Offers are due tomorrow for the Izzy North and South, a 133-unit, award-winning, market-rate pair of buildings in the Liberty Wells neighborhood that were completed in 2024.
At 555 and 556 E 2100 S, the majority-studio project, “located in the heart of Salt Lake City’s vibrant Sugar House neighborhood, offers a unique blend of modern sophistication and boutique-style living,” in the words of the brokers for the sale, Northmarq.
The elevated design quality of the buildings is apparent from the street. In addition, “each residence is crafted with premium materials and contemporary finishes,” note the marketing materials.
Yet closing on the property may be dogged by a complaint filed in late February by one of the project’s subcontractors, who is claiming that the owners and the general contractor owe over $300,000 in unpaid invoices.
The lawsuit
Dowland Tile and Stone LLC, based in Riverton, has brought suit in Salt Lake County District Court against New Star General Contractors, LLC, as well as the project’s owners and developers, High Boy Ventures LLC and Islington LLC.
Dowland claims it is owed $171,824.51 for services it provided to Izzy North, and $169,976.30 for work done at Izzy South, totalling $341,800.81.
“Despite Dowland’s demands,” the complaint reads, “New Star has failed and refused to pay the amounts due and owing.”
“As a direct and proximate result of New Star’s breaches of the implied covenant of good faith and fair dealing, Dowland has been deprived of its right to receive the benefits of the Agreement, lost goodwill, lost profits, lost assets, lost commercial and business opportunities, sustained damage to its relationships with customers and vendors, suffered more significant liquidity problems, and otherwise been damaged,” alleges the suit.
While New Star, based in West Valley and owned by Jeff L. Pettit, is named first in the complaint, the Izzy’s owner and developer, Maximilian Coreth, his High Boy Ventures and Islington are also defendants.
New Star General Contractor’s website shows a portfolio of multifamily, custom single-family residential, and ski lodge projects.
HIgh Boy Ventures, based in Alta, has been active in other Salt Lake City neighborhoods, namely the BRIX apartments at 235 W 400 S in south Downtown and the West End project at 730 W 900 S on the border of Poplar Grove and Glendale.
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