American Senior Development, L.L.C. v. Parkside of Collierville, L.L.C.

RUSSELL, District Judge.

American Senior Development (“ASD”), the Appellant, and Parkside of Collierville,1 the Appellee, entered into a Development Management Agreement on August 13, 1998. This contract governed the design, development, construction, and management of a senior citizens’ housing development outside Memphis, Tennessee. As a part of this development, ASD purchased and transferred to Parkside approximately 14 acres of undeveloped land.

Under the contract ASD was meant to receive 6% of the development’s budgeted cost in exchange for its service as a project manager. Before…