Thursday, May 27, 2010

Bluffs association settles with City Lights, 32 new condos coming

A lawsuit between the board of directors of the Bluffs Condominiums at Devou Park and former developer City Lights Development, its principals, and Premier Real Estate Management has been settled.

Under terms of the settlement, the remaining 32 apartments in three buildings will be converted into condominium units. One hundred twenty-eight units were converted to condominiums after City Lights purchased the Covington property in 2005.

The lawsuit, filed in April 2009 in the Kenton Circuit Court, alleged 11 counts of gross negligence, breach of responsibilities, and conflicts of interest by the defendants resulting from the developer's purchase and condominium conversion.

The settlement agreement also provides the Bluffs condominium association with an undisclosed financial settlement, agreements on parking issues, fees, maintenance, board membership and authority, and future construction plans.

"This is a very good settlement that addresses several important issues that will enhance the success of our community and add to the financial stability and ownership stability the Bluffs currently enjoys," said John Stein, president of the Bluffs board of directors, in a media release.

The complex is now owned by the Community Bank of Oak Park River Forest and Bore Investments, which will complete the development.

"The board looks forward to working with the new owners, Community Bank of Oak Park River Forest along with Bore Investments, to complete the remainder of the development, which includes 32 additional condo units as well as 12 that will now come up for sale," Stein said.