Inside developer Michael Stern and his Italian investor’s breakup
A partnership between developer Michael Stern and Italian investor and entrepreneur Gianluca Vacchi is imploding, newly filed court records show. Stern, founder and CEO of JDS Development Group, teamed up with Vacchi in 2024. They formed a joint venture to invest in a $4 billion pipeline of new developments that included Mercedes-Benz Places Miami, the Dolce & Gabbana-branded 888 Brickell, the 1250 West Avenue project in Miami Beach, and a planned buyout Casablanca condo-hotel, also in Miami Beach. Of those, only two are still owned by Stern: Mercedes-Benz Places and 888 Brickell. Both are facing separate lawsuits, including a foreclosure. […]This article originally appeared on The Real Deal. Click here to read the full story.
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