A planned 754-unit housing development on Morrissey Boulevard in Dorchester faces potential delays amid a legal dispute between the Boston-based developer Copper Mill and its former investment partners, POB Capital and Pactolus. Copper Mill initiated lawsuits in Suffolk Superior Court and Massachusetts Land Court alleging that the two firms sought to exclude the developer from the project as it gained momentum over the past year.
Copper Mill contends that after guiding the project through Boston’s permitting process, POB Capital and Pactolus attempted to undermine a purchase-and-sale agreement for the 2.24-acre site at 75 Morrissey Blvd., which they had agreed to sell to Copper Mill in December 2024 for $67.5 million. The developer received city approval last August from the Boston Planning and Development Agency to build two 18-story residential towers.
However, Copper Mill alleges that once permits were secured, the investors reconsidered the sale price, concerned they had undervalued the property. According to court filings, POB’s managing principal, Richard Holly, expressed reservations in an exchange with Copper Mill’s CEO Andrew Flynn, warning that completing the permitted project would make their initial agreement appear detrimental. Holly subsequently proposed forming a joint venture involving all parties, with Copper Mill continuing development work while POB and Pactolus sought capital for the project.
Copper Mill agreed to the partnership, but the complaint asserts this was a tactic by the investors to void the sale and regain full control of the site. The purchase-and-sale agreement set a June 2026 deadline for closing; if missed, ownership would revert to POB and Pactolus. Despite Copper Mill’s ongoing development efforts, the investors allegedly failed to secure financing intentionally and indicated they would not meet the deadline.
The complaint details additional accusations that the investors violated contract terms by approaching a separate Boston developer with a $82.5 million valuation for the project, promoting the site as "shovel ready." Copper Mill claims these actions breached the agreement that barred them from marketing or raising offers on the property while under contract.
“The investors formulated a scheme to cover the property and prevent Copper Mill from taking title,” the complaint states. Copper Mill is seeking enforcement of the original purchase agreement and damages related to the alleged conduct. Attorney Aaron D. Rosenberg, representing Copper Mill, said the developer had hoped litigation would not be necessary but remains committed to recovering its rights and losses.
Representatives for POB Capital and Pactolus have not commented on the dispute, with Pactolus declining to respond and POB not returning requests for comment. The case adds uncertainty to a significant residential project at a time when new large-scale housing developments in Boston are scarce amid persistently high prices. Housing advocate Josh Zakim described the dispute as untimely, emphasizing the need to advance projects that can address the city’s housing shortfall.