Four Seasons Surfside Developer Fights For Control Of Nearby Condo Building
Fort Capital, which is developing the Four Seasons in Surfside, is working to take control of the nearby Seaway Villas oceanfront condo complex at 9149 Collins Avenue which would be demolished and redeveloped, according to Andres Viglucci in the Miami Herald.
Three unit owners – representing just above 10 percent of the units – are objecting to the sale. Florida condo laws allow for a condo corporation to be dissolved with a vote of 80 percent of unit owners. If 10 percent of unit owners object, however, the dissolution can be blocked.
Two of the owners objecting to the sale are said to have failed to pay assessments that were required to repair the building within the past few years. They are refusing to sell despite being offered up to $1.25 million – several times what the units are worth.
The condo building was built in 1936 and qualifies for historic designation, according Miami-Dade County historic preservation officials. In an effort to thwart the designation, the president of the condo complex controversially applied for demolition of the building even before the sale closed, Viglucci wrote.
If Fort Capital does manage to obtain control of the property, they intend to retain the facade and certain features of the existing building.