It’s finally here! The lawsuit at the Elizabeth lofts is coming to an end. The Elizabeth HOA and the company Victaulic Co. have come to a settlement. The terms of the settlement have not been disclosed and at this point it is not in writing as the two parties are still working on the correct language of the settlement. It is believed that Victaulic Co. does not want the financial terms to be disclosed to the public. My best guess is that it is because they are still in litigation with The Edge, Avenue Lofts and Benson Tower.
Owners of units at Elizabeth were looking at a possibility of some serious special assessments, ranging from $10,000 to $15,000. Now with the settlement in place ( we hope) the possible assessment could be closer to $500 per unit.
As we hear more on the settlement amount, terms and conditions, we will let you know everything we hear!