Two prominent Sacramento infill developers are in a pissing match over parking.
The owner of Midtown’s L Street Lofts – Bob Clippinger of Southern California – is suing previous owner Sotiris K. Kolokotronis for failing to pay for allegedly breaching a parking arrangement, according to a report in the Sacramento Business Journal.
The arrangement allowed residents of an apartment complex across the street (at 1801 L Street), which Kolokotronis owns, to use 25 parking spaces at the luxury L Street Lofts, through a city parking permit.
But when Kolokotronis lost 70 loft units to foreclosure in 2011, and Clippinger bought most of them in May, Kolokotronis allegedly stopped paying rent for the parking spots, defaulting on $3,450 in May and $4,500 per month starting in June, the Business Journal reports.
Kolokotronis applied for and received permission to waive the L Street Lofts parking spaces in September, saying they weren’t needed anymore. Clippinger bought the L Street Lofts from a bank for $21.5 million, and has leased about 40 of them, the Business Journal reports.