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Read Article: "Nassi's Epic project loses architects", Sacremento Business Journal - by Michael Shaw, Staff Writer, October 26, 2007:
"The break between Craig NLibeskind Studios and Stantec Consulting Inc. have pulled out of the Epic condominium tower proposed for 12th and J streets in a dispute over pay, effectively killing the financially strapped project.
Libeskind and Stantec were the architects of record for Epic, which was to have been Denver-area developer Craig Nassi's second condo tower in Sacramento after the high-profile Aura on Capitol Mall. In an Oct. 19 letter, provided by the city of Sacramento, they said they had terminated their relationship with Nassi on Epic.
That has led Nassi to pull the Epic out of the city's approval process, staff said.
Nassi had asked the city about a month ago to resume processing of applications for Epic, but he was not able to finance the project or remain in contract with the architects, according to the city.
The Aura project on Capitol Mall, another Libeskind design, is technically still alive, but Nassi and his BCN Development have been unable to secure financing for that project either."
Read Article: "400k to design a high rise? Would you believe $300k? 200k?", Sacremanto Business Journal, November 2, 2007:
"The break between Craig Nassi and the architects on his proposed Epic condo tower in downtown Sacramento didn't come out of the clear blue sky.
Nassi had twice bargained down the fee owed to Studio Daniel Libeskind and Stantec Consulting Inc. for the tower he hoped to build at 12th and J streets before the designers ended their agreement for non-payment, the design team said.
Nassi, of BCN Development in Denver, last paid $187,000 in 2005 for the design and owed about $400,000 for later work, according to a letter from a lawyer representing the designers. He got a reduction to $300,000, then to $200,000 paid in installments over eight weeks, but failed to deliver, the letter said. That led the designers to pull the plug last month, which in turn led to yanking the application.
Nassi said Epic isn't dead, just on hold. "We don't feel comfortable spending a lot of money on architecture and design when we don't know if we'll ever be able or when we'll be able to do this project," he said. He said he's an expert in financing such projects and "the financing's not there ... right now."
Libeskind was also the architect on the proposed Aura condo tower."