H2O developers pursued over promissory note

A North Carolina-based real estate company has sued two out-of-state developers for failure to repay a loan made to the pair for the failed $250 million H2O waterfront development that had been slated for Charlotte Avenue in West Nashville.

Chapel Hill–based JDS Two LLC sued Ron Sapp and Thomas Keating in Nashville’s District Court Thursday to collect a $400,000 promissory note both men had personally guaranteed in 2009. The loan was to help develop H2O, which was to be home to hundreds of residential units as well as 116,000 square feet of office space and more than 200,000 square feet of retail. The  loan had been made to Alpha LLC, H2O’s development company, which filed for bankruptcy in 2011.