Latest news with #ThreeLeafPartners
Yahoo
18-04-2025
- Business
- Yahoo
Former executive sues Pat Connaughton's real estate company, claiming Bucks guard is cooking the books
A former executive of Milwaukee Bucks player Pat Connaughton's company is suing, claiming he was retaliated against by Connaughton and others at the company after attempting to increase financial transparency. Derek Taylor, former chief operating officer at Three Leaf Partners, filed the complaint in late February. His attorney, Jesse Kibort, claims in a complaint that Taylor left a lucrative law practice to join Three Leaf Partners after "promises of creating generational wealth." The complaint says Taylor tapped into his network and built a team that executed significant real estate, private equity, and numerous other business ventures for the company. "As a result, Taylor brought millions of dollars of profit to the firm," the complaint says. But, Taylor's attorney argues that once he tried to "increase the financial performance" of the company, he encountered a lack of financial transparency at the company, including that Connaughton and another executive, Matthew Burow, were using company resources for their non-company business and personal purposes. "When Taylor made efforts to increase financial transparency at the company and sought to hold Burow and Connaughton for their non-TLV uses to TLV resources, Burow and Connaughton started to freeze Taylor out of TLV," the complaint says. Burow and Connaughton removed Taylor as COO without any notice or explanation, locked him out of the company, and denied him access to the company's books and records, contrary to the written operating agreement, according to the complaint. "They even denied Taylor access to his own personal files and records, including information that Taylor needs to update and renew his law licenses," the complaint says. According to the complaint, Connaughton and Burow were "persistent" in getting Taylor to join the firm and offered him a little more than 5% in ownership of the company. In December 2024, Connaughton posted on social media that his real estate development firm already had amassed more than $550 million in assets. In 2023, Taylor began to organize the company's finances, according to the complaint, and reached an understanding that bonuses should be given to the company employees, but Burow and Connaughton rejected the idea. "Taylor did not understand at the time why bonuses would not be given despite TLV's success in 2023," the complaint says. Taylor's attorney argues that Burow and Connaughton began engaging in "accounting practices when necessary to satisfy their need to show profitability by overstating project costs," which Taylor objected to. According to the complaint, Connaughton was using company resources in the construction of his private residence and employee time for the Pat Connaughton Foundation, among other actions. When Taylor opposed the practices, Connaughton and Burow "secretly engaged lawyers to begin the process of forcing Taylor out," the complaint says. On Jan. 24, Taylor went to a meeting with Connaughton, Burow, and attorneys. He believed it was an annual compensation review but instead was told he had been removed as COO of the company and his laptop was confiscated, the complaint says. Shortly thereafter, he was removed from the Three Leaf Partners website. Taylor seeks access to his personal files and compensation for the "defendants' wrongful actions," the complaint says. His attorney didn't immediately respond to a request for comment on April 18. Attorneys for Three Leaf Partners didn't immediately respond to a request for comment. Connaughton, Burow, and other defendants have until May 20 to respond in court to the allegations. This article originally appeared on Milwaukee Journal Sentinel: Former executive sues Pat Connaughton's real estate company
Yahoo
12-02-2025
- Business
- Yahoo
Plan envisions housing for developmentally disabled adults in growing section of Hartland
HARTLAND - In a suddenly booming development area near the village's northwest corner, a niche developer has apartments in mind for a particular underserved group: adults with intellectual and developmental disabilities. Cherry Faith Properties has presented a conceptual plan for a narrow, triangular-shaped property along the west side of Palmer Drive — notably within a broader neighborhood that saw the opening of a new Kwik Trip in 2024 and is the subject of a major residential development plan by Three Leaf Partners. Under the name Cherry on Palmer, the development would consist of 26 one-and two-bedroom apartment units, including 13 units listed as "affordable," in a single building complex, plus a separate community room building on the south edge. But it's the purpose of the residential project that stands out. "My objective is to partner with a service provider that can offer services to residents with intellectual disabilities," real estate developer Dujuan Cherry said in an email to the Journal Sentinel on Tuesday. "The proposed development in this area addresses an essential need for affordable housing and aims to enhance the quality of life for the surrounding community, local employers, and residents." To that end, Cherry said he will seek "alternate funding sources" from groups tuned into such development initiatives. They could include HOME funds from the Waukesha County Consortium, the Waukesha County GROW Fund and MEDC, and support from the Housing Assistance Council. For now, the plan is still a concept, meaning it is being viewed by village officials as a working document subject to possible changes ahead of any formal approvals. The plan was discussed briefly last October, but a more detailed concept, with illustrations and maps, was viewed by the Village Board on Monday night. The Plan Commission will do likewise on Feb. 17. "It's just a basic review to see if the developer is on the right track for that piece of land," Village Manager Ryan Bailey confirmed in an email Monday. The Palmer Drive property, situated south of Hill Street's north and south ends and adjacent to Easy Street to the west, would have to pass several stages of approval. If all goes according to plan, the Plan Commission would consider rezoning and a planned unit development proposal in March and April before potentially referring the plan to the Village Board on April 28. Under that timeline, a public hearing would be held June 9. The village must also agree to extend a sewer line to the property. Cherry said that if all approvals are finalized at that time by June 23, he hopes to break ground on the project in July. That area of Capitol Drive just east of Highway 83 has seen a considerable push for development since 2023. The biggest is the 45-acre Three Leaf Partners plan, tied to Pat Connaughton, featuring 240 apartments and 27 townhomes within and around the old Hartland Quarry. That development, plus the Cherry on Palmer plan, would further extend the business base of the local Kwik Trip, which opened along Capitol Drive off Highway 83 last year. Unlike the Three Leaf Partners development, Cherry is not seeking tax-increment financing dollars from the village to subsidize certain development costs. Contact reporter Jim Riccioli at This article originally appeared on Milwaukee Journal Sentinel: Hartland discusses housing plan for developmentally disabled adults
