The tower at 942 NE 1st Avenue stands 50 storeys tall on paper. The concrete stops at roughly the 16th floor. Royal Palm Companies broke ground in 2021 and work halted in March 2024. The record dates the halt to plumbing and electrical slab penetrations found incorrectly placed. The site has not restarted.
Sixteen Floors of Fifty
The tracker puts the structure at roughly its 16th floor when work stopped, so 34 floors remain and 68 percent of the vertical build. The poured floors are the part a receiver inherits first, because they carry the defect. Plumbing and electrical penetrations sit in the wrong position inside slabs that have already cured. Correcting them means opening concrete that has been placed. The record publishes no remediation scope, no engineer's report and no repair estimate.
The tracker's counts run 50 floors, 310 residences and 219 hotel keys on a 1.5-acre site, with a 120,000-square-foot health and wellness centre anchoring the scheme. A buyer should price 219 keys as the tracker's figure and confirm the count against the permit set before signing.
The Case That Holds the Site
Legacy Lender Holdings, an affiliate of Monarch Alternative Capital, sued Royal Palm Companies in Miami-Dade Circuit Court on 2 July 2025. The claim covers $31.9 million in unpaid principal, interest, fees and taxes. The developer is countersuing.
The settlement produced a deadline the developer missed. A judge ordered a $32 million surety bond by 22 September 2025 under the settlement with Monarch. The same settlement required more than $35 million paid by early November. Neither payment is recorded as made. The half-built tower sits exposed to receivership or a debt auction.
A dozen contractors are pursuing lien claims. Liens attach to the title, so a buyer clears them at closing or buys them at a discount. The record carries no lien total.
No Operator Appears on the Record
The record names no hotel brand, no operator, no management agreement, no franchise term and no licensing arrangement. The hotel component is described by its key count and by nothing else. Any operator arriving at this asset is negotiating a new contract on a restart.
That gap sets the order of work. Whoever takes title chooses the flag, the operator and the contract structure. Those decisions follow the lien position and the completion budget. An operator approached before either is resolved is being asked to sign into an unpriced restart.
Two Hundred Nineteen Keys and Three Hundred Ten Apartments
The tracker describes 310 compact, fully furnished condominium residences with no rental restrictions. That clause travels with the asset. A restart delivers furnished apartments that owners may rent without restriction at the same address as the hotel. The record publishes no rental programme, no minimum stay and no operator for that inventory.
The hotel side is arithmetic. Two hundred nineteen keys for a year is 79,935 room-nights. The record publishes no rate, no brand and no opening date, so the revenue line has no basis until an operator supplies one.
The Rooms Return Into a Trading District
Miami Worldcenter holds stock open around the stalled tower. The Crosby Miami Worldcenter opened in 2025 at 0.2 miles. Miami World Tower 1 is listed as open with a 2024 date. The district project is listed as open from May 2025. Umbrella is open. JEM Private Residences is under construction at under 0.1 miles with a fourth-quarter 2027 date. E11EVEN Club Hotel and Residences is under construction at under 0.1 miles with a June 2026 date. Okan Tower and One West Twelve are both dated 2028 at 0.3 miles.
Each of those properties sells rooms now. The 219 keys would arrive on top of a trading set that already covers the district's demand, and their arrival is a supply event the neighbours price into their own budgets.
The tracker's Miami Worldcenter panel reads an 85-project pipeline and 32,648 residences and keys. The 219 keys are 0.67 percent of that count. The same two figures appear under the Design District label on another project page, so read the panel as a metro total.
Four Questions Before the Keys Count
The restart file needs four answers before anyone underwrites a room in this tower. The first is the slab repair, with its scope, cost and engineering sign-off on the poured floors. The second is the lien schedule, with a claim total and a settlement path. The third is the count, at 219 keys or whatever the permit set shows. The fourth is the operating contract, with a brand, a term and a fee schedule attached to it.
None of the four is public. The tower holds 219 keys that no operator can sell, and the record dates nothing after 22 September 2025. A receiver or a buyer inherits a slab defect, a lien stack, a foreclosure case to settle and a district that already trades. The rooms sit on a schedule nobody has set.