Distressing development [South Florida]
he implosion of New York-based Boymelgreen Developers has reached Miami Beach.
Deposits are being returned at its 66-unit Vitri project on South Beach. Contract holders are upset about getting back their deposits of the developer’s project north of downtown with only 1 percent interest after two years. And brokers are threatening to sue over unpaid commissions.
Until April, the developer was known as Leviev Boymelgreen, after Israeli diamond magnate Lev Leviev and New York developer Shaya Boymelgreen. But the partners split, leaving Boymelgreen with three unfinished Miami-area projects in a dire condo market.
Construction at the seven-story Vitri project at Fifth Street and West Avenue stopped weeks ago. The foundation work is not finished and the developer has begun returning some deposits.