A dispute between the city and Jacksonville Landing Investments LLC over ownership of the surface parking lot adjacent to the Jacksonville Landing that began more than eight years ago is now in circuit court.
The city filed a complaint Tuesday asking the court to compel Landing Investments to accept a deed to the property, known as the East Parcel, and to provide complete documentation of the sale.
Landing Investments paid the city nearly $4.4 million for the property, the surface parking lot between the Landing and the Hyatt Regency Jacksonville Riverfront, on or about May 30, 2007.
In a letter dated Oct. 17, 2014, Landing Investments notified the city it was terminating the purchase provision in the contract and demanded return of the funds transferred to the city for the parcel.
Landing Investments Managing Partner Toney Sleiman did not return phone calls for comment.
According to documents filed with the court, the city and Rouse-Jacksonville Inc., which built the Landing, entered into a disposition, development and lease agreement in October 1985. The agreement provided terms for a 45-year ground lease and development rights to the East Parcel.
The development agreement was amended five times between March 1986 and June 2001.
Rouse-Jacksonville assigned the amended development agreement to Landing Investments on Aug. 29, 2003. The agreement was then amended a sixth time to provide for Landing Investments to purchase the East Parcel, with both parties agreeing to close the sale by May 30, 2007.
After the funds were transferred, the city immediately provided Landing Investments use and beneficial ownership of the property, which the company began operating as a parking lot, retaining all revenue.
According to the lawsuit, Landing Investments “repeatedly confirmed” it would finalize the documentation and accept a deed with an effective date of May 30, 2007.
However, the filing contends, since taking possession of the property, Landing Investments has not provided the required documents, fees and documentary stamp taxes, nor has a deed been recorded reflecting Landing Investments’ ownership of the property.
The lawsuit further alleges that Landing Investments has not paid any ad valorem taxes on the property.
The case is assigned to Circuit Judge Harvey L. Jay III.
@drmaxdowntown
(904) 356-2466