In Florida, commercial and residential real estate can be enormously complex. From dealing with financial factors to permits to insurance to hiring construction companies and contractors, it is inevitable that issues a will arise and spark complications. Whether it is a small project or a massive one, those who are moving forward with real estate deals from all perspectives should understand the value of legal advice and assistance.
A massive Florida real estate project has been roiled by a split between the partners. A massive building from Two Roads Development and Riverwalk Place is set to be the largest building on Florida’s West Coast. It will rise to 52 stories and has been planned for five years. However, the equities company, Feldman Equities LLC, and the developer have parted ways. The project, worth more than $350 million, will likely change as Two Roads will develop the property on its own.
Prospective residents who placed a deposit in condominiums were informed that they would receive refunds. Their reservations will be held during the redesign process. In addition to the condominium, the company now plans to add a hotel to the project. This will take time to plan and blueprint and no timeline has been established. Two Roads has been working on this project for two years.
The CEO of the equities company stated that simple disagreements led to the split. However, it was reported that the dispute was based on a company from New York that was providing $70 million and had been investigated for financial problems. Design was also a factor in the parting of the ways. There were supposed to be 210 condominiums, office space, restaurants and a bar. The building was meant to be completed in 2018 and hopes were high that it would be ready for use by the time the 2021 Super Bowl – to be held in Tampa – was to be played. That is now on hold.
Commercial real estate is undoubtedly lucrative, but with all the potential roadblocks that can arise, people and businesses involved in it can face challenges. This case is a high-end example of how these projects can be delayed or even called into question with financial and planning disagreements. Regardless of the size of the project, having legal advice with commercial and residential real estate can be an essential factor in it being successful. A law firm experienced in these circumstances may be able to help.