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"Case Studies" > Business - Breach of Fiduciary Duty > Condo Developer Missed the Market Due to Nondisclosure

Condo Developer Missed the Market Due to Nondisclosure

Summary:


A 3D-computer model and renderings of the completed project
were prepared to accurately depict the buildings at different stages
of construction.

Plaintiff condo developer timed the opening of his project in a highly desirable beach community at the height of the real estate market. At the outset of construction, the owner of a neighboring project suggested they partner up to build underground utilities for both projects utilizing a transformer he said was on a newly acquired property. Unbeknownst to plaintiff, the seller of that property failed to offer the tenant of the lot where the transformer was located first refusal to buy it, instead selling it to defendant neighbor. After the lot was sold, the tenant filed suit to assert his right of first refusal, which the defendant never disclosed to plaintiff.


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