Developer Claim D.R. Horton Behind In Payments

LAS VEGAS (AP) - Two Nevada development groups have filed a
lawsuit against D.R. Horton Inc., claiming the nation's largest homebuilder has missed payments on a large master-planned community.

November 2005 Land Investors LLC and Summerset Development
Services LLC filed the lawsuit Wednesday in Clark County District Court.

The groups claim DRHI Inc., a subsidiary of Fort Worth, Texas-based D.R. Horton, has failed to pay more than $4 million plus interest in costs related to the Park Highlands development in North Las Vegas.

November 2005 is a partnership including Olympia NLV Associates
and divisions of American West Homes, Astoria Homes and Standard
Pacific Homes.

The group is developing a 2,675-acre, 16,000-home residential community in the suburban outskirts, 15 miles north of the Las Vegas Strip.

The plaintiffs' lawyer, Mark Ferrario, said DRHI failed to meet the terms of an infrastructure contract.

"My client is concerned about DRHI's failure to meet its financial obligations," Ferrario said in a statement.

A spokeswoman for D.R. Horton did not return a call seeking comment.

Construction of Park Highlands began in January 2007 and is slated for completion in 2009. Developers say the project has not been sidelined by the dispute with DRHI.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

AP-NY-05-30-08 1526EDT


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