The Real Deal Miami

Tao towers stand empty

January 09, 2009 10:42AM

The Tao Sawgrass towers, which were supposed to alter the west Broward
County skyline, remain empty, their 396 luxury units a monument to
overbuilding and the state housing bust. Instead of foreclosing,
Chicago-based Corus Bank on November 7 took title to the vacant
Tao’s delayed opening has led to lawsuits and more may be on the way,
said Dania Beach attorney Lorri Lomnitzer, who is representing four
investors who together paid a deposit of $77,400. Lomnitzer filed suit
in Broward Circuit Court on October 31 claiming the developer breached
contract by not having the towers ready by February 2008.