Quantum on the Bay Celebrates Settlement with Terra Group for Faulty Construction, Throws a Party
May 16, 2016 by Lucas Lechuga
Quantum on the Bay[/caption]According to a notice posted in their elevator, the Margaret Pace Park-fronting condominium tower Quantum on the Bay has reached a settlement with developer Terra Group over faulty construction, and to celebrate is throwing a party. Meanwhile, 900 Biscayne Bay, also built by Terra, has entered into similar litigation against the developer, and is still working their way through that. Both buildings were completed in 2008, as the Great Recession was setting in and the last real estate boom was crashing hard.
According to a nice chap in the management office at Quantum who identified himself as 'David,' the litigation was in regards to faulty construction on the building's facade. When asked "So, what about the facade David? Balconies, windows?" David's reply was "both of those." Well, that's scary. Anywho David wasn't willing to spill the size of the elevator sign settlement, but it could be quite large considering the building is throwing a party for all of its residents, this Friday at 6:30 pm, with a champagne toast, to celebrate (open to building residents and any broker who RSVPs, which means it's totally crashable). That's developer money.
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Quantum on the Bay Party[/caption]
Congratulations to Quantum! It’s about time that Terra Group pays up for bad construction. I hope the Board of Directors at 900 Biscayne takes note on the success of Quantium on how to litigate a 558 settlement.