Parque Towers developer J. Milton faces mounting lawsuits over construction delays
Four buyers have sued, seeking to get deposits back on the Sunny Isles Beach condo project
Developer J. Milton & Associates is facing four lawsuits from buyers seeking to get out of their contracts at Parque Towers, an unfinished luxury condominium project in Sunny Isles Beach.
Three separate suits were filed in Miami-Dade County Circuit Court during the past two months against Parque Towers Developers, an affiliate of Coral Gables-based J. Milton & Associates, over construction delays at the condo development. Another suit was filed in the spring of last year.
The plaintiffs, who signed contracts for units at Parque Towers, a 320-unit, two-tower condo development at 330 Sunny Isles Boulevard, allege that closings were to begin at the end of 2018. The project was planned to be substantially completed in 2017, according to the suits.
But one of the towers is still not finished. Buyers are now alleging the developer breached its contract and they are all seeking to terminate their contracts and get their deposits back, according to the suits.
In one complaint, Rebecca Christina Vallias and Hugo Kawasaki allege they put down a $740,000 deposit for unit 5-802. And in another, Josh and Michelle Kurzban allege they paid a $597,500 deposit for unit 4-608. The buyers are represented by David Reiner of Reiner & Reiner PA.
Reiner also represents another client, a Brazilian biotech executive, who filed suit in May seeking to get his deposit back. The lawyer said he does not understand why the project is still not finished and what is taking so long.
Another suit was filed by Luiz Fernando Da Silva Montoro of Brazil, who alleges he put down a $737,500 deposit for unit 5-1508. Gary Davidson of the Miami law firm Diaz Reus & Targ is representing Da Silva Montoro.
Robert Frankel of Robert P. Frankel, P.A. who represents the developer, said J. Milton & Associates has no plans to give the buyers back their deposits.
He said there were a number of issues that caused the delays, including “unforeseen geological issues” at the site.
Frankel said the buyers are likely just looking for an excuse to get out of their contracts due to a broader slowdown of the luxury condo market. He said buyers are trying to get out since market conditions have changed from the time they signed contracts.
Closings are already occurring at one of the towers and the second tower should be completed by the end of the first quarter, Frankel said.
J. Milton & Associates’ other projects in Sunny Isles include the IntraCoastal Yacht Club, the Sands Pointe Ocean Beach Condominium, Pinnacle Oceanfront Living and King David Luxury Condominiums. The firm is led by CEO and President Joseph Milton.
Sunny Isles Beach has the highest inventory of high-priced luxury condos in Miami-Dade County, according to a report from EWM Realty International. The city is saddled with 17 years of inventory of condos priced at $5 million and up, the report said.
Buyers are also looking to get their deposits back at other luxury projects in South Florida. Six buyers at Lionheart Capital and Elliott Management Corp.’s Ritz-Carlton Residences, Miami Beach are suing the project’s development group over construction delays and are seeking to get their deposits back due to construction delays.