Integra Investments and Nomade People Issue Statement in Response to Real Deal Article

MIAMI, Oct. 28, 2024 /PRNewswire/ -- Integra Investments and Nomade People, the companies overseeing the proposed redevelopment of the Standard Miami Beach, released the following statement today in response to a Oct. 24, 2024 article published by The Real Deal:

The Real Deal article unfortunately contained materially false and misleading statements which require us to take the unusual step of publicly correcting the record so there are no misperceptions about this project.

Our firms, on behalf of a consortium of investors, negotiated for more than a year with the Belle Isle Residents Association ("BIRA") to reach an agreement to provide funds strictly restricted to improvements to Belle Isle. The use of those funds cannot be used for any other purpose. The BIRA Board expressed a desire that the funds be paid to a nonprofit corporation overseen by BIRA and a Board composed of Belle Isle residents and BIRA representatives. The creation of this nonprofit, however, does not lessen the restrictions in this agreement about how the funds should be spent.

Contrary to the article's suggestion that this agreement was undisclosed, at BIRA's request, every Belle Isle resident was invited to attend an August 27^th virtual meeting to discuss the project and the agreement, which was attended by approximately 120 residents. In addition, the agreement, including the financial component, was disclosed at the DRB public hearing on October 1.   

Finally, the ethics commission website clearly states that settlement agreements between developers and neighborhood associations where the funds are restricted to neighborhood improvements are exempt from the contingent fee regulation. Such exemption can specifically be found in the FAQ document on the ethics commission website.

It is regrettable that the article ignored so many relevant facts here in an attempt to stoke controversy around a heavily negotiated legal agreement designed to benefit the Belle Isle community, and its residents, who are the neighbors of the Standard Miami Beach Hotel. We have, and will continue to, work closely with city officials with respect to the approval process for the property.

It is unfortunate as well that The Real Deal decided to paint the agreement as being a deal with Barry Sternlicht, who had no involvement whatsoever in the negotiations, though he is an investor in the hotel. As a Florida resident and business owner, Mr. Sternlicht is heavily invested in the region's success and operates with the upmost integrity. We understand that Mr. Sternlicht is considering legal action to address the maligning of his reputation.

SOURCE Integra Investments and Nomade People