Shaya Boymelgreen's development history in New York City is rife with unsafe conditions, shoddy construction and delayed work. Learn more...
Developer Shaya Boymelgreen is going it alone in Miami.
The Brooklyn-based builder said Friday that he and partner Lev Leviev, an Israeli billionaire, are splitting up.
Terms are still being worked out, but Boymelgreen said he intends to hold onto the South Florida properties the pair bought while Leviev will take their New York land.
Some projects already underway may be shared, he said.
Leviev, chairman of Tel Aviv-based conglomerate Africa Israel, and Boymelgreen previously said they would not pursue future projects together. But now they are taking it a step further, divvying up current holdings and severing the business relationship.
A reason for the split, Boymelgreen said, was divergent views about plans for new building in South Florida.
''We didn't see eye to eye on the way forward in Miami,'' Boymelgreen said. ``I believe in Miami, we want to develop. Maybe he doesn't believe so much in Miami because he is so far away.''
Leviev could not be reached for comment.
The two, operating under the name Leviev Boymelgreen, made a big entrance into Miami nearly three years ago when they bought big chunks of land in Miami and Miami Beach, announcing ambitious development plans. But projects were slow to get off the ground and the company's operation suffered from management turnover.
Boymelgreen also said the relationship between the two had grown strained. ''We are friends, but maybe not as friendly as before,'' he said.
The two, who first formed a partnership in 2002, also launched projects in Toronto and Las Vegas. Boymelgreen said its Toronto buildings are done and they may share its Las Vegas projects, which are in development. For Miami, the development company has two condominiums under construction while it is revamping plans for a third. It owns a Brickell office building and is among the bigger private landowners in the city of Miami, owning tracts of downtown land and near the Carnival Center for the Performing Arts.
Boymelgreen said he is exploring projects not initially contemplated for some of his Miami landholdings, like rental apartments or workforce housing.
''Maybe the condos are overbuilt and we have to wait a little for them to be absorbed,'' he said. ``But commercial and retail and hotel and mixed-use are all very strong in Miami. It isn't written any place that I have to only build condos.''