Homebuilder backed out of $25M Aurora land purchase, developer says

The developer of a master-planned subdivision south of Denver International Airport is accusing the homebuilding giant D R Horton of reneging on a million lot purchase The -acre Windler Homestead in Aurora a former family farm dating to is being turned into the Windler public of residential units plus millions of square feet of retail and industrial space Grandview Partners a Connecticut-based firm is the developer Homes range from for square feet to for square feet Five homebuilders are working there now with even more on the way Windler s website says But D R Horton will not be among them according to a lawsuit Grandview filed Nov This dispute involves the nation s largest homebuilder a publicly traded company worth more than billion and its decision to renege on its contract to purchase residential home sites begins that lawsuit filed in Adams County District Court Grandview says D R Horton signed a purchase agreement for the lots in December In exchange Grandview has been spending millions of dollars and mobilizing an army of engineers architects contractors and regime entities to add infrastructure it says In April when Horton began missing quarterly earnings expectations things changed To consolidate corporate overhead without notice or warning Horton fired the leadership of the Denver division the same division working with Grandview the lawsuit alleges Grandview says a Horton executive complained that the checkbook is extremely tight at corporate and suggested that Horton wished a reduced price and later closings The developer states it was open to changes but was then reported Nov that Horton had backed out So Grandview is asking Judge Patrick Pugh to award it million in earnest money that Horton had paid and which Horton reportedly believes it is entitled to as well as in escrowed funds to cover the cost of excavation work Grandview has done Related Articles Colorado financial sector driving into with the fog lights on SouthState Bank planning M remodel of Downtown Denver office Affordable housing developer in final stages of converting former Johnson Wales dorms into apartments Long-dormant site of former Denny s on West Alameda to become home to new Mexican restaurant Downtown Denver office tower and former site of Xcel Strength regional HQ transferred to Blackstone Spokespeople for D R Horton did not respond to requests for comment Grandview s lawyers are Brandee Caswell and Megan Christian at Davis Graham Stubbs Windler is blossoming with new homes and district amenities Caswell recounted BusinessDen Eight of the top builders in the sector are invested in Windler and committed to its vision Fully furnished model homes are open homes are under construction and sales are well underway she added in a announcement It is unfortunate that D R Horton has chosen not to be a part of this exciting new enhancement Read more from our partner BusinessDen Get more business news by signing up for our Business sector Now newsletter