Judge signs GHC/Lada settlement
Guam - After sitting idle for more than two decades and in legal limbo for almost ten years, Guam is finally going to see affordable homes being built at Lada Estates. The Affordable Homes Project was stalled in 1990 when Maeda Pacific completed the first phase of infrastructure.
But in 2004 a dispute over construction costs between Maeda and the Guam Housing Corporation (which owns the land) sent the parties to court. Today with a settlement signed by a superior court judge, what has turned into a junkyard will finally be cleaned up and the dirt turned for hundreds of affordable homes to be constructed.
The settlement is good news for the Calvo Administration as it moves forward in providing affordable homes so residents can achieve the Guamanian dream of owning one. Governor Eddie Calvo along with GHC president Martin Benavente spoke with KUAM News, elated that the case has finally been brought to resolution. "Now we can move forward with the development of that long vacant property that has roads sidewalks infrastructure and we can build as what the original law intended and we're looking at 400 affordable homes within six years," said the governor.
Benavente added, "What it does is we had owed Maeda $11 million on the infrastructure development and this agreement basically says we don't owe them anymore and they can run with this project and of course whatever they build they sell."
If Maeda does not build the 400 homes within six years the property reverts back to the government. Meanwhile today's announcement of the settlement falls in line with the governor's initiative to build 3,000 affordable homes within the next six years.