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Loveland-based Bridgewater Homes LLC has sued J-25 Land Holdings LLC, a company organized in Delaware but with headquarters in Scottsdale, Arizona, claiming that J-25’s failure to sell “finished lots” to Bridgewater breached a contract and resulted in damages to the homebuilder.
The lawsuit, filed May 18, alleged that J-25 agreed to sell 82 finished lots in Johnstown to Bridgewater for $6.97 million.
The locations and sizes of the lots were particularly important to Bridgewater, the lawsuit said, because of a limited supply of similar lots in Johnstown. Failure to complete the deal “has prevented Bridgewaer from gaining access to Johnstown, Colorado’s housing market.”
Bridgewater paid earnest money of $80,000 upon signing the deal in October 2018, according to the complaint.
A finished lot was defined in the lawsuit as a lot that is complete as far as subdivision construction, with all improvements installed according to subdivision requirements, and all fees paid except those customarily paid by the builder.
The lawsuit alleged that J-25 sought extensions three times on when lots needed to be delivered but didn’t meet those deadlines. It then added metropolitan district fees and increased the purchase price of lots by as much as $16,281 each because of impact fees, which Bridgewater alleged violated the agreement between the two companies.
Bridgewater seeks a court order requiring J-25 to perform under the agreement, plus attorney and court fees.
Refugio Perez, an attorney with Hamilton Faatz PC of Greenwood Village representing Bridgewater, did not return a call seeking further clarification of the lawsuit.
An address for J-25 Land Holdings LLC was found on East Mountain View Road in Scottsdale but further contact information was not readily available.
The case is Bridgewater Homes LLC v J-25 Land Holdings LLC filed in Larimer County District Court, case number 2022cv30342.
This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2022 BizWest Media LLC.
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