MIAMI—Privé Developers and BH3 Management just want to build their luxury condo project in Aventura. Strong momentum—including recently inking $75 million in unit sales 75 days—shows a demand for Privé at Island Estates, which is set to rise on South Florida's last buildable private island.
Privé has received final site plan approval to develop two condominium buildings of 16 stories each. But the City of Aventura won't let the project move forward, declining to process the permits to allow construction because of its interpretation of the South Island sidewalk issue.
The real drama that started in January, when the developers filed a $200 million lawsuit against the city, is heating up in a hurry. Last week, the developers hit residents with a separate $225 million lawsuit.
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