Buyers seek 7-figure refunds for condos inside a $1B Florida development plagued by delays, litigation and foreclosure

A nearly $1 billion luxury development in South Florida has turned into a legal and financial nightmare — leaving wealthy homebuyers waiting years for unfinished condos and fighting to recover pricey seven-figure deposits.The Mandarin Oriental Residences in Boca Raton, part of the sprawling Via Mizner development, was supposed to bring five-star hotel living, lavish amenities and multimillion-dollar homes to the upscale coastal city.Instead, nearly a decade after the project was originally expected to be completed, construction has ground to a halt, the hotel portion is in bankruptcy and the condo building faces a $418 million foreclosure lawsuit, according to the New York Times.At least 20 condo buyers are now seeking to escape their contracts and recover their deposits.Among them is Nilesh Undavia, who agreed to purchase a four-bedroom condo for $5.5 million in 2022, putting down a staggering $1.65 million deposit.His apartment, which promised two terraces and distant ocean views, was expected to be ready by the end of that year.Four years later, he still has no home — and despite winning an arbitration ruling ordering the developer to return his deposit with interest, he has yet to recover his money.“With the fanciness of that sales office, you’d never remotely think ‘these people don’t have enough money to finish it,'” Undavia told the Times.“It was like a river of money.”Developer Penn-Florida Companies first announced the ambitious Via Mizner project in 2015, envisioning a 2.3-million-square-foot luxury destination featuring a 164-room Mandarin Oriental hotel, 85 branded residences connected by a skybridge, 366 rental apartments and 65,000 square feet of upscale retail and restaurants.The development promised an array of lavish amenities, including a country club, a golf course and a wine cellar.

Condo buyers were also offered access to an open-air cinema, a golf simulator, a rooftop infinity pool with cabanas, private padel and pickleball c...