OKO Group Sues Insurers for $22M Following Alleged Construction Flaws at Missoni Baia

Developer OKO Group is suing four insurers for $22M to cover losses from construction flaws and delays at the Missoni Baia luxury condo tower in Miami.

By: AXL Media

Published: Apr 9, 2026, 11:40 AM EDT

Source: Bisnow

Construction Delays and Uneven Settling

The Missoni Baia project, a 246-unit luxury tower at 777 NE 26th Terrace, broke ground in 2019 backed by a $243.3 million construction loan. However, OKO Group’s lawsuit reveals that the project encountered severe structural challenges in 2021. The developer claims the building "settled unevenly" during the construction phase, causing direct physical damage and triggering a cascading series of delays. These issues reportedly pushed back the issuance of the temporary certificate of occupancy (TCO) by at least 16 months, resulting in significant carrying costs and lost revenue from unit sales.

The $22 Million Insurance Dispute

According to the federal filing in Miami, OKO Group submitted damage claims totaling nearly $56 million in 2023. Under the project’s insurance policies, each of the four named insurers was allegedly responsible for 25% of covered losses. While the insurers have already paid out approximately $34 million, OKO Group contends it is legally entitled to the remaining $22 million. The developer asserts it has complied with all policy requirements and provided the necessary documentation to justify the full claim, while the insurers have thus far declined to fulfill the balance.

Residents Allege Widespread Defects

The developer’s move against its insurers comes while it simultaneously defends itself against the 700 Edgewater Condominium Association. Residents of the tower, where units have sold for as much as $9 million, have sued OKO and 21 other firms involved in the project. Their complaints include: