RiverCity Co. has sued the owner of a tract of land on the 700 block of Market Street in downtown Chattanooga and wants the site back after claiming the property hasn’t been redeveloped as agreed.
The suit claims the owner, Rose and Crown and 700 Block Development Partners, has refused to resell the property back to RiverCity in violation of an agreement between the parties.
RiverCity, a nonprofit downtown development group, in the suit asks for Hamilton County Chancery Court to order the owner to transfer the property back to RiverCity. RiverCity sold the site about three years ago.
Paul Brock, president of RiverCity, said he worked closely with Rose and Crown principal Trey Stanley over three years and tried to support his efforts.
“We have to take action to enforce our rights under the contract,” he said.
Mr. Stanley said the real estate and financial service sectors have been especially hard hit in the current economic downturn.
“We have been working tirelessly with our partners and advisors to develop an appropriate path forward in these turbulent economic times,” he said.
Mr. Stanley said it is “extremely disappointing that RiverCity has elected to behave in an adversarial manner verses a solution-oriented approach that would have led to the development of the site and the betterment of our city.”