IN THE NEWS-ARTICLES OF INTEREST
Get Off Your Couch — Save Our Marina! September 3d, 6:30pm, Lake Park Town Hall
If you are concerned about high-rise development in Lake Park, please read on FB by Lake Park News..
If you are concerned about high-rise development in Lake Park, please read on FB by Lake Park News, a lengthy research and editorial piece about the developer and their affiliates. Nautilus is already in dire trouble and the same developer is proposing building another monstrosity on the West end of town at 10th and Park Ave. You can read all of the information at https://www.facebook.com/share/14GnB5uFYwF/.
I have pasted the editorial below, with a comment by the nonprofit, Lake Park Society for the Advancement of Resident Engagement (Lake Park SACE), for which I am a board member. Michael Steinhauer
Lake Park News Editorial: In light of recent revelations and mounting legal disputes involving Forest Development and its partners, it is imperative that the Town of Lake Park immediately suspend all pending, current, and future business with Forest Development and its affiliates. The evidence is clear: this is not just a case of mismanagement—it is a pattern of high-risk financial behavior, unpaid debts, and entanglements that jeopardize the stability and reputation of any community involved.
Forest Development, the company behind the controversial Nautilus 220 project in Lake Park, secured a $269 million construction loan in 2022 to finance the massive twin-tower venture. The loan was arranged by Concord Summit Capital LLC and funded by Fortress Investment Group. On the surface, it appeared to be a strong capital-backed initiative. But what lies beneath the surface is far more troubling.
Forest Development is in a joint venture with Royal Palm Companies—yes, the same Royal Palm Companies that is now embroiled in a $31.9 million foreclosure lawsuit filed just this month in Miami-Dade Circuit Court. That lawsuit alleges massive nonpayment on a previous construction loan and cites a breached payment schedule. The defendants? Royal Palm, its CEO Daniel Kodsi, and a string of affiliated entities. The result? Yet another stalled construction project, more financial instability, and zero accountability.
It doesn’t stop there. In a counterclaim, Royal Palm has accused its lenders of fraud, tortious interference, and financial sabotage, claiming that nearly $3 million in capital was deliberately withheld in a so-called “loan-to-own” scheme. Whether these counter-allegations hold water or not, the fact remains: this is not the kind of clean, transparent business environment that any town—especially one like Lake Park—should be entangled in.
Even more disturbing is the ripple effect of this dysfunction. As of March 2024, over a dozen contractors had filed liens or lawsuits against Royal Palm Companies due to unpaid services totaling $27 million. These aren't abstract disputes—they are real legal actions in Miami-Dade Circuit Court, driven by financial negligence and breached trust.
So what does this mean for Lake Park? It means the Town is potentially partnered with a developer whose financial dealings have left a trail of unpaid bills, lawsuits, and stalled projects across South Florida. It means we are risking our public image, our infrastructure, and our residents’ trust by continuing to do business with an entity that is now the centerpiece of multiple high-profile legal battles. It means Lake Park could be next in line for half-finished towers, unpaid subcontractors, and more finger-pointing than accountability.
We cannot afford to ignore the red flags. The Town of Lake Park should act swiftly to protect its taxpayers, contractors, and future. That begins with halting all active and proposed business with Forest Development and its joint venture partners. We must demand transparency, financial responsibility, and a proven track record—not lawsuits and excuses.
Lake Park deserves better.
Lake Park SACE: There's a lot at stake here for Lake Park, especially when you look at how Forest Development’s ties to Royal Palm Companies and the broader legal issues could affect the community. The financial instability surrounding these entities—like the foreclosure lawsuit and ongoing construction delays—puts any further partnership in serious jeopardy. The fact that multiple contractors are already involved in legal disputes due to unpaid services makes the risks even more glaring.
Suspending all future and current dealings with Forest Development would certainly be a prudent move, especially if their track record continues to be one of missed payments and unresolved legal challenges. The town needs to protect its interests, particularly in terms of maintaining a solid financial and reputational standing. The town should act to immediately halt all consideration of doing any business with this developer anywhere in town. There should be NO CHANCE the current building proposals might continue given all these risks.
