‘East End’ Developer Sued

The Nordam Group Inc. sued Global Development Partners, operating as Tulsa Partners I LLC, claiming the Washington, D.C.-based development company failed to comply with terms of purchase and sale agreement for a downtown property that would be part of the “East End” development.
The agreement, dated Jan. 16, 2006, and filed with the Tulsa County Clerk a month later, is for a large parcel of land in northeast downtown that would be part of the planned development, expected to encompass more than 14 city blocks and to connect Tulsa’s revitalizing downtown to the midtown district.
The development, to be completed by Spring 2009, would include more than 1.9 million SF of mixed-use development, including more than 450,000 SF of retail and dining space.
Global Development has said it planned the construction of more than 800 units of upscale urban living, three hotels, 150,000 SF of office space and an 8,000-seat home for the Tulsa Drillers baseball team.
According to documents filed in the Tulsa County Court Clerk’s office, the lawsuit claims Tulsa Partners I LLC paid an initial deposit of $45,000. But, on April 10, Tulsa Partners notified Nordam of its intent to extend the period of time to “conduct its due diligence” of the property. In response, Nordam Group Inc. requested an additional deposit of $45,000 to Guaranty Abstract, which Tulsa Partners paid, the suit said.
The agreement was amended again on Aug. 25 and the closing date on the property was delayed to Oct. 29, with an additional $45,000 owed to Guarantee Abstract by Tulsa Partners. The closing date was delayed again to Nov. 30, when $100,000 was required of Tulsa Partners in exchange for the extension. Tulsa Partners paid both deposits, the lawsuit said.
The closing date was moved a third time to Dec. 29 and Nordam Group requested an additional $200,000 deposit from Tulsa Partners. The suit then claims that Tulsa Partners did not make the payment.
A Dec. 21 letter from Nordam notified Tulsa Partners the purchase and sale agreement had been breached by its failure to pay the $200,000. When the time allowed for Tulsa Partners to cure the breach elapsed, Nordam requested Tulsa Partners to release it from the agreement and to relinquish further claim or interest in the property, the lawsuit said.
Nordam has asked for judgment against Tulsa Partners for the release from the purchase and sale agreement, for the $200,000 deposit never received by Guaranty Abstract in exchange for the final delay of the closing date and for the $235,000 in non-refundable deposits for extensions of time for due diligence and delay of closing time to be released by Guaranty Abstract to Nordam.
Tulsa Partners I LLC had not filed a response to the petition by Jan. 25.
Officials from the Nordam Group and Global Development Partners could not be reached for comment.



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