Water Street Tampa is an expanding city-within-a-city, however, the developers behind the project are in a bit of hot water. Currently, Water Street Tampa is facing a total of $30M in construction disputes, largely for unpaid contracts.
More than 20 liens were filed in the Hillsborough County Clerk’s office against Water Street Tampa properties, namely the JW Marriot; an upper-class hotel at 510 Water Street that just opened in December of 2020. The complaint documents state that the project developers owe $29.1 million to contractors for unpaid work. The total amount of the project’s contracts exceeds $348.7 million.
The liens filed against JW Marriot were done so by Coastal Construction, or one of their many subcontractors. Coastal Construction has declined to make any comment on the liens, but president Craig Klingensmith said at the groundbreaking for another project that typically, their Tampa business dealings tend to go smoothly. He implied that the matter with Water Street Tampa is out-of-the-ordinary for the area, but did not make any specific comments about the Water Street projects or the liens that were filed.
Owners of the various properties affected have transferred 7 of the liens to surety bonds, totaling $7.1M. A surety bond helps protect the property from foreclosure, but it does not resolve the disputed missing payments.
Dealing With Unpaid Construction Invoices and Contracts?
Failure to pay is one of the most common but problematic issues in the construction industry. Many construction firms, project managers, subcontractors, and other entities find that the property owners that hired them don’t have the money to pay the construction invoices or they never planned on paying at all.
Recouping these losses can be difficult without the help of an experienced Florida construction litigation attorney. At Feinstein Real Estate Litigation & Business Law, we have the skills needed to provide your company with zealous legal representation in the face of high-dollar disputes.
Contact us for your initial consultation today at 954-767-9662 (Fort Lauderdale), 561-981-6212 (Boca Raton), or 305-728-5267 (Miami).