News Analysis: A Miami, Florida Real Estate Developer purchased land on which was allegedly discovered (a number of years ago) to be a 2,000 year old “Tequesta” Residential Community. Now the Developer is concerned that its Investment in the 34 Story Project will be Abrogated by Authorities (possibly with only partial compensation returning to the Developer).
A question of Investors regarding the property, assuming an Eminent Domain or comparable Action is taken by Authorities, if “Due Diligence” was performed Prior To the Escrow Close of the Property? Beyond mere Title Searches, what Physical Tests, if any, were conducted? Tests (such as Shallow-Drilled Core Samplings) may have discovered Artifacts just under the topsoil). Also, Ground Penetrating Radar may have shown any anomalies such as Panther (Puma concolor coryi) or Whale Bones up to a depth of approximately 12 meters (37 feet). Beyond the drilling, Soil Chemical Composition Testing would show Atypical Elements present in the “Sand” such as Iron Oxide (Fe2O3) for example. If detected, one would have to examine how it was imported onto the property.
Another Investigation Platform would be any Old Mapping performed by ‘Pioneers’ in the area (or years later by Railroad Surveys); Both would be in Public or University Libraries of any consequence.
For the City of Miami, Dade County, the State of Florida, and America, many Citizens consider the Site Priceless; another 34 Story Building (perhaps, not so).
Investors, who put their monies in this Project may want to ask; “Why were not the Aforementioned Investigations, as noted above, undertaken, if they were not?” “Is not the Real Estate Developer and/or ‘Structural Engineering Contractor” actually experienced in such “Pre-Construction” Matters?” Some say: “The Expense ‘Saved’, by not discovering nor understanding the Legal Implications of the Tequesta Village, may become very Expensive.”
When is “Due Diligence” actually ‘Diligent’ rather than ‘Cosmetic’?
Caveat Emptor.
Reality.