The general contractor on the landmark Miami Panorama Tower is accused in a new lawsuit of failing to pay subcontractors on time, using project funds to beef up its own balance sheet and hiding its cash-flow issues from shareholders in the publicly traded company.
Los Angeles-based Tutor Perini Corp. eventually accounted for all the money provided by the developer, but not before taking it out of a project account to boost its own financial, the complaint said. The combination slowed subcontractor payments as well as construction of the tallest residential tower south of New York.
Panorama developer and owner Florida East Coast Realty LLC leveled the allegations in a federal lawsuit filed in Miami by affiliate TWJ 1101 LLC against one of the nation's largest building contractors.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
