Judge rules against Trini billionaire

THE CONSTRUCTION of a US $120 million (TT $720 million) condominium complex by Trinidadian billionaire Lawrence Andre Duprey in Fort Lauderdale, Florida, hit a snag when the United States District Court ruled recently against a lawsuit brought by the developers.

Duprey, executive chairman of CL Financial Limited in Trinidad, headed a team of investors who wanted to build the Palazzo Las Olas complex in Fort Lauderdale. But the Fort Lauderdale Commissioners voted against the controversial project in 2003, forcing Duprey’s group to file a lawsuit claiming damages of US $40 million and more as loss of profits.

Broward County Circuit Judge Victor Tobin denied the Palazzo group’s appeal of Fort Lauderdale’s “no” vote on the retail-housing complex that would have risen on a beachfront city parking lot.

Tobin ruled that when Fort Lauderdale Commissioners voted against the controversial project in 2003, they did so appropriately.

“This court finds the commission’s decisions are supported by competent substantial evidence,” Tobin wrote in the ruling. There is still a ruling to be made on Palazzo’s claim of loss of profits.

Fort Lauderdale wooed the developers to the Birch/Las Olas parking lot, a 7.5-acre, paved expanse on the Intra Coastal Waterway at the beach side foot of the Las Olas Boulevard bridge, to spur redevelopment and gain another 500 parking spots for the public.

But the proposed mega-complex of stores and apartments turned the stomachs of beach activists and residents all over Fort Lauderdale, who revolted against the deal.

The development group spent a lot of money, time, and energy on the project. They said they suffered damages, including lost profits, of US $40 million.

Palazzo influenced the 2003 election, giving a name and face to the issue of over-development. Two commissioners who liked the project lost.

Suddenly the Palazzo development plan was in unfriendly territory. Though it had been invited by the city in the first place, ultimately in 2003, it received a “no” vote.

Duprey, who was in Florida for the ruling, returned to Trinidad last weekend to testify for the defence in the trial of former prime minister Basdeo Panday. Panday is charged with knowingly making a false declaration to the Integrity Commission in that he failed to declare his London bank accounts for the years 1997, 1998, and 1999.

Duprey said CL Financial’s assets were worth $62 billion.

When the project was launched in Florida in 2003, Duprey estimated that the city of Fort Lauderdale would get US $24 million in public improvements and conveniences such as a police substation, a new grocery store and a drug store as well as a 1,000 space public parking garage.

He estimated that Palazzo Las Olas would add US$1.8 million yearly to the city’s tax base. At the time the development was stopped, nearly 80 percent of the 173 condo units at Palazzo Las Olas had been reserved.