There’s a high-rise nightmare that’s only beginning to take shape in San Francisco. The 58-story $350 million dollar Millennium condo tower is sinking and tilting. And it could turn into one of the city's costliest real estate legal battles ever.
The building owners are blaming the problem on the underground construction of the new Transbay Transit Center right next to the Millennium tower. And the homeowners association issued a statement that listed several public agencies that could be held legally responsible. That includes the Transbay Joint Powers Authority, which is run by the city of San Francisco, AC Transit, Caltrans and Caltrain.
And while the homeowner's association blames the transit center project, the Transbay Joint Powers Authority is balking at the accusation, saying it took all the necessary precautions.
The Authority reportedly checked on the potential impact of the proposed Transit Center project back in 2010, and found that the Millennium had already sunk 10 inches.
The Transit Authority claims the Millenium Tower has its problems because engineers cut costs and failed to drill an additional 200 feet into bedrock. It claims that the Tower sits on fill, and would of course sink and tilt.
So this is sure stir up all sorts of costly ideas on how to "fix" the problem. Some experts are saying you might be able to pour concrete beneath the base and install additional supports. Whatever it is that needs to be done, it's sure to lead to a lively debate...in court.
For the full transcript: www.NewsForInvestors.com
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