Aura?

[downtownserg89]

reading this thread got me teary eyed!


GOD, aura would've been so cool.

so so so so so cool.

[Phillip]

Aura would have been a dramatic addition to Downtown's skyline, agreed. But in another way Sacramento's lucky to be spared the troubles that have attached to some of Nassi's other projects. This is from yesterday's Denver Post, about Nassi's completed Beauvallon condo in downtown Denver.

http://www.denverpost.com/breakingnews/ci_9433894

Suit hurts Beauvallon condo sales

Beauvallon HOA fights developer

By Margaret Jackson
The Denver Post
Article Last Updated: 06/01/2008 09:57:19 AM MDT


Owners with units for sale in the towering Beauvallon building at East 10th Avenue and Lincoln Street are struggling to sell their units because a lawsuit against the developer is dissuading potential buyers and hanging up financing for anyone still interested.

The suit, filed by the homeowners association, stems from alleged construction defects in the two-tower European-style condo building. It adds an extra layer of difficulty for owners already grappling with a deflated housing market and competing with lower-priced foreclosures in the building.

"If there's a lawsuit between the builder and the HOA, most lenders will not lend on it if it's in process and not resolved," said Chris Starks, senior loan officer at First Class Financial Services. "They're just trying to protect themselves. That's just standard lending practice."

Of the 26 properties listed for sale in the 210-unit Beauvallon, 12 are either in foreclosure or listed for less than the seller owes on the mortgage. Some real estate agents said they have cautioned their clients about purchasing in the building.

Several residents and sellers in the building declined to comment on the building or the lawsuit.

The lawsuit, filed last year against developer Craig Nassi and BCN Development, Swinerton Builders, Darlene Sandoval and Big Horn Plastering, gives a laundry list of problems with the building.

Improperly installed copper and metal roofing resulted in water damage to the penthouses and other units. Water damage to the units also occurred because of improper installation of exterior wall vents, balconies and decks, according to the lawsuit.

Other problems include improper installation of the pool filter system, hot tub and related equipment; leaks from the parking garage into John Christian Jewelers; and failure to install garage doors, resulting in unsecured entry into the building.

"We're still in the middle of our expert investigation," said Joe Smith, an attorney with SullanB, Sandgrund, Smith & Perczak PC who is representing the homeowners association. "Our goal is to identify everything that is wrong and recover money for the association so it can implement the repairs."

Attorneys for the defendants could not be reached for comment, but Nassi said Swinerton is working to fix the problems that have surfaced.

"It's all minor issues, nothing structural or operational," Nassi said via e-mail.

Kevin Ott, vice president and division manager of Swinerton's Denver office, said that the company fixed many of the problems but that the HOA told it to stop while it was doing more investigation.

"There are a lot of things that are noted in the lawsuit that are not our contractual obligation to take care of," Ott said. "There are a lot of things Mr. Nassi said he would deliver, such as the remodel of retail space on the first floor, which we didn't do, and things that were done by other contractors after we left."

Nassi said it's common for the HOA to sue the developer and builder to go after the insurance policy. They recover a sum and split it with the specialized law firm they hired, he said.

"This happens to every big development," Nassi said. "This is why this law firm is so wealthy."

Dee Tyler, a spokeswoman for the Community Associations Institute, said that if the work is shoddy, it's common for HOAs to sue. Developers typically put their projects in limited-liability companies, which makes it easier to go after the insurance, she said.

"In the few litigations I've been involved in as a homeowners association, there's been good reason because there have been construction defects found," Tyler said. "I don't think people are trying to be frivolous. They just want to live in a home that is built correctly."

The association gave notice of the claim to both Swinerton and BCN before filing the lawsuit, but there was no meaningful offer to repair the building, said attorney Scott Sullan of SullanB, Sandgrund, Smith & Perczak.

"Nassi is asking the association to assess itself to pay for the repairs as opposed to standing behind his product," Sullan said.

The trial is set for February.

The lawsuit also alleges that Nassi and his co-defendants did not provide the association with sufficient reserves and did not conduct a proper financial audit. That has caused the HOA to raise fees several times, forcing a number of residents in the building into foreclosure, it alleges. HOA dues for the penthouse units are more than $1,300 a month, and fees for an 800-square-foot unit are nearly $400 a month.

"People can't afford the mortgage and the HOA," said Emmett Carr, an agent with Keller Williams Preferred Realty who has a listing in the building.

Many of the units are priced way too high, said Sharon Shepherd, an agent with Distinctive Properties Ltd. who also has a listing in the building.

"A lot of the sellers have first and seconds (mortgages) on their loans," she said. "When they refinanced, their property was appraised for more than it should have been in order to get the second. I've gotten some calls from investors, but the numbers aren't working for them because the sellers can't go low enough."

Residents may get some satisfaction from the lawsuit, but any award will not include the businesses located there.

Doug Naiman, owner of Aviano Coffee, said he has had numerous issues with the building. The parking structure above his shop vibrated as cars drove over it, cracking the walls of his store.

BCN didn't install gutters on the ledges, which results in water pouring from the roof in front of his entrance as the snow melts. The water freezes overnight, creating a slippery patch of ice that is then heavily salted, killing the grass and destroying the shop's floors as customers track it in, he said.

Naiman said he holds city inspectors responsible for many of the issues.

"The city has code requirements for gutters," said Naiman, who has two hours of video showing various problems with the building. "The city should be held liable too."

Naiman is considering filing a lawsuit of his own.

The city's building code was amended in 2004, the year the Beauvallon was completed, said Julius Zsako, director of communications for the city planning department.

"Gutters are not mandatory in both the International Building Code and the International Residential Code; therefore, Denver will not require gutter permits to be issued," Zsako said. "But there are some pretty substantial drainage requirements and systems required on rooftops."

[Phillip]

It's 2009. Can we still talk about Aura?

Settlement reportedly reached in Beauvallon homeowner suit against developer

Denver Business Journal - March 11, 2009
by Paula Moore, staff writer

http://denver.bizjournals.com/denver...9/daily46.html

Parties in a negligence lawsuit related to the Beauvallon condo tower have reached a settlement agreement, according to one side.

The Beauvallon is located at 925 Lincoln St. in downtown Denver.

The condo property’s homeowner group, the Beauvallon Condominium Association Inc., sued project developer Craig Nassi of BCN Development LLC, as well as project contractors in 2007 in Denver District Court. The association alleged BCN and the contractors were negligent in the condo tower’s construction, resulting in construction defects and repairs that cost the association $21.7 million to remedy.

The parties had been in mediation since last year, and most recently had settlement conferences in February and on March 9, according to lawsuit filings.

“The only comment I can make is that a settlement has been put in place,” said a Beauvallon Condominium Association Inc. spokeswoman. “It just happened, so there are no details.”

Joseph F. Smith III of Denver law firm Vanatta, Sullan, Sandgrund, Sullan & Smith, who represents the condo association, declined comment, except to say the parties have been in settlement discussions and the case is “still pending.”

Attorney Chuck Weaver with Wood, Ris & Hames of Denver and representing defendant Beauvallon Corp. was unavailable for comment Wednesday afternoon. Beauvallon Corp. is the Nassi entity that developed the Beauvallon condos.

The 14-story, $100 million Beauvallon was completed in 2005. Asking prices for condo units there initially ranged from $235,000 to $2.2 million.

By 2007, according to the negligence suit and a letter to condo owners, the Beauvallon homeowner’s association had dealt with construction defects and repairs that cost $21.7 million, including replacing the building’s entire exterior.

In addition to Beauvallon Corp., Nassi and BCN, other defendants in the suit include Swinerton Builders and Bighorn Plastering Inc.

The suit’s original complaint, filed April 25, 2007, lists more than 80 problems with the Beauvallon building — from failure to install security cameras in elevators and leaks in the parking garage to failure to install garage doors.

Beauvallon Corp., Nassi and BCN contend the building was constructed within industry standings, and in a “good and workmanlike manner,” according to lawsuit filings. Defendants further stated the building was “fit and sound” for use by condo owners.

Nassi currently isn’t working in metro Denver, and moved BCN’s headquarters to New York. The company still is incorporated in Colorado, according to Colorado Secretary of State records.

[SacTownAndy]

^ I see that building almost everyday and it's got to be one of the ugliest, p.o.s. looking condo towers around.

[Web]

Originally Posted by SacTownAndy

^ I see that building almost everyday and it's got to be one of the ugliest, p.o.s. looking condo towers around.

Nassi was and still is a greedy sob......and we built this to current stds.....what a load.