The City of Penticton has reached an agreement regarding settlement costs for construction issues at Lakeview Terrace pictured in this image from Google Street View.
Image Credit: GOOGLE STREET VIEW
May 28, 2018 - 4:18 PM
PENTICTON - The City of Penticton has reached an agreement regarding its share of the costs in a negotiated settlement with the Lakeview Terraces Strata Corporation.
The city has agreed to pay $1.15 million as its part of the settlement.
The 50-unit residential and four-unit commercial condominium complex was built over a two-year period between 2004 and 2006, according to a City of Penticton media release issued today, May 28.
It was the subject of a structural review in 2010 that revealed material, drainage and inspection deficiencies that the Lakeview Terraces Strata Corporation insisted was caused during construction.
The City was one of a number of parties that participated in the condominium’s construction and subsequent settlement negotiations.
Chief administrative officer Peter Weeber says several circumstances lined up to create a “challenging situation” for the residents and unit owners in Lakeview Terraces.
“Having reached this settlement, the City is hopeful any remaining issues surrounding this property will now proceed to a successful resolution,” Weeber said in the media release.
Legal proceedings involving the building began in 2010 following a five-year warranty review of the condominium complex.
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