LMV Carlsbad Holdings v. Presidio Cornerstone QC C
Plaintiff LMV Carlsbad Holdings, LP (together with Lennar Multifamily Communities, Lennar) and defendant Presidio Cornerstone QC, LLC (Cornerstone) are both land developers. After Cornerstone sold land to Lennar for the construction of 278 rental apartments, Lennar successfully sued Cornerstone for breach of contract and declaratory relief. The central issue at trial and on appeal is which developer is responsible under the parties’ Purchase and Sale Agreement (PSA) for paying nearly $1.3 million in “park in-lieu” fees imposed by the City of Carlsbad (City) and paid under protest by Lennar.
Cornerstone owned multiple contiguous parcels in Carlsbad and negotiated to sell one to Lennar for a planned apartment project. But because the desired lot was not large enough for Lennar’s project, the PSA required Cornerstone to enlarge it by moving the boundary with an adjacent lot it also owned. Cornerstone accomplished this task by filing a tentative parcel map with the City.
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