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March 22, 2013

Sussman co. sued over stalled condo project

A developer who secured permitting for a Portland condo complex is alleging S. Donald Sussman's company, ReBeCo, and attorney Thomas Federle owe $175,000 for planning work done on the now-stalled development.

The Portland Press Herald reported Developers Collaborative Predevelopment and its principal, Kevin Bunker, have sued Sussman's company and Federle, who represents ReBeCo, seeking payment that it says was due once the project was ready for development.

Federle told the paper he did not dispute that permitting work by DCP deserves compensation but said the $175,000 is more than what they thought was a "fair price."

News broke in January that the 24-condo project in Portland's India Street neighborhood was put on hold indefinitely.

The paper reported Sussman told the India Street Neighborhood Association in a letter this week that he will provide an update on the project's future in April.

Federle said the first hearing in the lawsuit is scheduled for April 3, when he will seek to be removed as an individual defendant from the suit. Federle told the paper he's involved only as an attorney representing the developer, not as an individual investor.

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