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June 5, 2018 Comments Off on Cinergy Cancels Franklin Galleria Ground Lease Views: 3051 Texas - Other, Texas News

Cinergy Cancels Franklin Galleria Ground Lease

Cinergy Entertainment Group canceled its ground lease with developer Transmountain Partners to build a $28 million cinema and games complex at the 112-acre Franklin Galleria shopping center on El Paso’s west side. According to a suit filed by Cinergy against Transmountain, the latter didn’t meet several development requirements for building the complex. Cinergy Entertainment was to be the first tenant in the proposed center.

In the breach-of-contract lawsuit filed May 9, 2018 in a state court in El Paso, Cinergy claims that Transmountain Partners failed to fully pay an architectural firm for services performed for the project. Under the ground-lease agreement, Transmountain was obligated to build the entertainment complex to Cinergy’s specifications, the lawsuit noted.

Transmountain Partners is also being sued by the project architects and land owners for other alleged breaches.

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