of the debt, or a permit filing that describes the repair. None has appeared. The record dates nothing after 22 September 2025, so a restart date a reader finds elsewhere carries no source.