6 APRIL 2023// Treasure Island Developers Suing Each Other Amidst Allegations of Fraud, Breach of Contract
That $6 billion Treasure Island development promising to house 20,000 people is looking awfully uncertain at the moment, as the developers are hauling each other to court and making nasty charges.
The vision to turn Treasure Island into an that would be home to as many as 20,000 people dates back to 2001, and the lineup of developers and investors has understandably morphed a bit in the 20-plus years since the original announcements. But this decades-long dream seemed to be kicking into high gear when construction , and we got as recently as last October, with the project now being managed by by a coalition of the private-equity real estate firm Stockbridge Capital Group, developer Wilson Meany, and real estate VC firm Kenwood Investments.
Yet that coalition appears to be imploding. The San Francisco Business Times reports that — or more specifically, Stockbridge Capital and Wilson Meany sued Kenwood Investments, and Kenwood Investments promptly countersued Stockbridge Capital and Wilson Meany. All of this happened this week
That $6 billion Treasure Island development promising to house 20,000 people is looking awfully uncertain at the moment, as the developers are hauling each other to court and making nasty charges.
The vision to turn Treasure Island into an that would be home to as many as 20,000 people dates back to 2001, and the lineup of developers and investors has understandably morphed a bit in the 20-plus years since the original announcements. But this decades-long dream seemed to be kicking into high gear when construction , and we got as recently as last October, with the project now being managed by by a coalition of the private-equity real estate firm Stockbridge Capital Group, developer Wilson Meany, and real estate VC firm Kenwood Investments.
Yet that coalition appears to be imploding. The San Francisco Business Times reports that — or more specifically, Stockbridge Capital and Wilson Meany sued Kenwood Investments, and Kenwood Investments promptly countersued Stockbridge Capital and Wilson Meany. All of this happened this week
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