An owner at Mosler sent us the release below and gave us the green-light to share some details surrounding the settlement.
Truth be told, I attended the homeowners meeting last week when the settlement was announced. I enjoyed sitting in on the meeting and hearing the good news from the homeowners perspective. Mosler’s legal council, over 30 owners and even the developer (Schuster) were in attendance. The meeting agenda was thoughtful and thorough. I thought Mosler’s legal team did a fair job explaining the process and answering questions.
It was hard to withhold such good news for nearly a week, but out of the respect for the homeowners it was the right thing to do. It is my understanding that $8.5M was not only fair, but more than the owners needed to repair, fund reserves and pay their legal. Good time to buy in the building? Let me give you the short answer – Yes.
The Mosler Lofts Home Owners Association is pleased to announce settlement of the recent litigation between the Mosler Lofts HOA and Belltown Development Partners, developer of Mosler Lofts condominium.
Through the diligent efforts of all parties involved, including the Mosler Lofts Board of Directors (both past and present) represented by Jesse D. Miller and Zachary McIsaac, our legal team from Ashbaugh Beal, and assisted by many experts and investigators, this suit has been brought to closure with a settlement of just under $8.5M.
The monies from the settlement will allow the Association to proceed with repairs, resolve construction defects, and deliver the quality building Mosler Lofts was intended to be.
Needless to say, owners at Mosler Lofts are happy with the results of this settlement and look forward to re-focusing on our great community; barbeques and refreshments on the roof top, and neighborly conversations about careers and leisure.
The community is strong. The beautifully designed LEED Silver-certified building still stops tourists and locals alike in their tracks. We will now enjoy a confidence in structure and balance sheet that will carry us happily into the foreseeable future.
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