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The lawsuit comes nearly two years after Wal-Mart scratched plans to build a new store on property at Rock Quarry and Sunnybrook roads. The suit alleges that under the joint development agreement between Granite and Wal-Mart, the Bentonville, Ark., chain was obligated to perform some work on the property that would allow the site to develop into a shopping center. That work has yet to be completed. "Wal-Mart's continued refusal to adhere to the terms of our agreement has left us with no choice but to file this complaint," Grady Matthews, a Granite principal, said in a statement. "Wal-Mart's actions have resulted in significant damages to our company." Efforts to reach Wal-Mart for comment late Monday were unsuccessful. Granite purchased the 32-acre site in 2006 for $2.95 million. It contracted to sell a portion of the property to Wal-Mart, which planned to build a 220,000-square-foot superstore. Granite was to develop 38,000 square feet of shops next door. The size of the project initially raised concerns among nearby residents that it would cause traffic and stormwater issues. It was approved by the Raleigh City Council in October 2006. Construction of the shopping center was to include about $2 million in road and traffic work, the cost of which was to be shared by Granite and Wal-Mart. But as the economy worsened and consumers stopped spending, Wal-Mart cut the number of new stores it planned to open from 270 to 140, including the one in Southeast Raleigh. Wal-Mart officials said at the time that it determined the stores to cut on the basis of land cost, construction cost and site improvements. Since then the company has continued to expand in other parts of the Triangle. david.bracken@newsobserver.com or 919-829-4548 To see more of The News & Observer, or to subscribe to the newspaper, go to http://www.newsobserver.com. Copyright (c) 2009, The News and Observer, Raleigh, N.C. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details on Wal-Mart Stores Inc (WMT) click here. Wal-Mart Stores Inc (WMT) has Short Term PowerRatings of 5. Details on Wal-Mart Stores Inc (WMT) Short Term PowerRatings is available at This Link.
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