SAN FRANCISCO, May 3, 2012 /PRNewswire/ -- Owners of residences at a condominium building in the South Beach neighborhood have recouped $625,000 for numerous construction defects, including water intrusion through the roof, windows, light-wells, and doors.
The 45 residential and commercial unit building at the 310 Townsend Street Homeowners Association reached a settlement in mediation after only 12 months from the date of the filing of the complaint in Superior Court. The recovery is being funded by insurance companies for the builder, general contractor and subcontractors.
These units are part of a classic brick and timber warehouse in the urban revival neighborhood where South Beach, Mission Bay and SOMA converge. They were converted in 2007 by Webcor Builders and sold as condominiums by 310 Townsend, LLC and Santa Fe Partners, LLC.
"Most builders today are setting up their developments as Limited Liability Companies (LLCs), folding the company after the project is completed, and depleting any assets," said attorney Thomas E. Miller of The Miller Law Firm. "Oftentimes, condo owners don't realize that insurance does exist to cover construction defects even after the builder disappears, declares bankruptcy, or just walks away."
Constantine Dumitrescu, President of the Homeowners Association, states, "Settling any claim in under one year shows that we had the right legal team in place to help us efficiently evaluate and resolve our claims. And fixing the building is now possible; restoring the value to our Association and our homes."
According to Kevin Wiley, Founding Partner of CitiScape Property Management Group, "The Board of Directors, with the expert guidance from The Miller Law Firm, a forensic team, and CitiWorks Project Management, were able to settle the case in near record time - with excellent results - an outcome we have come to expect from this lineup. The task of restoring the building to its proper condition will now be undertaken, with sufficient funds for repairs."
Thomas E. Miller and his daughter Rachel Miller, of The Miller Law Firm (www.ConstructionDefects.com), have recovered over $500 million on behalf of Associations with construction defects, and are the co-authors of, "Home and Condo Defects: A Consumer Guide to Faulty Construction," (Seven Locks Press, 2012), available online at www.amazon.com.
Detailed information regarding this case can be accessed via the San Francisco Superior Court website at www.sftc.org, case number CGC-11-508677.
Media Contact: Rachel Miller
SOURCE The Miller Law Firm