Coral Gables Mayor Vince Lago has more city business than we thought

Coral Gables Mayor Vince Lago has been a busy boy.

Lago told the media that he is a businessman earlier this month after it was exposed that he was renting retail space to a developer of a luxury high-rise who has done other projects in the City Beautiful.

And he ain’t kidding.

In addition to starting up the company so he could rent space to Rishi Kapoor and Location Adventures — who was paying his BFF Miami Mayor Francis Suarez $10K a month for “consulting’ — Lago became a manager in a home remodeling company called Hammer Lake Construction and Design with Norman Anthony “Tony” Newell in December of last year, according to the articles of organization filed with the state’s Division of Corporations.

And, according to Hammer Lake’s Instagram photos, they’ve had a few renovation projects in #coralgables.

The company filed its annual report in March with both Newell and Lago listed. Then on May 3 — just as journalists began asking questions about Suarez’s and Lago’s business with Kapoor — there was an amended annual report filed with the state for Hammer Lake. Only difference: Lago’s name was gone.

Removed. Disappeared.

Of course, that could be just on paper. There’s no reason to think it’s not still partly Lago’s business — another business that he hasn’t reported on his financial disclosure forms. Neither Lago nor Newell — who has run for city commissioner at least twice — returned phone calls or texts about their partnership.

Lago the real estate agent also partnered with Manny Chamizo, a commercial broker with One Sotheby’s International Realty who was recently accused of stalking — and who Lago plans to reappoint Tuesday to the Waterways Committee — to sell an office building at 3251 Ponce de Leon Boulevard, a deal that fell apart in 2018 and was revived the following year with the same buyer and seller but at a higher price. Chamizo says he and Lago were robbed of their 2% commission and allegedly sent threatening texts and emails to the buyers.

Lago amended his latest financial disclosure form from this year’s election to include a 40% stake in 1424 Ponce LLC, which rents the storefront space to Location Ventures for a sales office to their luxury condominiums at 1505 Ponce. They’ve paid more than $152,000 in rent since June of last year — for an office that is still vacant and closed.

How do we know there aren’t other businesses he has a stake in?

In 2021, that financial disclosure form had income received from JBVL 1159 LLC, a company formed in 2018 by John Boschetti (JB) and, arguably, someone with the initials VL. Vince Lago, maybe? Even though he is not in any of the corporate records, at least he listed it on his disclosure as revenue from “sale of an investment property.” Ladra wonders what property that was.

JBVL is still an active company according to the Florida Division of Corporations. Why wouldn’t Lago still be a part of it? Boschetti is also the owner of The Boschetti Group, a real estate development firm with a $3 billion portfolio that includes several projects and land acquisitions in Coral Gables. Two days after forming in March of 2018, it bought a property at 1159 NW 8th Avenue for $325,000.

And that’s just the beginning of an interesting real estate investment timeline:

July 16, 2018: An attorney with an office located at 1430 South Dixie Hwy., suite 201, files demolition paperwork. Manny Chamizo’s One Sotheby’s office is at 1430 South Dixie Hwy., suite 110. Same building.
Dec. 28, 2018: The city of Coral Gables received an unsolicited offer from Boschetti’s BF Group to sell Lot 31 (located on Greco and Le Jeune), referred to as “350 Greco” adjacent and immediately north of 4601 Le Jeune Rd.
Oct. 25 2019: Luis Boschetti establishes 4601 Coral Gables Property LLC
Nov. 13, 2019: Boschetti’s new 4601 Coral Gables Property LLC bought 4601 Le Jeune Avenue for $4.17 million.
Feb. 19, 2020: Boschetti names John Ruiz and former Gables Commissioner Frank Quesada — the bosses of Coral Gables Commissioner Mike Mena — as additional managers to 4601 Ponce and changes the registered agent to Quesada Valdes PA.
Feb. 22, 2021: Lago declares that JBVL 1159 LLC is a source of income on his financial disclosure filed with qualifying papers to run for mayor.
April 13, 2021: Vince Lago is elected mayor.
April 14, 2021: ECI (Edgewater Capital Investing) Funding issues a mortgage to JBVL 1159 LLC in the amount of $1,711,346.
April 22, 2021: Miami-Dade issues notice of commencement — a form publicly filed in county records to signify that a construction project is beginning — to JBVL 1159 LLC.
May 1, 2021: Luis Boschetti is removed as a named manager of 4601 Coral Gables Property.
Sept. 28. 2021: Lobbyist Anthony De Yurre lobbies the Coral Gables Commission for sale of the 350 Greco lot to JRFQ Holdings, owned by Ruiz (JR) and Quesada (FQ).
Nov. 3, 2021: A mortgage or line of credit taken out in 2018 for Quesada’s home at 12695 Old Cutler Road by Swaypa LLC, which is a company owned by Quesada, for $500,000 was marked paid to Marquis Bank, formerly Professional Bank.
Nov. 12, 2021; Coral Gables sells the 350 Greco lot for $3.525 million to 4601 Coral Gables Property, of which Quesada is a manager.
Aug. 10, 2022: SWAYPA LLC provides mortgage to Vince Lago for $616,300. SWAYPA also provides a 1 million loan to Anthony De Yurre.
March 14, 2023: John Boschetti applies for a loan, secured by JBVL 1159 LLC, for $2.297 million from Seacoast Bank (formerly Professional Bank and Marquis Bank).
March 15, 2023: A mortgage for $1,711,346 held by JBVL 1159 issued by Edgewater Capital Investing Funding (ECI) is marked as satisfied. ECI is co-owned by Luis Perez and Manny Mato. Mato and Carlos Lago, the mayor’s lobbyist brother, both worked at Greenberg Traurig (2013-2014).
April 21, 2023: Right after he is re-elected without opposition, Vince Lago’s $616,300 mortgage from SWAYPA is satisfied — four months before it was due.

Lago needs to answer questions about these potential conflicts of interests. “I’m a businessman” is not enough. Especially if he is using his office as mayor to conduct that business.

Rishi Kapoor, Vince Lago

Coral Gables Mayor Vince Lago has more city business than we thought added by Ladra on June 12, 2023
View all posts by Ladra →