Law Firm and Former Owners of the Surf Club Come to an Agreement

27
Nov

Surf Club Surfside condo

The former owners of the Surf Club sued their attorney Stanley B. Price and his law firm Bilzin Sumberg Baena Price & Axelrod LLC in the Miami-Dade Circuit Court. However, the parties agreed to settle their differences outside of the Florida courtroom where the case was scheduled to be tried against the Miami attorney.

 

The attorney for the former owners of the Surf Club Surfside Robert Zarco filed the lawsuit but subsequently amended the complaint. In court documents, the attorney Stanley B. Price is accused of causing the value of the Surf Club to go down a considerable amount. The lawsuit alleges that Price caused the Surf Club to be designated as a historical site through his work as the former club owners’ attorney. As a result, the property value decreased by $50 million. The historic designation prevents the owners from developing the land as they would like. Therefore, any future plans would be restricted.

 

The settlement means that the law firm of Bilzin Sumberg Baena Price & Axelrod LLC must pay the former owners of the club the sum of $250,000. However, the law firm will not be directly responsible for paying this large sum of money to the club’s former owners. The law firm’s insurance company will be charged with paying the settlement. In this agreement, the law firm is not required to admit to any wrongdoing, and the plaintiffs have agreed that the law firm did not have any liability in this case.

 

The law firm and the proprietors of the Surf Club condos in Surfside wrote a joint statement after agreeing to the settlement. Both parties agreed that extensive investigation into this matter demonstrated that the law firm of Bilzin Sumberg Baena Price & Axelrod LLC and the attorney Stanley B. Price did not perform any actions that were outside of the law. Rather, both parties agreed in the statement that the law firm was diligent in representing the Surf Club condominium in its bid to receive the tax relief that the company wished to obtain. The law firm acknowledged the fact that the club praised its efforts to obtain the tax relief that was requested, and the legal partners expressed their hope that the club’s former owners will be successful in their future endeavors.    

 

The club is a 1930-vintage building that the owners decided to put up for sale. Developers purchased the property in 2012 for $116 million. The new owners are going to construct a luxurious condominium building, but they plan to keep the historic structures intact. Rather than tear these buildings down, they will restore them to their former glory.

 

Nadim Achi is the founder and managing partner of Fort Capital Management, and he is the person who is at the head of development for this project. His organization is a real estate investment firm that is based in Miami. Achi was responsible for gathering several important investors together for this project, and they include the Turkish conglomerate the Koc Group, Boston’s Cabot family and many families from Brazil and Peru.    

 

 

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miami condos and homes
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