Court-approved deal advances plans for new Fisher Island condominiums

U.S. Bankruptcy Judge A. Jay Cristol this week approved an agreement aimed at allowing the long-delayed development of luxury condos on Fisher Island to go forward.

Plans call for 94 luxury units evenly split between two projects, the Palazzo del Sol and the Palazzo del Luna.

The agreement —which brings together two opposing groups that both claim ownership to the land following the 2008 death of Arkady “Badri” Patarkatsishvili, a tycoon from the Republic of Georgia — is aimed at allowing Fisher Island Holdings to obtain title insurance. With that, the developer expects to modify a soured mortgage and get construction loans to jump start the project.

Despite the agreement, the dispute continues over ownership of the 18-acres of undeveloped land on the exclusive resort island off Miami Beach.

Judge Cristol has held that Patarkatsishvili’s family and widow, Inna Gudavadze, who lives in England, are the rightful heirs; and a federal judge confirmed that finding. However, entities related to Patarkatsishvili’s former business associates, including his cousin, Joseph Kay, also claim ownership of the land and have an appeal of the case in the 11th Circuit Court of Appeals.

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