The project, being developed by Steven Posner's Oceanfront LLC company, was supposed to have broken ground in 1995 when Victor Posner won a 1971-filed lawsuit against the Broward County city. Victor Posner fought and won the right to build a 1,500-unit condo community.
But repeated ground-breaking delays over the past seven years shelved the project, causing property tax and other revenue-loss problems for Hallandale, city manager Charity Pape tells GlobeSt.com.
"It's a loss in the sense that we don't have anything there," Pape says. The condo complex would be the largest commercial/residential project of its kind in Hallandale.
Victor Posner died at 83 on Feb. 12 of this year at the Miami Heart Institute. Posner attracted national headlines for four decades by his hostile takeover tactics in acquiring healthy companies, bleeding them and then selling the firms at a profit.
Under DWG Corp., his Miami Beach-based holding company, Posner once owned Arby's restaurant chain, Royal Crown Cola, NVF Co., Salem Corp., APL Corp., Graniteville Inc. and Sharon Steel Co.
Posner was one of America's highest-paid executives for years, drawing millions in annual salaries from the corporations he ran. Business Week reported he earned $12.7 billion in 1985.
Posner was developing at least three mixed-use/residential communities in South Florida at the time of his death.
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