In 2022, Florida buyer Nilesh Undavia put down $1.65 million for a luxury condominium that was supposed to be ready by the end of the year.
asserted
that → put → year
Four years later, the apartment remains unfinished and his deposit has yet to be returned, even after an arbitration ruling in his favour.
asserted
deposit → remain → favour
The case is part of a growing dispute surrounding Boca Raton’s Mandarin Oriental Residences, where buyers are seeking refunds as the developer faces a $417.7 million foreclosure lawsuit, according to reporting by The New York Times, The Real Deal and The Coastal Star.
uncertain
developer → grow → Times
The development, part of the ambitious Via Mizner project in South Florida, was marketed as an upscale destination combining luxury residences, hotel services and resort-style amenities.
asserted
development → market → residences
Instead, years of construction delays, mounting debts and legal disputes have left prospective homeowners uncertain about when, or whether, they will receive the properties they paid for.
asserted
they → mount → properties
A luxury project that missed its deadlines
Penn-Florida Companies unveiled plans for Via Mizner in 2015, proposing a 2.3-million-square-foot development featuring a Mandarin Oriental hotel, branded condominiums, rental apartments and high-end retail and dining spaces.
asserted
Companies → miss → hotel
The wider development was designed to offer residents access to amenities including a swimming pool, golf facilities, a country club and a wine cellar.
asserted
development → design → pool
Buyers were also paying for the appeal of living in a property associated with the internationally recognised Mandarin Oriental luxury hospitality brand.
asserted
Buyers → pay → brand
However, the project has fallen substantially behind schedule.
asserted
project → fall → schedule
The rental apartments are operational, but the hotel and condominium components have encountered serious financial and construction problems.
asserted
components → encounter → problems
Penn-Florida has attributed the delays to a combination of the pandemic, hurricanes, rising construction costs, supply-chain disruptions and higher interest rates.
asserted
Florida → attribute → pandemic
The company has said that close to $1 billion has been invested in the wider development.
asserted
billion → say → development
Buyers fight to recover million-dollar deposits
asserted
Buyers → fight → deposits
Undavia’s case illustrates the financial risks facing buyers who committed substantial sums to properties that have yet to be completed.
asserted
that → illustrate → properties
He agreed to purchase a four-bedroom condominium for $5.5 million in 2022, paying a deposit of $1.65 million.
asserted
He → agree → million
The apartment was advertised with two terraces and distant ocean views, but the promised delivery date passed without the home being completed.
asserted
home → advertise → terraces
Although Undavia secured an arbitration decision directing the developer to refund his deposit with interest, he has reportedly still not received the money.
uncertain
he → secure → money
According to The Coastal Star and The Real Deal, 13 buyers have filed lawsuits against the condominium developer over missed completion deadlines.
uncertain
buyers → accord → deadlines
Deposits in several cases have ranged from approximately $1 million to $2 million.
asserted
Deposits → range → million
Other cases have produced different outcomes.
asserted
cases → produce → outcomes
One couple obtained a judgment of approximately $1.98 million, while another buyer dispute involving Undavia and his wife was settled for $2.1 million, according to the South Florida Business Journal.
uncertain
dispute → obtain → Journal
A separate lawsuit filed in October 2026 by another prospective buyer seeking the return of a $1.23 million deposit highlights how the dispute continues to affect purchasers.
asserted
dispute → file → purchasers
A $418 million foreclosure adds to the uncertainty
The condominium tower is now at the centre of a major legal battle between Penn-Florida and its construction lenders.
asserted
tower → add → Florida
In July 2026, a lender group affiliated with Apollo Global Management filed a foreclosure lawsuit seeking approximately $417.7 million from the developer’s condominium-owning affiliate.
asserted
group → affiliate → affiliate
The claim includes a $270 million loan principal, advances made toward project expenses, interest and other charges.
uncertain
claim → include → expenses
The lenders allege that the developer defaulted on its loan obligations, missed repayment and construction deadlines, and failed to maintain the required hotel management agreement.
asserted
developer → allege → agreement
Penn-Florida has challenged the lenders’ account.
asserted
Florida → challenge → account
In a separate lawsuit seeking more than $500 million in damages, the developer alleges that the lenders interfered with construction decisions and withheld funding, contributing to the project’s difficulties.
asserted
lenders → seek → difficulties
Those allegations remain disputed and have not been established as facts by a court.
asserted
allegations → remain → court
The adjoining hotel has also entered bankruptcy proceedings, adding another layer of uncertainty to the development.
asserted
hotel → adjoin → development
Could buyers lose their deposits?
uncertain
buyers → lose → deposits
One of the biggest concerns for purchasers is whether they can recover money already released to the developer for construction.
asserted
they → recover → construction
Florida law permits developers to use certain portions of condominium buyers’ deposits for construction when the relevant contractual conditions are met.
asserted
conditions → permit → construction
Consequently, the amount a buyer can recover may depend on how the deposit was handled, the terms of the purchase agreement and the outcome of the legal proceedings.
uncertain
deposit → recover → proceedings
The foreclosure could complicate matters further because secured lenders generally have priority over many other creditors.
uncertain
lenders → complicate → creditors
Buyers whose deposits have already been spent may face a more difficult path to recovering their money than those whose funds remain protected in escrow.
uncertain
funds → spend → escrow
The dispute could also undermine the development’s luxury appeal.
uncertain
dispute → undermine → appeal
Mandarin Oriental issued a termination notice to Penn-Florida in 2025 over alleged contractual breaches, including unpaid expenses and reporting obligations.
asserted
Oriental → issue → expenses
The developer maintains that its agreement with the brand remains in effect, leaving the residences’ branding uncertain.
asserted
agreement → maintain → branding
Penn-Florida has indicated that construction could resume and that some homes might be completed within nine months once work restarts.
uncertain
work → indicate → months
…and 3 more, not listed.
The Aporia
