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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
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