The beautiful 58-story Millennium Tower in San Fransisco has proven that it is indeed a Tower of Terror and this has awakened fear in the hearts of its residents who paid up tp $10 million for their condominium unit located in earthquake country. To make matters worse, the tower is reportedly sinking into the dark abyss of disaster. Literally.
Therefore it is a reasonable move by the Authorities of San Fransisco to sue the developers of the Millennium tower for failing to disclose the information that will undoubtedly change the minds of potential buyers who are interested in making a purchase. The lawsuit was filed on Thursday with just reason.
As per Bloomberg Markets, the luxurious high-rise tower is sinking unevenly, with a 2-inch tilt at its base and a 6-inch lean at the top. Moreover, since its completion eight years ago, the building already sunk 16 inches into the ground of the city's busy Financial District.
The lawsuit against Mission Street Developers LLC is lead by the City Attorney Dennis Herrera with a cross-complaint sighting and existing lawsuit that was filed by the homeowners against the Transbay Joint Powers Authority who happens to be building the new Transbay Transit Center nearby.
During a news conference on Thursday, Herrera said that "We are not going to sit by and allow a developer- or anyone else - to enrich themselves at the expense of others by hiding crucial information that they're required by law to disclose,". He later added, "That gave the developer an unfair advantage against competitors, and it cheated homebuyers out of information they needed to make an informed decision."
To make matters worse for the seemingly red-handed developers, the investigation yielded findings indicating that the said party was aware of the infrastructure's flaws before any units were even sold. The developers have known this business-damaging fact since February 2009 and yet failed to disclose the information to potential buyers, who would most likely turn away from the deal no matter how beauty the aesthetics of the tower offers. Since the developers kept this information from the public, all 419 apartment units sold out in a flash, little did they know, they were living on sinking floors.
As per Transbay, the case of this unfortunate infrastructure failure is the "inadequate foundation." Moreover, it also said, "The fact that the tilt and most of the vertical settlement of the Millennium Tower occurred before the TJPA started any underground work or dewatering proves that the structure's failings can only be due to the extraordinary weight of the Millennium Tower and its inadequate foundation,"
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