Residents of downtown's The Packard condominiums have settled a two-year-old lawsuit with developer Kosene & Kosene Residential.
Terms of the settlement were not disclosed, but the homeowners association noted in a statement that the agreement would lead to repayment of a construction loan and avoidance of a special assessment on residents.
The association said it spent about $3 million on "renovation and remediation" of subpar construction of the condo building, which opened in 2004 at 450 E. Ohio St. The work required removal of the façade to the studs to eliminate mold that had spread because the structure was built without weatherproofing.
Attorney Joe Chapelle of Barnes & Thornburg represented Packard condo owners. He also represented the owners of The Hudson condos, another Kosene & Kosene project, in a similar suit.
"In both cases we were eventually pleased to reach fair settlements for the homeowners which allowed all defects to be corrected," Chapelle said in a statement.
Kosene blamed at least 25 subcontractors, which participated in mediation, the statement noted.