After more than six years of contentious court battles, developer Windy Gladney and BancorpSouth have settled their long-running lawsuit over construction loans related to The Greens at Millerville.
The two sides agreed to settle the case in late November, and signed off on the agreement shortly before Christmas. Terms of the settlement were not made public, and both sides have agreed not to discuss the terms of the deal.
But Gladney’s attorney Mary Olive Pierson says the settlement is fair and everyone is glad the matter is behind them.
“We had a mediation in late November and at the end of the day everyone was satisfied with the results,” Pierson says. “I’ve had all the litigation I can stand.”
The case was scheduled to go to trial in March.
The settlement ends a case that began in 2010, when BancorpSouth sued Gladney and his development partnership, Kleinpeter Trace, for defaulting on some $2 million worth of construction loans for The Greens at Millerville. Gladney countersued, alleging the bank had engaged in fraud by allowing his partner in Kleinpeter Trace, Jim Tanner, to use Kleinpeter Trace funds for his own personal gain.
Though the lawsuit dragged on for several years, Gladney began construction in 2014 on the 53-acre development, which is located at the intersection of Interstate 12 and Millerville Road. Several commercial tenants, including Richard’s Honda, the RV Shop and three fast casual chain restaurants, have signed leases and are planning to open in the development.
Plans for a 320-unit apartment complex and a Buc-ee’s rest stop location fell through last year.
—Stephanie Riegel
