Copper Mill Sues POB Capital and Pactolus Over Failed 754-Unit Dorchester Development

Copper Mill has initiated a lawsuit against POB Capital and Pactolus Private Wealth Management, alleging fraud in connection with a planned 754-unit housing development at 75 Morrissey Blvd in Dorchester, Boston. The complaint, filed in Suffolk County Superior Court, claims the defendants sought to terminate a development agreement after Copper Mill secured approval for the project.

The dispute stems from a December 2024 agreement for Copper Mill to purchase the 2.2-acre site for $67.5 million, with an 18-month closing period to allow for entitlements. After the Boston Planning & Development Agency Board approved the 754-unit proposal, which includes 150 income-restricted units, the sellers reportedly expressed surprise at the project's scale. They then allegedly pressured Copper Mill into a joint venture, formed in September 2025, where POB and Pactolus held a 64.35% stake.

Copper Mill's lawsuit asserts that the defendants subsequently undermined the joint venture by failing to secure financing and secretly marketing the property to third parties at a higher valuation, reportedly $82.5 million. The defendants issued a termination notice for the joint venture in June. This legal action, encompassing nine counts including fraud and civil conspiracy, seeks unspecified damages and casts uncertainty over the future of a significant residential project in Boston. The site is also part of a proposed opportunity zone expansion.