And whether you will owe or get a refund, what are your chances of being audited?
Contractors say they haven't been paid for renovations at Burnett Plaza; New York-based landlord alleges bank is trying to wrestle away marquee downtown propertySeth Bodine , Holden Wilen this story and more North Texas business newsFort Worth's tallest building finds itself embroiled in drama as mechanic's liens and lawsuits against the owner of Burnett Plaza pile up from contractors who say they haven’t been paid for renovations.
Meanwhile, Tarrant Construction, JLL Group Inc. and Larry Short & Associates LLC, another contractor, have also filed lawsuits against Opal, the company it formed to manage Burnett Plaza and Shaya Prager, a founding member of the firm. Combined, those lawsuits claim more than $1.6 million in damages.
The bank"has used ... unfounded defaults or potential defaults to take over the overall management and operations of Burnett Plaza,” according to the suit. Pinnacle has taken control of Burnett Cherry Street’s operating accounts and directed tenants of the building to make payments directly to the bank, according to the lawsuit.Opal's real estate portfolio across the country totals more than $4 billion, according to its website.
by Minneapolis/St. Paul Business Journal, a sister publication of DBJ. Wings Financial claims Opal defaulted on a $40.3 million mortgage.Steve Triolet, senior vice president of research for Partners Real Estate, said Burnett Plaza’s vacancy rate sits at 26.5%, compared with 11.5% for Fort Worth's downtown central business district.
"It's not 50% vacant, like some of these properties are, but is not a super great number," Triolet said.
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