OKO Group is looking to collect $22.4 million from four insurers, alleging an unpaid claim for damages and delays during construction of the Missoni Baia branded condo in Miami’s Edgewater.
An affiliate of Billionaire Vlad Doronin’s Miami-based OKO sued Zurich American Insurance, Allianz Global Risks U.S. Insurance, ACE American Insurance and National Fire Marine Insurance in Miami federal court Friday. The lawsuit is on the heels of Missoni Baia’s condominium association suing OKO’s affiliate in January over alleged construction defects.
OKO and Cain International completed the development in 2024.
The 249-unit tower at 777 Northeast 26th Terrace is the first residential project branded by Italian fashion house Missoni. Construction started in 2019 with a $243.3 million construction loan and was marketed with units priced as high as $9 million.
Attorneys for OKO’s affiliate and spokespersons for the insurance companies did not respond to requests for comment.
The skyscraper’s foundation sustained damage from uneven settling during construction in 2021, OKO’s lawsuit alleges.
Fixing the foundation resulted in a prolonged delay in completing the 60-story tower, pushing back the project’s temporary certificate of occupancy by at least 16 months, the complaint states. The incident allegedly delayed sale closings and triggered business interruption, rental value, soft costs and financing expenses.
OKO’s affiliate submitted claims to the insurance companies beginning in 2023, with the final tally reaching $55.7 million in damages, the lawsuit states. The insurers paid $33.9 million but refused to cover the remaining $22.4 million balance, despite receiving notice of the claim more than a year ago, the lawsuit alleges.
Missoni Baia’s condo association sued the developer four months ago in Miami-Dade Circuit Court, accusing OKO and nearly two dozen contractors and design firms of shoddy work throughout the tower. That complaint alleged cracks in slabs, foundations and columns, water intrusion, hot water issues, defective fire alarms, sprinkler and pool plumbing problems and inoperable elevators.
The association also claimed OKO failed to correct defects flagged by its own consultants and did not disclose deviations from the plans. It said the building had been unable to secure a final certificate of occupancy because of unresolved construction and code issues.
