The legal drama at Privé at Island Estates as Circuit Court Judge William Thomas has ruled that the sidewalk, built through homeowners’ properties, is illegal. Thomas ruled that the sidewalk, which was built as a "utility easement," is illegal and is trespass. The multi-year legal battle, which began in 2014, has pinned Aventura homeowners neighboring Privé against developers Gary Cohen and BH3. Privé features 2 luxury condo towers with 160-units situated on a private, 8-acre island located at 5000 Island Estates Drive. Delivery was expected in late November 2017 after the towers topped off at 16 stories in the fall of 2016. The towers are over 75% sold with over $350 million in sales. The legal drama began in 2013 when the neighboring Homeowners Associations sued the developers when construction began on the condo towers, claiming that they had agreed to only build single-family homes. A hearing will be set to determine the damages against the developers as homeowners move to have the sidewalk removed. Maxim Capital and Prophet Capital Asset Management financed the project with a $102 million loan, which added to a $25 million loan first provided by Maxim Capital. Tour the unit renderings from Privé at Island Estates Reserve Collection.
The Real Estate Mogul's Guide to South Florida
