Many Florida residents work in or attend school in buildings that have existed in their communities for decades. The historical value of such structures often plays into the value of real estate, as well as attracts visitors who are history buffs, especially in the context of architecture. Buildings wear down with age and are often in need of renovation or construction to maintain usability as time goes on. A high school in another state underwent construction, which led to bitter real estate disputes that left the community wondering what would become of a beloved school.
The building itself has been home to a Catholic high school that served the community for more than six decades. A prominent family in the area who owns a construction company was reportedly hired to do work on the $75 million campus. That work was completed in 2009.
The situation led to arbitration when the landlord was said to have refused payment for monies owed to the construction company. In 2016, the landlord was ordered to pay more than $28 million. A year later, the landlord filed for bankruptcy.
Since then, a Catholic bishop who serves that particular diocese announced that the construction company and landlord have agreed to settle their real estate disputes. In such cases, a bankruptcy court would need to approve the settlement agreement. The president of the construction company said the school means a lot to his family and they are looking forward to continuing their close relationship with the campus community. Florida landlords or contractors currently facing similar legal problems may reach out for support from attorneys experienced in real estate litigation.