Urban Pacific Group's Bank Lofts in San Pedro has devolved into a series of lawsuits, liens and angry words between the developer, contractors and subcontractors. Chris Yang of Random Lengths reports that a portion of the project, known as the Vault, has been delayed for over a year due to the ongoing lawsuit initiated by contractor Forefront Builders Corporation in October.
"The complaint obtained by Random Lengths, includes several charges against Urban Pacific, ranging from breach of contract to slander and defamation... Forefront also accuses Urban Pacific of informing the subcontractors that money intended for them was paid to Forefront, and that Urban Pacific had terminated its contract with Forefront." In related news, units in the Vault will now no longer be sold, but will be leased.
· Bank Lofts in Legal Limbo [PDF] [Random Lengths]
· Bank Lofts San Pedro [Official Site]