As of July 15, 2020, 24 different contractors have filed a total of 25 mechanics liens totaling $23.1 million against a project at the Esplanade at Aventura shopping center in Miami, FL. Esplanade at Aventura is a 215,00-square-foot shopping center, which includes a Macy’s, an AMC Theatre, a Publix grocery store, a Marriott hotel, a Tesla dealership, several apartment buildings, and more.
The 25 liens list Seritage SRC Finance, LLC as the property owner, which is based in New York, NY. Seritage SRC Finance also owns a shopping mall in Plantation, FL that was recently the subject of 11 liens totaling an additional $8.8M.
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When combined with the 11 liens from the Florida shopping mall project, Seritage SRC Finance is currently facing nearly $32 million in unpaid construction debt.
All 25 mechanics liens from the Esplanade at Aventura project were recorded at the Miami-Dade County clerk’s office.
25 Lien Claims Totaling $23.1M Against Seritage SRC Finance’s Property
In total, the 25 mechanics lien filings total just over $23 million from construction taking place at the Esplanade at Aventura business center, located at 19505 Biscayne Blvd, Miami, FL.
The six largest lien claims against the property owned by Seritage SRC Finance total a combined $19,406,208.74 in unpaid construction work, which represents 85% of the total funds withheld from the project.
General contractor VCC, LLC filed the largest lien against Seritage SRC Finance on June 19th, claiming they are owed $10.3M. Because of VCC’s non-payment from Seritage SRC Finance, the general contractor now owes at least 12 different contractors payment in mechanics lien claims totaling $10,418,112.5.
The second-largest lien from the project was filed against VCC by subcontractor Fisk Electric Company, which claimed they are owed $2.3M according to a lien processed on April 30, 2020.
Subcontractor Suncoast Projects, LLC filed the most recent lien against VCC on July 15th claiming that they are owed $1.8M, which also marked the third-largest lien to date processed in connection to the Esplanade at Aventura project.
Seritage SRC Finance Hit with Lawsuit in Miami
As reported by The Real Deal in May of 2020, Seritage SRC Finance was sued by Carolo Holdings in May for $1.7M.
Carolo Holdings reportedly operates a Mexican restaurant located in the Esplanade at Aventura business center, and according to The Real Deal, the company is looking to break its lease with Seritage SRC Finance due to a work stoppage caused by the coronavirus pandemic.
The Real Deal’s article reports that Carolo Holdings is “alleging it can terminate the lease because construction is at a ‘standstill.’”
Craig Barnett, a representative from Carolo, discussed his company’s landlord in Seritage SRC Finance and the situation taking place in Miami, stating:
“Given all that is happening in the current situation, it is more important than ever for landlords and tenants to work cooperatively,” Barnett said. “Carolo Holdings attempted to do just that with this landlord. Unfortunately, the landlord refused and left no alternative.”
11 Additional Liens Against Seritage SRC Finance at Plantation, FL Mall Project
As of July 2020, Seritage SRC Finance is linked to another 11 mechanics lien claims while serving as the property owner of the Westfield Broward Mall in Plantation, FL.
To date, this project has been faced with 11 liens from 11 different contractors in Florida, which claim they are owed a combined $8,837,338.21.
General contractor Rycon Construction, Inc. alone is owed a total of $5,161,119.56. Because of Seritage SRC Finance’s non-payment to their general contractor at the Westfield Broward Mall, five contractors have now filed a lien claim against Rycon Construction. The five contractors claim they are owed a combined $3,427,951.62.