This is the second condominium tower project in Sunrise Harbor for the Coral Gables-based developer, but the first venture between the local developer and Turner. Construction completion is tentatively scheduled for November 2002.
Industry sources estimate the project could range between $14 million to $18 million in total costs. It is estimated that condo units sold on average for about $218,000 for 1,300 sf of space in a neighboring 98-unit condominium building that local developer Marc Kovens completed last year.
The first building came under scrutiny earlier this year, when a number of condo owners alleged in a Miami-Dade County trial court action that the building contained from $3.5 million to $5 million in construction defects. The lawsuit named the defendants as The Gables, a Florida general partnership; Gables/Kovens, as the developer; Gables/Bedzow Inc.; and Morse Diesel International Inc.
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