Denver Business Journal Article "Settlement reportedly reached in Beauvallon homeowner suit against developer", by Paula Moore, March 11, 2009
"Parties in a negligence lawsuit related to the Beauvallon condo tower have reached a settlement agreement, according to one side.
The Beauvallon is located at 925 Lincoln St. in downtown Denver.
The condo property's homeowner group, the Beauvallon Condominium.Association Inc., sued project developer Craig Nassiof BCN.Development LLC, as well as project contractors in 2007 in Denver District Court. The association alleged BCN and the contractors were negligent in the condo tower's construction, resulting in construction defects and repairs that cost the association S21.7million to remedy.Parties in a negligence lawsuit related to the Beauvallon condo tower have reached a settlement agreement, according to one side."
Read on: http://denver.bizjournals.com/denver/stories/2009/03/09/daily46.html
Denver Post Article:"Suit hurts Beauvallon condo sales, Beauvallon HOA fights developer" By Margaret Jackson, The Denver Post, 06/01/2008
"Owners with units for sale in the towering Beauvallon building at East 10th Avenue and Lincoln Street are struggling to sell their units because a lawsuit against the developer is dissuading potential buyers and hanging up financing for anyone still interested.
The suit, filed by the homeowners association, stems from alleged construction defects in the two-tower European-style condo building. It adds an extra layer of difficulty for owners already grappling with a deflated housing market and competing with lower-priced foreclosures in the building.
"If there's a lawsuit between the builder and the HOA, most lenders will not lend on it if it's in process and not resolved," said Chris Starks, senior loan officer at First Class Financial Services. "They're just trying to protect themselves. That's just standard lending practice."
Of the 26 properties listed for sale in the 210-unit Beauvallon, 12 are either in foreclosure or listed for less than the seller owes on the mortgage. Some real estate agents said they have cautioned their clients about purchasing in the building.
Several residents and sellers in the building declined to comment on the building or the lawsuit.
The lawsuit, filed last year against developer Craig Nassi and BCN Development, Swinerton Builders, Darlene Sandoval and Big Horn Plastering, gives a laundry list of problems with the building.
Improperly installed copper and metal roofing resulted in water damage to the penthouses and other units. Water damage to the units also occurred because of improper installation of exterior wall vents, balconies and decks, according to the lawsuit.
Other problems include improper installation of the pool filter system, hot tub and related equipment; leaks from the parking garage into John Christian Jewelers; and failure to install garage doors, resulting in unsecured entry into the building.
"We're still in the middle of our expert investigation," said Joe Smith, an attorney with SullanB, Sandgrund, Smith & Perczak PC who is representing the homeowners association. "Our goal is to identify everything that is wrong and recover money for the association so it can implement the repairs."
Attorneys for the defendants could not be reached for comment, but Nassi said Swinerton is working to fix the problems that have surfaced.
"It's all minor issues, nothing structural or operational," Nassi said via e-mail."
Read on. Go to:http://www.denverpost.com/breakingnews/ci_9433894
"Westword", "From the Week of February 5", February 4, 2009 (Go to: http://www.westword.com/2009-02-05/news/from-the-week-of-february-5/)"
"Nasty Nassi
My grandparents were unfortunate enough to be swindled into buying a million-dollar flat at the Beauvallon with promises of an on-site grocery store, a "world-class" spa, a resort-style swimming pool with a swim-up bar and a partridge in a pear tree. Though their place is very nice, they had problems from the day they moved in: electrical, cable — anything and everything you can think of, they had an issue with.
All while Nassi strolled around like the sleazy pimp he is, a girl on each arm and an apathetic grin on his face. What a tool, a complete poser funded by Daddy....
On his website, www.bcndevelopment.com, he is claiming that all the Denver properties are sold out! He's washing his hands clean of the buildings here but taking credit for them on his website? Are you kidding me? Is it even legal? Does this guy really think he's going to be able to continue acting with such impunity? And he thinks he can come back to Colorado and build more? His audacious attitude is shared with Wall Street CEOs who give themselves extravagant bonuses and the owners of GM who charter private jets."