Developer Says City Breached Commercial Real Estate Deal
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Commercial Real Estate on Tuesday, March 21, 2017.
Like many other areas in the nation, California has enjoyed an increase in commercial property sales in recent years. Commercial real estate often boosts the economy in various ways, from creating construction jobs to providing to services and products to a community when new businesses are opened. Commercial deals can be complex, and can quickly turn sour when one side accuses the other of a breach of contract.
This happened recently in another state, which has led to a lawsuit against a particular city. The commercial real estate in question is a building that had sat vacant for a long time until a certain developer reportedly agreed to purchase it from the city. The developer says the deal was contingent upon an agreement by the city to lease back14,000 square feet of the complex.
Plans to convert the structure included various commercial spaces on the lower level, as well as private apartment dwellings on the upper floors. The city supposedly planned to use its rented areas for an economic development office, a cultural affairs department and a visitor's center. The developer has a filed a lawsuit, alleging that the city failed to fulfill its obligation according to agreed upon terms.
The developer is seeking more than $3 million in damages in its lawsuit against the city. Aggressive litigation is often needed to resolve commercial real estate issues. A California business and commercial law attorney can represent anyone facing contract-related challenges in this state in the hope of obtaining a swift and favorable outcome.
Source: wtvr.com, "Developer files lawsuit against Petersburg for breach of contract", Wayne Covil, March 9, 2017