When Shoma declined to acquiesce to the allegedly lowball price, CMC’s affiliate retaliated by canceling condo marketing efforts and closing the condo sales office, the complaint says. The car sale business was growing and needed the additional room. Shoma Coral Gables alleged in part that they tried to take advantage of the partnership to buy the underground garage space and some of the retail on the cheap for use by the dealership, according to the complaint. The following year, its affiliate Shoma Coral Gables sued Colombo, his Collection business and his CMC’s affiliate Gables Investment Holdings.
Plans went awry in 2015 when Shoma said it was pulling out of the development. It is across the street from the headquarters of Colombo’s Collection luxury car dealership. They bought the 2.8-acre site at 4101 Salzedo Street and 4112 Aurora Street in 2013 for $27 million. The two Miami real estate tycoons, through their equally owned partnership Coral Gables Luxury Holdings, embarked on a once-hyped plan for the 128-unit Collection Residences with retail and underground garage. The Collection Residences at Coral Gables (Diener Properties)
