The Daily Business Review Reports on McArdle Franco PLLC Settlement

Posted On Apr 21, 2017 / by / News

George McArdle and Xavier Franco, together with co-counsel, successfully negotiated a settlement that ended contentious, multi-year litigation over a real-estate purchase option.  In the litigation, the client’s landlord sought to invalidate the option to purchase a 15,000 square foot building in Miami’s Wynwood Art District and to recover damages in the form of unpaid rent.  McArdle Franco PLLC filed a counterclaim on behalf of their client, alleging that the landlord had breached a prior settlement agreement, pursuant to which it was required to perform, and pay for, certain capital improvements needed to operate a nightclub, as was expressly intended by the parties, resulting in substantial damages to the tenant.  The tenant alleged that the landlord sought to procure a windfall by recapturing the property, which had increased in value since the date of the original settlement, in part, as a result of the client’s substantial development efforts.  The settlement resulted in the Landlord’s agreement to abandon its effort to invalidate the client’s purchase option, and to immediately sell the property to the client’s assignee at a discounted price.