Plumbers' union officials were bursting with pride about the oceanfront Diplomat Resort just north of Miami, long before the $600-million "castle in the sand" took shape. The investment by the Plumbers' and Pipefitters' National Pension Fund was touted as a giant window of opportunity: A picture-perfect place on a super-prime strip between the Atlantic Ocean and the Intracoastal Waterway—union built and operated, inside and out.
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