Did developer Shahab
Karmelyprofit from leasing a condo amenity?
A Downtown Miami condo association thinks so. It
sueddeveloper in July, claiming that he added a yacht dock
and profited from leasing an amenity reserved for condo
residents.
The Ivy Condominium Association of the Ivy at River Front
filed suit against Karmely, founder and CEO of the real
estate investment and development firm KAR Properties, and
Troy Taylor, the principal of City Centre Yachts, the
company being accused of profiting from private yacht tours.
Karmely said the lawsuit is baseless.
The association also sued the River Front Master
Association, which manages the common areas of the Ivy and
adjacent Wind and Mint condominiums as well as three
adjacent undeveloped lots owned by Karmely. Taylor is the
president of the Master Association and Karmely is a member.
“This is a baseless and frivolous lawsuit which appear to be
all too common these days,” Karmely said by email.
Taylor did not respond to requests for comment.
The association, which is suing for damages in excess of
$30,000 and attorneys’ fees, is claiming that the Master
Association used more than $60,000 from reserves to build a
third boat slip in July 2018 for non-residents, despite an
agreement allowing for only two boat slips and reserving the
docks for residents. It then subsequently leased the third
dock.
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Miami-Dade Circuit Court requested the parties settle the
dispute outside of the court and negotiate, said Christine
Michaels, a resident of The Ivy and a member of the Ivy
Condominium Association. She is anticipating a judge and
jury will solve the dispute, she said, after she and others
failed to negotiate with the defendants.
“After many months and efforts to resolve this internally
and amicably, the marina scheme continued,” Michaels said by
email.“We had no choice but to file a lawsuit. Given the
substantial evidence and witnesses we are confident to win
this in court.”
Key International developed The Ivy at 90 SW Third St. in
2008. The 45-story condo has 504 units, with prices ranging
from $250,000 for a 722-square-foot unit to $1.35 million
for a 2,456-square-foot penthouse.