Developer Gary Posner sues city of Hollywood for $1.35M

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.”

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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]