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NOVI, MI-Bank One has filed lawsuits against developer John Vincenti and hisTri-Mount development companies for failing to bring projects to fruition on time. The lawsuit is to recover more than $19 million in loans for single-family, multifamily and multi-use projects in the metropolitan area.

The developer has been late on projects recently and in the past, and now the bank wants to force him into bankruptcy, says his attorney, Nathan Resnick. He tells GlobeSt.com the attention now is unfair.

“We’ve been working with Bank One for a long time, negotiating on how to handle the financial situation,” Resnick says. “You would think if they say they are going to negotiate, that they would. Vincenti’s had a long relationship with Bank One, you would think they would treat a good customer properly.”

One project Vincenti reportedly is late with is the former Mayflower building redevelopment in Plymouth. That claim is false, Resnick says. The Mayflower project had some problems, but they’ve been worked out, the attorney explains, and the project is not affiliated with Bank One.

“Everyone there is happy; they’re not included in any suits,” Resnick adds.

Tri-Mount Construction announced plans a few years ago to build an 80,000-sf mixed use development on the property. The building was to hold 20,000 sf of retail, 20,000 sf of office space with the balance being condominiums. Financing issues halted construction on the project in early 2001, but Resnick says those issues were resolved.

“The Mayflower is all but finished,” Resnick says. A national stock brokerage, local attorneys, Starbucks and bread companies were among the interested tenants back in 2001.

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