Shipyards Condo Buyers May Sue

[bobliocatt]

By Melissa Ross

First Coast News

JACKSONVILLE, FL -- People who paid hefty deposits for condo units in the troubled Shipyards property have turned to a lawyer.

Attorney Michael Freed says he's representing several clients who put down $200,000 and up for homes at the Shipyards, a development along Bay Street and the St. Johns River which has long been in limbo.

A grand jury investigation is looking into how the Trilegacy Group LLC spent millions in city incentives to build condos, a marina, and public space on the site.

LandMar Group LLC wants to take over the property, but its bid is currently being examined by city attorneys.

Meanwhile, the people who wanted to live at the Shipyards say they're being left behind - as the project remains up in the air.

"These were folks who believe in downtown, who took a leap of faith. They hoped to have a sizable investment property," Freed says. Freed says they're considering legal action "against all stakeholders" in the Shipyards debacle.

LandMar spokesman Michael Munz says the would-be condo dwellers will have first priority on any new units eventually developed by LandMar. But he adds, "TriLegacy is responsible" for settling the buyers' claims.

TriLegacy Group has already said publicly it will refund the original buyers' deposits, but Freed says that offer doesn't go far enough. "These units would have appreciated greatly in value," he said.

http://www.firstcoastnews.com/news/local/n...x?storyid=35170

[Fruit Cove]

this could get messy. bad news.

[Urban_Legend]

Just another grand day on East Bay Street....

[scongro]

While I agree that the condos may (and probably will) appreciate, do you really have legal right to sue over appreciation on a building that was nver even built. Appreciation is not something guaranteed.

[asonj23]

That is why the say investing is a gamble. You don't know wether or not an investment will appreciate or depreciate especially if your investing in property that has yet to be developed!! Tri-Legacy should give them their money back and they should be happy with that. Would you sue Microsoft after losing money on stock you just purchased because they went bankrupt?? No, you would cut your losses and move on. This same case should apply. They would be lucky to get anything back at all.

Maybe to save face with current investors, LandMAR should promise first pick of their best units to prevent them from backing out. That way everyone should win. Well, as long as the development is started in this decade.