T
he St. Regis Bal Harbour Residences condo association has filed a lawsuit against the property's owners and managers, citing numerous defects and health hazards in the complex. The suit alleges mold, corrosion, flooding, and exposed wiring among other issues, which have caused condos to depreciate in value. The association is seeking an immediate assessment of the building and remediation for these problems.

    The St. Regis Bal Harbour was purchased by Al Rayyan Tourism Investment Company (ARTIC) in 2014 for $213 million and has since been refinanced for $188 million, valuing the property at $331 million. ARTIC is a Qatari firm led by Sheikh Faisal Bin Qassim Al Thani, who also owns other properties in Miami.

    The condo association's attorney, Juan Morillo, claims that the building conditions are substandard and will require tens of millions of dollars to repair. The suit also alleges financial mismanagement by ARTIC and its representatives, including diverting $1.5 million from maintenance funds for a hotel lobby remodel. Unit owners have been barred from auditing the accounts, according to the complaint.

    ARTIC has not commented on the lawsuit, which is now pending in Miami-Dade Circuit Court. The court will determine whether to approve an assessment and repairs for the complex.