Gulfstream Hotel Project Fires Verdex Construction Over Multi-Million Dollar Unpaid Invoice Dispute

Gulfstream Hotel project fires contractor amid money dispute

The revitalization of Lake Worth Beach's historic Gulfstream Hotel faces another significant hurdle. The project's general contractor, Verdex Construction, was fired due to a dispute over alleged unpaid invoices totaling several million dollars.

Verdex Construction claims it is owed over $2 million and states it was locked out of the property in early February, halting all work. This termination threatens the projected late 2024 opening for the landmark 1925 hotel.

Owner Alex Karakhanian's company, KG Lake Worth LLC, disputes Verdex's claims. KG Lake Worth LLC alleges performance issues and excessive billing on the part of the contractor. This disagreement casts further uncertainty on the future of the long-shuttered hotel, which the community has anticipated reopening for years.

The Gulfstream Hotel, a prominent fixture in Lake Worth Beach, has been undergoing a transformation into a luxury destination. The recent firing of Verdex Construction and the ongoing financial dispute introduce further delays to this highly anticipated project.

The community awaits further developments regarding the project's new timeline and how the ownership plans to move forward with the revitalization efforts.