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Mosler Lofts Settlement Just Under $8.5M, According To Homeowners

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Sometimes it seems like every new building, for one reason or another, ends up in court. Belltown's newish (2007-vintage) Mosler Lofts, a 12-story condo at 3rd and Clay, is just the latest.

Details of the Mosler settlement, said to be close to $8.5 million, are under wraps. Designed by Mithun Architects to emphasize a "pedestrian scale," and built by the Schuster Group, a well-regarded developer, it was the First LEED® Silver Certified high-rise condominium in Seattle. The pedigree didn't save it from problems, however (many dealing with plumbing issues), and the Home Owners Association launched a lawsuit against the developers.

How common are these types of occurrences? Across the street at Seattle Heights, it cost something on the order of $14 million to settle a lawsuit involving construction defects. (Even that wasn't enough to fix the building; the 250 homeowners were assessed tens of thousands more.) At At 2200 Westlake, it took a whopping $26 million to settle. And of course the cautionary tale of the Maguire, at 2nd and Wall Streets, that was literally condemned and demolished, yes demolished!, at a cost of tens of millions, because of errors and defects in construction.

That suit against Schuster has now been "dismissed," and a notice of "release" has been published by the courts. That's the important thing, since condo sales are under a cloud when a building's homeowners association and its builder are in litigation.

The Mosler Lofts homeowners released a statement saying they "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."
· Update on Post-Flood Mosler Lofts [urbnlivn]
· 9-year-old Belltown high-rise too flawed to fix [Seattle Times]