Developer dismisses lawsuit
The legal cloud over the massive Inspirada housing project dissipated Friday as the developer dismissed a federal lawsuit against a landowner who had not signed a package of critical property rights.
Attorneys for Inspirada Builders LLC, the umbrella company for the four developers of the Henderson subdivision, said Kennedy Funding Inc. has recorded the licenses and easements on strategic parcels it owns. Those documents will allow Inspirada builders to cross the land during construction and use it for pieces of infrastructure such as pipelines.
When the case was filed on Sept. 10, Inspirada attorney Bruce Van Dalsem said he thought it would be resolved quickly. Kennedy Funding, based in Englewood Cliffs, N.J., had promised to sign the documents in November while Inspirada was wrapping up its bankruptcy, but company officials never followed through.
Kennedy owns 72.6 acres out of the 1,953 at Inspirada, obtained as repayment for about $30 million in loans. The property rights arose as an issue because Kennedy was moving to sell the land without formally agreeing to easements, so the buyer would have had no legal obligation to allow them. This would have “jeopardize(d) recommencing development at Inspirada,” according to court papers.
Building has restarted in two areas, according KB Home marketing vice president John McLaury. What is known as Village One has some homes under construction, while work began earlier this year to the south, in what is called Village Two.
One area has room for 115 homes, while KB Home purchased a nearby parcel last week for $3.9 million that will hold 144 homes, McLaury said.
KB Home had by far the largest stake in Inspirada, which was designed to include seven villages to create more of a community feel rather than one massive development.
McLaury said home sales, a mix of townhomes and detached ones, have been selling at an average of about three a week.
Contact reporter Tim O’Reiley at
toreiley@reviewjournal.com or 702-387-5290.