FLORIDA – Brickell House condo owners reach $32M settlement over failed robotic parking

Article Courtesy of  The Real Deal

By Keith Larsen

Published March 30, 2019
 When Brickell House opened in 2014, condo owners thought they were buying into an ultra-modern luxury tower with panoramic views of Biscayne Bay and a new state-of-the-art robotic car elevator that would bring them their cars within 10 minutes.

Shortly after closing on their units, however, buyers realized the dream of hassle-free smart parking wasn’t to be: The technology flopped, the elevator’s manufacturer Boomerang Systems filed for bankruptcy and unit owners had to resort to parking their cars at a nearby garage.

Almost four years later, the Brickell House Condominium Association reached a $32 million settlement with the elevator’s insurer, the Hartford Steam Boiler Inspection and Insurance Co. The settlement, which appears to be one of the largest of its kind, is nearly half the $61 million policy the association took out to cover the elevator’s technology.

The confidential settlement was reached in October and appeared as a small footnote in a motion filed by executives with Boomerang Systems in November. Representatives for Hartford Steam declined to comment.

Still, litigation continues, though the settlement likely brought some relief for condo owners at the 374-unit tower at 1300 Brickell Bay Drive who have had to park at a nearby building’s garage. The association claims owners have lost an average of $70,000 in value per unit due to the parking garage’s malfunctions, according to the complaint.  Read more:

http://www.ccfj.net/condoRoboParkSettlem.html

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