Innovation Square lawsuit over developer's breach of contract dismissed
The Gainesville Sun
A lawsuit filed by the University of Florida Development Corporation, the owner of Innovation Square, seeking more than $500,000 in damages from a developer has been dismissed.
The UF corporation was arguing that the developer defaulted on a series of deadlines outlined in a purchase agreement.
According to the lawsuit, Innovation Square LLC and TBG Innovation Square LLC, a subsidiary of TBG Land, entered into a purchase agreement in August 2015 for $1.29 million for about an acre of land at the corner of University Avenue and Southwest Eight Street in Gainesville.
Innovation Square, often referred to as the Innovation District, is an urban tech and business district located between the University of Florida and downtown Gainesville. Its website states it's home to more than 80 businesses with six available office buildings.
Under the agreement, TBG would build an upscale, seven-story development with the top five floors designed for residential apartments and the bottom two floors for parking and retail.
As required by the agreement, TBG submitted conceptual drawings for the project to Innovation Square, which approved the design. The sale closed on Oct. 31, 2016.
The agreement also included deadlines to begin and complete the project.
Per the agreement, TBG Land was required to secure a building permit on or before Jan. 31, 2017, which to date has still not been completed. Damages in the amount of $4,500 every 30 days began accruing on March 1, 2017.
TBG Land also was required to complete construction and provide a certificate of occupancy on or before June 30, 2018. Damages also due in the amount of $4,500 per 30 days began accumulating on Aug. 1, 2018.
Finally, the lawsuit states that TBG Land failed to pay two installments of $25,000 for marketing fees by Jan. 31, 2017, and Aug. 1, 2018, respectively.
The lawsuit states that "TBG has made virtually no effort at all" to begin or complete the project.