The former developer of the 318-unit Arboladad apartment development on the Northwest Side has filed a counterclaim over the project.
Mark Stewart, principal of Stewart Development, Arbolada’s general contractor, “looked for a scapegoat and a way out” when faced with the prospect of “not realizing his anticipated profits on the project,” Place and Leverett say in recently filed court papers.The filing follows a November lawsuit by SA Bighausland LLC, the entity behind Arbolada and the company that owns the 44-acre site at 19479 Babcock Road. Another Stewart company is SA Bighausland’s managing member.
Place and Leverett seek more than $1 million in damages in their action, filed last month in state District Court in San Antonio. Place solicited Stewart and others to invest in the project through SA Bighausland, which was overseen by a quartet of managers that included Leverett.By early 2019, many early investors wanted to be bought out of their investments in SA Bighausland.
Stewart also demanded that Place share in the development fee that would be paid to Place, the counterclaim says. The original lawsuit said one of Stewart’s companies’ ownership stake in SA Bighausland had increased to 81 percent by the summer of 2020. Place held less than a 4 percent interest.
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