Opinions Split On Recent Commercial Real Estate Situation
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Commercial Real Estate on Monday, November 13, 2017.
California builders and property owners are typically no strangers to the various obstacles and challenges that can rise when negotiating new contracts or revising existing ones set to expire. When it comes to commercial real estate, any number of things can go wrong that may cause substantial delays or even completely halt a proposed project. That appears to be what has happened in a situation in another state although some of those involved are holding out hope that the tables will eventually turn in their favor.
A proposed commercial real estate deal was set to occur between a land development company and a property owner who was reportedly willing to sell 235 acres to the developers. The purchasing company planned to develop the land, erecting more that 800 new homes in the area. Word has it that not all current residents of the area were happy about the plans.
Many say the area is already highly traveled and often congested due to traffic. They feared that building so many new homes nearby would only add to the problem. Others say a project of this size would boost the local economy, perhaps adding more than $300,000 annually to its revenue.
As it stands, the developing company asked the sellers for an extension on their proposed real estate deal. The developers say they were trying to work out a contract with a certain builder. In the meantime, the seller pulled out of the deal, saying no extension would be granted. Experienced California business and commercial law attorneys are often able to rectify such situations by negotiating on behalf of business owners who are facing potential losses of major project contracts in this state.