Settlement over Atlantic Crossing lawsuit heads to Delray commission

Litigation has tied up the project for the past three years

TRD MIAMI /
Jan.January 23, 2017 05:30 PM

Rendering of Atlantic Crossing

The Delray Beach City Commission will decide on Tuesday whether to settle a lawsuit filed by the developers of Atlantic Crossing, a $200 million, 9-acre mixed-use project in downtown Delray Beach. 

The litigation has tied up the project for the past three years, the Palm Beach Post reported. The Edward Cos. bought out its former partner CDS International Holdings in the project last year in a land deal valued at $38.5 million.

Together, they faced delays since the developers received their approvals in 2014, eventually spurring a lawsuit from Edwards and CDS alleging Delray commissioners were obstructing the project, which allegedly cost them $40 million. In July 2016, a judge dismissed the suit but left the possibility to appeal, according to the Post. Also in dispute are a traffic study and the ownership of two alleys.

A settlement would allow Edwards to finally move forward with the development, which calls for 82 luxury condos, 261 apartments, 83,000 square feet of office space, and 76,000 square feet of retail and restaurants. [Palm Beach Post] – Katherine Kallergis


Related Articles

arrow_forward_ios
Rendering of Ocean Delray

Ocean Delray nabs $73M construction loan

Photo illustration of Grant Cardone (Credit: iStock)

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

ABC Carpet & Home

Collier family converting former ABC Carpet & Home in Delray to facility for car collectors

From left: Joseph Maas, Susan Burrell and Paul Burrell of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

TMT Properties buys Delray Beach offices

Atlantic Crossing and Pearlmark's Mark Whitt

Delray Beach’s Atlantic Crossing snags $45M investment

Midtown Delray Beach rendering

Pebb Capital to buy Midtown Delray site for $40M after original owners end dispute

The Residences at Latitude Delray Beach and Marlena Demenus (Credit: LinkedIn)

Private equity firm pays $15M for Delray Beach apartments

Rendering of Avalon Trails and Mike Nunziata of 13th Floor Homes

13th Floor scores $22M loan to redevelop golf course in west Delray Beach

arrow_forward_ios