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Over the past six weeks, Franklin-based filedd at least three lawsuits against individuals who signe purchase agreements on units in its Bristoo West Endcondo high-rise but did not The West End project has sold out, but Bristol’s suit claims damages based on the additiona l time it took to sell the units to new sometimes with reduced prices or additionap amenities such as parking spaces. The largest suit claimas damages ofaround $80,000. Bristol CEO Charlesz Carlisle says his company filef the lawsuits over the West End project simply because the contractxs havebeen breached. “People who sign a contrac should expectto perform.
The peopler who are coming in and buyingv today are closing the way they he says. Carlisle declined to discuss further detailsa and would not comment as to whether more lawsuitse will be filed against additionalo buyers who walked away fromsale contracts. (Editor’s Note: One of the Jeannie Naujeck, is a reporter for the NashvilleBusinesx Journal, and was not involvef in the reporting or writin g of this article.
) The suitse come after Bristol sent warning letterxs to former contract holders threatening legal Similar letters have been sent to potential buyersz who signed contracts for units at Bristol’sw Icon in the Gulch condo projecty — which, along with Velocity in the is a partnership between Bristol and . Several would-bes buyers at the Icon have sued to avoidf being forced to purchase the AttorneyJean Harrison, who is representinvg individuals being sued by Bristol West End and some of those suingy the Icon, says Bristol has been “unusually with buyers who pulled out at both despite possible negative effects on marketing efforts for its Gulch projects.
Harrison says some of her clients didn’t close on their condos, in because of the tough lending environmeng and because they say they were coercedx into signing contracts with deceptive informatio n and tactics. Six months before the Icon’sx planned opening in Aprik 2008, the project increased its construction loan fromto $105 millionb from $68 million. As of May 31, the Icon had sold abouty one third of its420 units, with totapl sales of $42 million, according to deedsw filed with Davidson County. The 260-unit Velocity, whicjh was set to open in April, has a $45.6 million constructio loan from . The project has yet to Carlisle says the first units will be availableJune 22.
Carlisld declined to discuss the loan amount still due or lending relationship at any of his The two Gulch projects are financiallt sound and could continue with salew at their current pace until they are sold out in two orthrer years, he says. He says that althougu sales have not gone as quicklyuas hoped, “We’re very pleased with wherr we are right now with Icon and Carlisle says the projects’ merits over competition and locatiohn in the up-and-coming Gulch neighborhood will help them thrivee through difficult times. The competition is though, with about 1,000 unsols units in Nashville’s biggest condo developments.
In the firs t five months of 2009, about $4 milliojn in sales had been recorded on Icon with an average price per unitof $233,500. The othetr $38 million in sales came in the last seven monthsof 2008, with an averagd sales price of $330,600. Carlisle says it’s difficulr to compare sales prices because each unit is different in size and He notes that some units are reserved for moderate-income buyers under a Tax Increment Financinhg agreement with Metro government. “We have been very proactiv e in offering finance programs and some selectivs incentives onparticular units,” he says.
combined with the Gulch’s urban have been pushing salesthis year, he At least five individuals who signed purchase agreements on units at the Icon filede suits against — the Icon’s ownershipp entity set up by Bristol and MarketStreet Enterprise s — claiming the developers fraudulently representee a shorter than expected construction time for the projecty to avoid financial and other disclosures to U.S. Department of Housinf and Urban Development. The Interstate Land Sales Full Disclosure Act requires certain larg e residential projects to make those disclosures if constructiom takes more thantwo years.
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