A legal dispute has emerged between developers Dean Adler and Bill Glazer over the Bourse redevelopment. As a result, the partnership behind the project has begun to unravel.

Emails filed in Delaware court documents show tensions escalating between the two parties. In particular, disagreements intensified after a December exchange. At the same time, project delays and unpaid contractors added pressure.

The dispute centers on the stalled redevelopment of the historic Old City property. Consequently, concerns have been raised about potential loan default risks.

Adler, head of Adler & Co., and Glazer, CEO of Keystone, have exchanged buyout proposals. However, terms have not been agreed upon. Therefore, efforts to restructure the partnership have remained unsuccessful.

In the filings, Keystone denies allegations of mismanagement. Meanwhile, the firm claims it is being improperly removed from the joint venture. As a result, a breach of contract lawsuit was filed in March.

Adler has argued that he retains authority to change development partners. In addition, a new partnership with PMC Property Group has been proposed. Consequently, a different direction for the project is being considered.

Originally, the plan called for partial conversion of the 302,000-square-foot building. A 152-room hotel and ground-floor restaurant were expected to be delivered.

The project had been targeted for completion in early 2026. However, ongoing disputes have disrupted that timeline.

Ultimately, the outcome of the litigation will determine the future of the Bourse redevelopment.