Workforce Housing Associates is suing world true estate organization Nef in an try to fully choose around a $110 million planned combined-use job in close proximity to Florida International University’s campus in Sweetwater.
An affiliate of Workforce Housing, a Miami-based mostly business led by Jason Talbot, is suing Amsterdam-dependent Nef for allegedly breaching an working settlement to create Cité – FIU, an eight-tale advanced with 277 university student housing models, places of work, retail and parking, courtroom information show. It is planned for 10710, 10742 and 10752 Southwest Fifth Road.
The lawsuit, filed in Miami-Dade Circuit Courtroom on March 13, alleges that Nef, Cité – FIU’s majority owner, forfeited its final decision-creating ability in the planned development by allegedly failing to make $47.8 million in capital contributions. Talbot’s agency is seeking a court docket get requiring Nef to forfeit all of its rights around the Cité – FIU venture.
Justin Prociv, Workforce Housing Partner’s attorney, declined remark. Reps for Nef did not quickly reply to a ask for for remark.
Workforce Housing’s affiliate entered into an arrangement with Nef in 2022, a binding letter hooked up to the lawsuit shows. The exact same year, the joint venture paid out $10.5 million for the 1.3-acre assemblage, which incorporates six two-story properties with 24 residences and a one-story multifamily making with 18 rental models, information display.
Nef owns 90 percent of the project, and Workforce Housing owns the remainder, the binding letter states. The Workforce Housing affiliate is also the selected challenge supervisor. Development on Cité – FIU was supposed to start this thirty day period, the letter reveals.
Workforce Housing desires to clear away Nef’s choice-making energy in purchase to go forward with a offer involving the growth website and the undertaking, the lawsuit states. The complaint does not give specifics about Workforce Housing’s new strategies.
In October, Workforce Housing bought out its other lover, Monceau Genuine Estate, a Bay Harbor Islands-centered spouse and children-owned organization that commonly focuses on workforce housing jobs. In January, Monceau landed a $12.1 million design personal loan for a prepared 74-unit multifamily task in Goulds, an unincorporated neighborhood in southwest Miami-Dade County. All of the apartments will be set apart for workforce housing.
Correction: A earlier edition of this story misidentified Monceau Real Estate as the plaintiff. Monceau is not a bash to the lawsuit.
