The Docket: Real estate lawsuit roundup for 4.8.21
Adams District Court
Lennar Colorado, LLC and Stratus Amber Creek, LLC v. Amber Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado
Plaintiffs says the District agreed to reimburse Lennar and Stratus for the costs incurred in constructing public infrastructure improvements for Amber Creek subdivision, and to pay plaintiffs the fees the District collected from residential and non-residential property permits. Plaintiffs say despite clear contractual obligations, the District has refused to reimburse millions of dollars in costs and fees. Lennar seeks compensatory damages of not less than $2,491,480.06, and Stratus, no less than $1,492,932.14.
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Vector Group Ltd. (NYSE: VGR) today announced the launch of New Valley Ventures, an investment vehicle seeking opportunities in next-generation technologies in the property technology (PropTech) space. New Valley Ventures will invest in promising PropTech startups committed to supporting rapid transformation of the real estate industry for the benefit of the agent experience.
In connection with the launch, Vector Group also announced New Valley Ventures has acquired an ownership stake in Rechat, a lead-to-close fully-mobile technology dashboard for real estate agents. New Valley Ventures’ affiliate, Douglas Elliman, is the largest residential real estate brokerage firm in the New York Metropolitan area and the sixth-largest in the United States.