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Miami Panorama Tower Developer Sues General Contractor Over Project Funding Lapses

Developer Florida East Coast Realty says general contractor Tutor Perini eventually accounted for all the Miami Panorama Tower money—but not before diverting the funds to beef up its own balance sheet to the detriment of shareholders and potential investors.

By Lidia Dinkova | December 28, 2020 at 11:38 AM

The general contractor on the landmark Miami Panorama Tower is accused in a new lawsuit of failing to pay subcontractors on time, using project funds to beef up its own balance sheet and hiding its cash-flow issues from shareholders in the publicly traded company.

Los Angeles-based Tutor Perini Corp. eventually accounted for all the money provided by the developer, but not before taking it out of a project account to boost its own financial, the complaint said. The combination slowed subcontractor payments as well as construction of the tallest residential tower south of New York.

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