Lakeview Terraces settlement to cost City of Penticton over $1 million

PENTICTON – The City of Penticton has reached an agreement regarding its share of the costs in a negotiated settlement with the Lakeview Terraces Strata Corporation.

The city has agreed to pay $1.15 million as its part of the settlement.

The 50-unit residential and four-unit commercial condominium complex was built over a two-year period between 2004 and 2006, according to a City of Penticton media release issued today, May 28.

It was the subject of a structural review in 2010 that revealed material, drainage and inspection deficiencies that the Lakeview Terraces Strata Corporation insisted was caused during construction.

The City was one of a number of parties that participated in the condominium’s construction and subsequent settlement negotiations.

Chief administrative officer Peter Weeber says several circumstances lined up to create a “challenging situation” for the residents and unit owners in Lakeview Terraces.

“Having reached this settlement, the City is hopeful any remaining issues surrounding this property will now proceed to a successful resolution,” Weeber said in the media release.

Legal proceedings involving the building began in 2010 following a five-year warranty review of the condominium complex.

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