Brazilian investor sues developer of Parque Towers in Sunny Isles over construction delays
A Brazilian biotech executive is suing the developers of Parque Towers in Sunny Isles Beach over construction delays at the planned luxury condo project.
A British Virgin Islands company tied to Luis Boaventura of Brazil filed a lawsuit in a Miami-Dade County Circuit Court last month, alleging breach of contract. Boaventura, a director at the biotechnology and pharmaceutical company STEQ America, is seeking to get his deposit back, alleging the project wasn’t finished by its planned completion date of Dec. 2017.
Parque Towers is a planned 320-unit, two-tower luxury condo development at 330 Sunny Isles Boulevard. The project’s developer is Coral Gables-based J. Milton & Associates, which has developed over 50,000 residential units and has a net worth of $3.5 billion, according to its website. Its other projects in Sunny Isles include the IntraCoastal Yacht Club, the Sands Pointe Ocean Beach Condominium, Pinnacle Oceanfront Living, and King David Luxury Condominiums.
The lawsuit alleges the British Virgins Islands company tied to Boaventura, Pilac Management LTD, entered into a pre-construction agreement with the developer in February 2014. At the time, Pilac Management agreed to purchase unit 4-908 for $1.2 million, and put down a deposit of $600,000.
Pilac Management’s lawyer David Reiner said his client was looking to buy the property as an investment opportunity and expected to put it back on the market late last year.
“They have just not completed the units and they are going to be a year late,” Reiner said. “They say ‘well there was a hurricane, there was some plumbing issues,’ but there was no sufficient reason for this kind of delay.”
A call to J. Milton Associates President and CEO Joseph Milton was not immediately returned.
This isn’t the first case of investors looking to get their deposits back from unfinished luxury projects in South Florida. At least three prospective buyers at Lionheart Capital and Elliott Management Corp.’s The Ritz-Carlton Residences, Miami Beach are suing the project’s development group over construction delays. Construction at the luxury project with 111 condos and 15 stand-alone villas was expected to be completed in June 30, 2017, according to the suits.
Source: The Real Deal