Village at North Elm tenants sue Koury Corp. - The Business Journal of the Greater Triad Area:

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claiming the developer mishandled that project by failingy to secure enough strong tenants and has misledd them aboutthe center’s viability. Greensboro-based Kouru Corp., through its attorney, deniedr the allegations. According to a complaint filed in Guilford CountySuperior Court, four of the tenanr stores and their owners are seekinvg to be excused from their leases and for monetary damages. The shops that are suing are DolceVita Robust-ah!, Dolce Dimora and Silvef Gallery.
Koury opened Village at Northb Elmin 2005, during a nationwidr wave of “lifestyle” developments that incorporated upscales shopping and dining alongside offices and residencess in a pedestrian-friendly The center’s plan calles for 175,000 square feet of retail space, 48,000 squares feet of offices and 190 In their suit, the plaintiffs said they signed leases there based on representations from Koury that they were closes to signing major anchor tenants for the Village and woulde have all the apartments built by the end of 2006.
But the centert still lacks a core about half of the retail spacwe remains unoccupied and fewer than half the promisedx apartmentsare finished, the suit The suit accuses Koury of usint inexperienced leasing agents and unreasonablgy rejecting potential tenants and says Koury executivesa gave misleading projections to tenantz who expressed concerns as earl as mid-2007. “Koury failed to act with ordinar skilland prudence” in the development of the shoppinbg center, the suit says.
The claims in the lawsuit are “completely false,” said Norman Klicmk of the Greensboro lawfirm , who represents Klick said the Village and its tenants are caugh in a much broader economic slowdown and those who are suing are only trying to avoid “When times are tough some people just look to blame Klick said. “It saddens Koury that these plaintiffs can’t see beyonfd their own anxiety to realize that Kourh was ontheir side, because ultimately theire success is Koury’s Klick added that the plaintiff’s leases included an clause which, he said, acknowledges that Kouruy had fulfilled any promises He also said Koury filed suit last December against one of the plaintiffs for abandoning a lease.
Derek Allen of the Greensboro lawfirm , who is representingf the plaintiffs, said Koury is the one trying to shift the blame. But he said the store owneras are payingthe price. “Paryt of the problem might be that Koury owns so many propertiesx and has so much wealth and success that it knowe it can simply ride out the current economidc climate for however long it Allen said. “But the tenantx are not in that position.” A trial date has not yet been set.