Michael Neumann, founder of BH3 Realty, sat down with The Real Deal’s Managing Editor Ina Cordle to talk about his upcoming luxury development in Aventura.
After months of litigation and conflict, Privé at Island Estates was issued a building permit by the city of Aventura in late March and is now in the construction phase. Developers BH3 Realty and Gary Cohen ran into several legal hangups that resulted in one $200 million lawsuit against the city of Aventura and another $225 million lawsuit against individual property owners who opposed the project.
Homeowners neighboring the project were also up in arms about a sidewalk that Privé’s developers were building in front of their homes. They tried to block construction by lying in the mud and parking their cars over the sidewalk. One couple even rammed their Porsche SUV into a newly built portion of the sidewalk.
Neumann said the litigation gave everyone a negative perception about Privé, specifically that it wasn’t going to get built. But once news broke of the building permit being issued, sales have really picked up.
“It’s opened up the floodgates,” he said. “All these Realtors that were staying away are now calling us and they’re bringing their clients in.”
When completed, the project will have 160 units split between two twin 16-story towers. It is expected to be finished in the second quarter of 2017.
The interview was part of TRD’s Broward Real Estate Forum & Showcase, held at the Design Center of the Americas on April 23 in Dania. It featured a panel discussion on renaissance of Broward County as a development and housing hub, and the role of foreign investors in the future of South Florida’s real estate market.
Watch the behind-the-scenes interview here:
— Sean Stewart-Muniz