Landowner Sues Would-be Buyer for Failing to Pay Up

CHULA VISTA–A land buyer¹s failure to post a $1-million deposit on a property earmarked for a $550-million mixed-use development project has landed him and the seller in court According the suit filed in San Diego Superior Court, Tuchscher Development Enterprises agreed to buy the property and build the 2.7 million-sf Crystal Bay project on 148 acres. But Tuchscher failed to make a $1-million deposit on the sale to landowner Chula Vista Capital, a group of investors from Kuwait. The investors claim that Tuchscher holds an option to buy the property but refused to finalize the deal or quit claim to the property to clear up its title and allow Lennar Partners to develop it.Chula Vista city leaders pulled the plug on Tuchscher¹s proposed redevelopment project earlier this year and awarded it to Lennar Partners, which has reportedly offered $47 million for the land.Crystal Bay was to include 1,000 homes, 250,000 sf of office space, 212,000 sf of R&D space, a resort hotel and two smaller hotels.