Contact Niki Higgins | +1.954.817.2500 | nhiggins@spg.cc


Have a question? We are here to help. | TF: +1.888.242.4422 | Cell: +1.954.817.2500 | Email Us

Construction Delays Generating Lawsuits at Ritz-Carlton Residences, Miami Beach

May 17, 2018

Since March, three separate civil lawsuits have been filed against the Ritz-Carlton Residences, Miami Beach development group, 4701 North Meridian LLC. The group is a partnership between Lionheart Capital and Elliott Management Corporation. The plaintiffs are suing the developer over the project’s construction delays and are seeking to get their deposits refunded.

The three lawsuits each state the plaintiffs entered into purchase agreements and laid out deposits for condo residences between 2014 and 2015. The also allege that the developer stated in its contracts that the project would be substantially completed by June 30, 2017, meaning the residence would be “physically habitable and usable” for the purpose for which it was purchased.

The plaintiffs are seeking a return of their deposits and to have their attorney fees covered, as they allege that the developer has not begun construction on their units constituting a breach of their sales agreements.

The Ritz-Carlton Residences, Miami Beach is currently still under construction. The residential building, located at 4701 North Meridian Avenue in Miami Beach, is set on 7 acres of land on Surprise Lake. The land was previously owned by Mount Sinai Medical Center and was home to the Miami Heart Institute. Lionheart Capital purchased the property in February of 2012 and began sales for the Ritz-Carlton Residences project in 2014. Once completed, the luxury development will have 111 residences and 15 stand-alone villas with prices ranging from $2 million to $40 million.

Source: The Real Deal

Share this post


All information displayed on this website is subject to errors, omissions, prior sale or withdrawal without notice.

All text, images, graphics, and other materials on this website are subject to copyright and other intellectual property rights of Seaside Properties Group at Douglas Elliman unless otherwise stated. These materials may not be reproduced, distributed of reposted to print or other websites without the express written permission of Seaside Properties Group at Douglas Elliman

DOUGLAS ELLIMAN, LICENSED REAL ESTATE BROKER

All contents © Copyright 2018 Seaside Properties Group at Douglas Elliman. All rights reserved in All Countries.