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Palm Bay Yacht Club - 780 NE 69th St El Portal, FL 33138

WENDY MENDOZA

305-318-8557 [email protected]

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Bayfront Miami condo tower embroiled in legal battle over major assessment

10 unit owners are suing the association and property management firm

• Katherine Kallergis

A bayfront Miami condominium in need of repairs is in a legal fight pitting unit owners against the condo association.

The 27-story, 235-unit Palm Bay Yacht Club made headlines last week over a proposed $46 million special assessment to fund repairs required for the property’s 40-year recertification. A group of 10 unit owners filed a lawsuit in October against the Palm Bay Yacht Club Condo Association, affiliates of the property management firm AKAM and other companies, alleging fraud and negligence.

The tower at 780 Northeast 69th Street was constructed in 1982 on a waterfront lot that includes a pool, sports courts and a parking lot.

In the lawsuit, unit owners allege that AKAM and the association knowingly made false statements about the scope of the project by including additional repairs beyond those required by the 40-year recertification, said attorney Jane Muir, who represents the 10 unit owners. The lawsuit alleges each unit owner would owe more than $175,000 for the repairs. It claims that AKAM is double-dipping and inflating the cost of the project, which AKAM denies.

An amended complaint, filed in Miami-Dade Circuit Court in December, alleges that engineers hired by the plaintiffs found errors that had a combined cost of more than $11 million. It claims that the defendants “mismanaged, misappropriated, or facilitated the misappropriation of association funds.”

“Absent court intervention, defendants will encumber the residents with insurmountable debt, risking foreclosure and bankruptcy for many individual residents and for the association,” the lawsuit states.

Unit owners are seeking an injunction against the association, with the goal of having a receiver appointed to take over the association, according to Muir. An evidentiary hearing that began on Monday was postponed to later this week, said representatives for both sides.

“No matter what these 10 unit owners think, the work has to be done. It’s only limited as to what can or cannot be done,” said attorney Jonathan Bloom of Bloom & Freeling, who represents AKAM. “Don’t people want to go to bed safe?”

The dispute is also playing out in the court of public opinion, with the unit owners appearing on local TV news fighting the size of the assessment and how money allegedly has been handled.

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Increased scrutiny of the physical conditions of condo buildings in the 20 months since the deadly Surfside condo collapse has led many associations across South Florida to impose multimillion-dollar special assessments or increase homeowners association fees to pay for life and safety repairs. 

Palm Bay Yacht Club’s association estimated that the recertification — which is required by law in Miami-Dade County — will cost about $33 million, and that the cost to replace the windows and doors with storm impact windows and doors is $15.7 million. The building has received unsafe structure violations from the city of Miami.

Amid the legal battle, the board voted on Saturday to approve a loan to fund the $33 million recertification project. The association approved replacing the railings, but did not approve the impact windows and doors, according to a spokesperson for AKAM. The spokesperson declined to disclose the loan amount.

According to a letter sent to unit owners, an engineering firm found that the balcony railing system “reached its end of useful life,” and the railings no longer comply with the city’s building code.

“My clients do agree that the recertification must be achieved, and they also believe that some repairs must be done,” Muir said. “The problem is the scope of the project.”

Greg Main-Baillie, who leads the new condo restoration division at Colliers, said he expects more associations will face similar lawsuits in the wake of the Surfside collapse, as many condo owners don’t understand what it takes to maintain older structures. Main-Baillie compared an aging building to a person in need of surgery.

“Until you actually get into the area of infection, you really don’t understand how bad it is,” said Main-Baillie, who is not involved in Palm Bay Yacht Club. “In the buildings that haven’t maintained themselves, the cancer is going to spread.”

The letter the association sent to owners suggests the same, imploring owners to “properly repair and protect our investment.”

“We feel bad that unit owners are going to incur expenses,” Bloom told The Real Deal . “[But] when you buy a condominium, you take the good, bad and the ugly.”

• Miami Condos

The Palm Bay Yacht Club

Interior Features

• Kitchen Island

Exterior Features

• Open Balcony
• Bbq/Picnic Area
• Bike/Jog Path
• Fitness Center
• Heated Pool

Lease Information

Property tax information.

Watch CBS News

Palm Bay Yacht Club condo owners say $46 million repair bill doesn't add up

By CBS Miami Team

Updated on: February 9, 2023 / 5:25 AM EST / CBS Miami

MIAMI - A shocking assessment for one condominium in Miami this week.

Owners are being asked to pay $175,000 each towards their 40-year recertification. This is a story we have been hearing more and more across South Florida.

Residents say something isn't adding up and they are putting the blame on their homeowners' association.

"I'm in shock, in disbelief," said Christian Murray.

Murray has lived in the Palm Bay Yacht Club condos since 2016. Now he and many other residents are worried if they'd be able to keep their homes.

Background The building needs its 40-year recertification, meaning, an engineer needs to come and see if the building needs structural and electrical repairs. It's not uncommon that some areas need to be fixed.

When the property manager, called AKAM, brought in their engineer, they claimed the building needed $46 million dollars in repairs.

"We'd have to pay nearly $200 thousand in repairs," said Murray. "That's insane."

Murray says the entire building itself is worth around $50 million.

So residents hired a different engineer to do the same assessment and they were told the building needed around $23 million in repairs, a far cry from the initial $46 million.

"Asking for $46 million is really extraordinary," said attorney Jane Muir.

Muir was hired by the residents to fight against the property managers.

"In my 44 years as an engineer, it was a shock to see an assessment that high," said structural engineer Juan Fernandez-Barquin. "I don't like injustices, and I think that's what we are looking at here."

Fernandez-Barquin was one of the engineers hired by residents to get a second opinion.

"There are some repairs that need to be done, but it's not $46 million dollars worth," he said.

AKAM said the price also includes repairs to the outdoor railings and hurricane-impact windows.

However, Fernandez-Barquin says those items do not fall under the 40-year recertification and should be paid for separately.

The Problem Upon further investigation, Muir said the initial engineer largely inflated the cost of repairs. Residents believe AKAM is not only inflating numbers but also wants to hire their sister company, Project Management Group, to oversee the repairs.

Many residents say they did not know Project Management Group was associated with AKAM.

"It's going to ruin their lives, people are going to lose their homes," said resident Sonia Przulji. "I cannot afford this. I've cried myself to sleep wondering what I'd do."

"I want the truth," said resident Margarita Genova-Cordova. "This is not right."

CBS4 reached out to the AKAM attorneys and they've agreed to speak with us. 

The CBS Miami team is a group of experienced journalists who bring you the content on CBSMiami.com.

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Palm Bay Yacht Club 780 NE 69th St # 601, Miami FL 33138 Condo For Sale

Property Description

Beautiful Bayfront unit in the most desirable 01 line at the Palm Bay Yacht Club. Enjoy the spacious, 1316 sq ft, updated 2 bedroom/2 bath corner unit with wrap around balcony and floor to ceiling windows. W/D inside unit. Full service building with gated, guarded entry, gym, 24 hrs doorman and valet. For sale with furniture or without. Building is located in the Upper East Side just minutes from Design District/Wynwood/Midtown and Downtown Miami. Walk to parks, farmers market and many great restaurants. Undergoing 40 year recertification remodeling in some common areas. The buyer will pay balance of 40 year recertification special assessment at closing.

Property Amenities

Building amenities.

• Elevator(s)
• Exercise Room
• Electric Water Heater
• Electric Range
• Refrigerator

Interior Features

• Closet Cabinetry
• Fire Sprinklers
• Walk-In Closet(s)
• Utility Room/Laundry

Exterior Features

• East Of Us1

Security Features

• Complex Fenced
• Elevator Secure
• Guard At Site

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MiamiCondoLifestyle.com is not responsible for the accuracy of the information listed above. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program and the South East Florida Regional MLS and is provided here for consumers personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real Estate listings held by brokerage firms other than the office owning this web site are marked with the IDX logo. Data provided is deemed reliable but not guaranteed.Listing provided by Galiano Realty Group, MLSID A11548697

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