Orlando condo board sues contractor over $27M bill post Hurricane Ian

Monthly assessment rose to $1,000 for some homeowners

Orlando Condo Board Sues Contractor Over $27M Bill
2540 Woodgate Blvd (Google Maps, Getty)

The nightmare of Hurricane Ian dragged on for an Orlando condo community after a contractor hit it with a staggering repair bill, prompting residents to take legal action. 

Residents of the 266-unit Dockside at Ventura Condominium complex have sued SFR Restoration and former condo board members for alleged overbilling, the Orlando Sentinel reported

The contractor, SFR Restoration, is seeking $27 million for repairs and interest, causing monthly assessment repairs for residents to soar, reaching $1,000 for some. 

The owner of SFR Restoration, Ricky McGraw, was recently arrested in Lee County because of similar overbilling allegations. He was hired on a no-bid contract by the previous condo board.

The financial strain led to a revolt and the subsequent removal of the condo board. The new board also sued three former board members — Richard Pannullo, Ronaldo Loyo and Niya Loyo — accusing them of breaching fiduciary duty and receiving improper benefits in awarding the contract.

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Their lawsuit against the contractor requests an injunction on the firm’s $18 million loan to Dockside, which allows residents to pay off the debt over time but inflates the total bill to $27 million, including interest. The condo board alleges that the estimate contains millions of dollars in interior work that should be the responsibility of individual unit owners, and that the prior board should have sought multiple bids.

The community, still reeling from the September 2022 hurricane’s impact, contends that remediation and reconstruction could have been completed for less than $10 million, the outlet reported. The lawsuit claims that inflated costs were intended to secure a higher insurance award. 

Dockside at Ventura remains heavily affected, with first-floor units uninhabitable, and residents struggling to meet the increased monthly assessments. 

—Quinn Donoghue 

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