City Foundry developer sued by broker for withholding over $200,000
The developer behind City Foundry is being sued by commercial real estate firm CBRE for failing to pay the broker over $200,000 in commission.
In a lawsuit filed in St. Louis County circuit court on Tuesday, CBRE accuses Clayton-based developer FoPa Partners, LLC of breaching a 2018 contract in which FoPa Partners agreed to pay CBRE commission for listing and marketing retail and food leases for City Foundry STL.
Though FoPa Partners paid the first half of CBRE’s commission on Alamo Drafthouse Cinema’s lease, which was signed in 2019, the developer has since failed to pay the remaining $206,900.50 owed, according to the suit.
The retail lease listing agreement states that half of the commission earned shall be paid out when the lease is executed by both parties, while the other half shall be paid upon rent commencement.
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FoPa Partners could not be reached for comment.
City Foundry STL is located at 3730 Foundry Way, off Forest Park Parkway. The complex includes a food hall, an Alamo Drafthouse movie theater, Puttshack mini golf, a Sandbox virtual reality experience and retail stores.
Vande East, a $125 million mixed-use development that extends Phase 1 of the City Foundry project, includes a 14-story residential tower, 13,000 square feet of retail space and a parking garage and is slated to open this summer.
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