Hundreds of construction projects are going on in the South Florida area at any given time. Although there is always the possibility of a disagreement, most of these projects are carried out without any kind of business litigation. However, there are times when different entities can’t see eye-to-eye, which can lead to legal action.
A huge condo project that originally began more than four years ago now has a new direction after the site is reportedly under contract to be sold. The condo was supposed to open in 2009, but was delayed and eventually came to a complete halt because of several more delays, concerns about the condo-hotel business model and litigation. Business tycoon Donald Trump, who reportedly loaned his named to the project, continues to fight legal claims involving the property.
Meantime, the property is now reportedly being sold to an entity called Conrad FLB Partnership LLC. The new owner plans to invest $100 million into the project and create a hotel with 181 rooms along with 109 condo units, which will be for sale. According to reports, the condo is still in good shape and nearly in move-in condition.
In this situation, on-going disputes and lawsuits ended up leading to the termination of the original project plans. Construction and other contract disputes can be tricky and sometimes very difficult to wade through, as there can be many kinds of legal aspects to understand and overcome. That’s why anyone who is involved in any kind of business litigation should probably retain an experienced business attorney to help.
Source: South Florida Business Journal, “Former Trump International Hotel and Tower sold,” Oscar Pedro Musibay, Dec. 3, 2013