The Real Deal Miami

Developer Gary Posner sues city of Hollywood for $1.35M

August 15, 2011 02:00PM

In what some city officials deem an outrageous move, developer Gary Posner is suing the city of Hollywood, Fla. for $1.35 million, the Sun Sentinel reported, after borrowing $3.5 million from the city between 2004 and 2005 and failing to repay it.

“There are a lot of people out there that have a lot of chutzpah,” said City Commissioner Fran Russo, who vowed not to give developer Gary Posner “5 cents.”

The lawsuit against the city’s Community Redevelopment Agency, mostly about legal language and contract issues, is expected to be tried soon, the Sentinel said.

Posner’s company, HART District, borrowed $3.5 million from the CRA to purchase and improve a drab corner, including the landmark Bread Building, at South 17th Avenue and Harrison Street, off Young Circle, in 2004, both parties agree. The plan included a performing arts theater, condominiums, shops, offices and a school. Only the charter school actually materialized, and when Posner defaulted on loans in 2009, the project collapsed. [Sun Sentinel]