However, project developers Frank McKee and Mark Dambly have sued commercial real estate developer Steven Wolfson and offered to buy him out for $25 million, according to the Delaware County Daily Times, claiming Wolfson filed land development plans and changes which violated the partnership. Wolfson claims the filing was proper and required, according to the Delco Times.
The developers had been working on plans for the property for more than six years.
The 1.2-million-square-foot development plan for the former Franklin Mint property, includes a 150-room hotel, a 200-unit residential area for the 55+ community, office space in the previous Franklin Mint building, retail space, and one or more sit-down family restaurants. The plan also includes public space for a fire station or other governmental use, retention of the state police barracks and preservation of the Pennell House.
Delaware County Common Pleas Court Judge Joseph P. Cronin Jr. will hear the cases, however Wolfson has asked to have all matters settled by the American Arbitration Association, according to the Delco Times.
Middletown Township is not directly involved in the lawsuit however will be affected by the outcome.