5070–5080 N. Ocean Dr. — Approximate Neighboring Towers Cited For Comparison
A deal to redevelop a slice of Singer Island waterfront just blew up into a lawsuit. Miami-based Privé Group had agreed to pay $12.8 million for a one-acre property holding the 13-unit Condado co-op, with plans to tear it down and build 13 new condo units in its place. Instead, the sale stalled six days before closing, and now the developer is suing the co-op for breach of contract.
According to The Real Deal, Privé had expected the purchase of the Condado property to be recorded in a single deed. Under the original plan, Condado residents — who own shares in the company that owns the building rather than individual units outright — were expected to return their shares to the company before the sale. That would have let the co-op terminate itself, allowing Privé to buy the land without having to purchase the co-op’s company at all…