Luxury home developer owes partner in battle over stalled Pinecrest spec home
Devtov Group, the luxury home builder led by Juan Carlos Tovar, is on the hook for nearly $2 million in a lawsuit involving a long-stalled spec home in Pinecrest, in a case that the developer brought against its investor. An arbitrator ruled Devtov to pay Navja Corp. about $1.8 million, plus damages, according to a recent filing in the case. Navja, led by Mexican investor Enrique Navarro, formed a 50-50 joint venture with Devtov called Mansions 8800, which purchased the 1-acre site at 8800 Southwest 64th Court in Miami, across the street from Gulliver Preparatory School. The LLC paid $1.6 […]This article originally appeared on The Real Deal. Click here to read the full story.
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