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View Full Version : LA Times: SunCal development falling thru?



capst
10-31-2007, 01:44 AM
Deal for housing project near Disneyland goes off track


A lawsuit by the developer accuses the property owner of reneging on the $46-million pact. The owner says it's the developer that walked away.

Full article at: http://www.latimes.com/news/local/la-me-disney31oct31,0,7269860.story?coll=la-tot-callocal&track=ntothtml

Darkbeer
10-31-2007, 11:01 AM
Here is an interesting viewpoint...

http://www.ocblog.net/ocblog/2007/10/suncal-sues-own.html#comments




Reading the lawsuit, we find that SunCal has had an option on the property since April of 2005, and that after five extensions Dudley Franks, the property owner and the person who actually has "property rights," chose not to grant SunCal another extension when the current option expired on October 1, 2007.
Thus, SunCal has no property rights and no longer even has an option to purchase the land in question. If property rights are your cause, they now reside solely with Dudley Franks.
It is rumored that Franks has since started negotiations with another developer whose project would be compatible with the existing Resort Zoning that allows hotels and retail usage.



Also, the article provided a link to the actual lawsuit

http://www.ocblog.net/ocblog/files/sccv_frankfamilypartnershipetal_complaint.pdf