Developer backs out of major Miami condo project

| Apr 30, 2017 | Condominiums And Cooperatives |

For homeowners’ associations, conflicts with developers may arise for a multitude of reasons. In Miami-Dade, these disputes can be worsened as a result of various regional factors, such as challenges in the condo market. As a result, homeowners’ associations may want to stay on top of current trends in the South Florida condo market and should always try to resolve disagreements with developers smoothly. Sometimes, these disputes lead to litigation, at which point it is essential for associations to protect their interests and know their rights.

A condo developer in Florida recently backed out of a major project that had been planned in Miami. Although the firm was able to sell 15 percent of the project’s units beforehand, they decided to put an end to the project. It is believed that their move to stop the development could be based on the location of the project as well as less demand for luxury condominiums.

However, the developer is still moving forward with a number of other projects in the area, one of which includes a condominium skyscraper 57 stories high. Construction was supposed to begin on the canceled project, which was unveiled in 2016 and scheduled to consist of 298 units, in 2017. However, construction was pushed off until 2018 before it was recently scrapped altogether.

Handling a dispute with developers can be tough, especially for homeowners’ associations that have not yet encountered these situations. However, the outcome of a dispute can have a significant impact on the future of an association and many have decided to speak with an attorney.

Source: Miami Herald, “Why Related pulled the plug on a new 298-unit luxury condo,” Rene Rodriguez, Apr. 11, 2017

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