Texas Monthly’s publisher sues project developer
University Park hasn’t grown as promised, lawsuit contends
The parent company of Texas Monthly magazine is suing the developer of its new headquarters building.
Emmis Publishing LP’s lawsuit, filed this week in state District Court, accuses Andy Sarwal and his investor group, East Avenue IG LP, of breaching a lease agreement.
Sarwal was the original developer of University Park, the project at the former Concordia University campus.
Texas Monthly is the sole tenant in the only office building constructed to date in a planned $750 million development.
Texas Monthly moved into the building in August.
Lenders recently foreclosed on the eightstory office building on the site, which is west of Interstate 35 and north of 32nd Street.
In the lawsuit, Emmis Publishing contends that Sarwal and his group failed to provide promised benefits, including a hotel, restaurants, a health club and a cinema or upscale farmers market grocery.
The agreement specified dates that construction was to be completed for the projects, including at least three restaurants that were to be finished by June 30 and a hotel that was
to be built by Jan. 31, 2011.
If those and other buildings weren’t constructed by the deadlines, Sarwal and his group were to make monthly payments based on a percentage of Texas Monthly’s rent, the lawsuit states.
Hyatt has previously said that it intends to build a 203room Andaz boutique hotel at University Park.
The lawsuit says Sarwal also failed to deliver on a branding awareness campaign for Texas Monthly consisting of a banner highlighting the magazine’s cover along the parking garage, which is visible from I-35.
Sarwal declined to comment on the lawsuit. William Rhea, an attorney for Emmis Publishing, was not available for comment.
Andy Sarwal and his investor group have failed to develop the former Concordia University property as promised, according to a lawsuit by the publisher of Texas Monthly. The magazine is the sole tenant in the only office building built on the land to date.