Monceau Actual Estate is suing its Amsterdam-dependent spouse in an endeavor to wholly just take around a $110 million prepared mixed-use challenge in close proximity to Florida Worldwide University’s campus in Sweetwater.
An affiliate of Monceau, a Bay Harbor Islands-centered progress business, is suing world wide real estate organization Nef for allegedly breaching an operating arrangement to create Cité – FIU, an eight-story sophisticated with 277 university student housing models, workplaces, retail and parking, court docket data demonstrate. It is prepared for 10710, 10742 and 10752 Southwest Fifth Street.
The lawsuit, submitted in Miami-Dade Circuit Court on March 13, alleges that Nef, Cité – FIU’s majority owner, forfeited its conclusion-producing electric power in the planned enhancement by allegedly failing to make $47.8 million in capital contributions. The Monceau affiliate is searching for a courtroom get requiring Nef to forfeit all of its rights more than the Cité – FIU task.
Justin Prociv, Monceau’s legal professional, declined comment. Representatives for Nef did not right away answer to a request for remark.
Monceau, led by principals Adrien, Julien and Sarah Haccoun, entered into an arrangement with Nef in 2022, a binding letter hooked up to the lawsuit displays. The exact same year, the joint venture compensated $10.5 million for the 1.3-acre assemblage, which includes 6 two-story structures with 24 residences and a solitary-story multifamily constructing with 18 rental units, data present.
Nef owns 90 per cent of the task, and Monceau owns the remainder, the binding letter states. The Monceau affiliate is also the designated task manager. Development on Cité – FIU was supposed to start this thirty day period, the letter demonstrates.
The Monceau affiliate wishes to remove Nef’s choice-creating electricity in buy to transfer forward with a offer involving the growth web page and the venture, the lawsuit states. The criticism does not supply specifics about Monceau’s new ideas.
Monceau is a loved ones-owned business that normally focuses on workforce housing initiatives. In January, the organization landed a $12.1 million development mortgage for a prepared 74-unit multifamily venture in Goulds, an unincorporated neighborhood in southwest Miami-Dade County. All of the apartments will be set aside for workforce housing.
