Condo 2 faces financial mismanagement, including unaccounted funds. As a result the association risks bankruptcy. A court-ordered forensic investigation of all relevant financials is underway, with expectations of uncovering fraud and possible criminal activity. This mismanagement aligns with allegations that certain Condo 2 Board members are aiding 13th Floor in acquiring the community through bankruptcy.
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The Development Agreement with 13th Floor planned for four entities after refurbishing the Recreation Association facilities: Condo 1, Condo 2, the Recreation Association, and Delray Trails. Initially expected by Q1 2023, the new facilities are now delayed until at least late 2025. During construction, 13th Floor failed to maintain the existing facilities as required, resulting in significant repair costs and damages that all of us pay as residents. This is unfair since 13th Floor expressly agreed to assume these expenses.
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Condo 1 and the Recreation Association are pursuing lawsuits to hold 13th Floor accountable and investigate Condo 2’s financial mismanagement. Residents are urged to vote for honest Board members to safeguard the community and prevent further exploitation.
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Development Agreement and Recreation Association:
Initial Plan: Four entities post-refurbishment: Condo 1, Condo 2, Recreation Association, and Delray Trails.
Expected Completion: New Recreation Association was to be completed by Q1 2023, now delayed to at least late 2025.
Agreement Breach: 13th Floor failed to maintain existing facilities during construction, leading to:
Non-budgeted Costs: Hundreds of thousands in repairs and millions in damages.
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Financial Risks:
Condo 2 Mismanagement:
Missing Funds: Mismanagement of funds suspected to be intentional.
Bankruptcy Risk: Mismanagement could lead to bankruptcy, creating a domino effect impacting our entire community.
Lawsuits Supported by Condo 1:
Hold 13th Floor and Lennar accountable for the Development Agreement.
Investigate fraud and theft within Condo 2.​
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Lawsuit and Legal Actions:
Forensic Audit: Court-ordered audit of Condo 2 expected to uncover financial discrepancies and potential criminal activity. New evidence reveals possible six-figure cash withdrawals by condo 2 management.
Receivership Risk: Condo 2 may face state or court-appointed receivership, adding legal and financial burdens if things cannot turn around.
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Allegations Against Condo 2 Board:
Reckless Spending: Intentional financial instability linked to facilitating Lennar/13th Floor’s acquisition through bankruptcy.
Receivership Push: Efforts to place the financially stable Recreation Association into receivership, benefiting Lennar.
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Lennar/13th Floor Strategy:
Past Actions: Known for distressing properties it acquires or contracts with.
Current Threat: Allegedly aiming to purchase Condo 2 through bankruptcy.
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Call to Action:
Vote for Honest Leadership: Residents urged to elect Board members aligned with Recreation Association and Condo 1’s efforts to protect the community.
Save the Community: Lawsuits and legal actions are critical to preserving property values and preventing exploitation by Lennar.