Cornelius developer sues over $1.2M for unpaid work at Mecklenburg apartment complex
A Mecklenburg County real estate developer is suing another company for $1.2 million over unpaid work after building a a retirement community in Huntersville, according to North Carolina Business Court records.
Bi-Part Development LLC sued BFG Huntersville Propco LLC last month. The dispute involves construction of Symphony Park, an apartment complex for retirees near Lake Norman and Charlotte.
In March 2022, the defendant had a written agreement for Bi-Part to build a 240-unit independent living multi-family residential community according to the suit, and Bi-Part was expecting to get $3 million for the work. But that didn’t happen.
Bi-Part claims BFG owes it $1.2 million.
Cornelius-based Bi-Part managed the development of the project at 12221 Sam Furr Road in Huntersville. BFG mismanaged financial aspects towards the end of the construction and went over budget, Bi-Part claimed.
BFG was responsible for financing for the project., and The dispute centered on interest rates that led to cost overruns for construction, Bi-Part claimed.
Subcontractors were not paid by BFG for the labor and materials to build the project, according to claims by Bi-Part in court records. This left portions of the project uncompleted. After Bi-Part brought up the issue, BFG refused to pay the workers and terminated the contract without paying Bi-Part what was it owed under the contract, the suit claimed.
BFG has until Jan. 6 to respond to Bi-Part’s complaint and claims, court records show.
Bourne Financial Group, a real estate private equity firm specializing in senior living development, acquisition and management, lists Symphony Park on its website as one of its “featured properties.” Bourne’s headquarters is in Winter Park, Florida.
Bourne Financial Group and attorneys for both Bi-Part and and BFG did not respond to requests for comments from The Charlotte Observer.
Jake Palillo, owner of Bi-Part Development, declined to comment.
Bi-Part development was also involved with the Bailey’s Glen development, a retirement community with houses in Cornelius. The company was also planning to build a 270-acre development in Huntersville with 600 homes, a beach resort and a recreational lagoon.
But those plans were canceled in September 2023 after Huntersville officials raised concerns about traffic, The Charlotte Observer previously reported.
