North Texas $1B lagoon development gets default notice from city

North Texas $1B lagoon development gets default notice from city

Rowlett officials send default notice to Sapphire Bay developers amid halted progress on the $1 billion project, leaving its future uncertain.

City of Rowlett Issues Notice of Default to Sapphire Bay Developer

ROWLETT, TEXAS – After deliberations and receiving legal counsel, the Rowlett City Council unanimously voted to provide notice to the developer, Sapphire Bay Land Holdings I, declaring the developer in default of its development agreement with the City of Rowlett. The default results from the developer’s failure to diligently pursue the project in accordance with the agreed upon terms. “After weighing all options, consulting with our legal team,…