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First world problems: Lawsuit over luxury apartment parking in Midtown

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.

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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.  

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