Image of DeStefano Partners-designed Concerto project and image of Welton Becket-designed Federal Building, where today's bankruptcy hearing was held, via You Are Here
Ending a 17-month battle, today a bankruptcy court judge approved a settlement in the fight over Concerto, a deal that hands the downtown project to the Starwood/FDIC entity that bought developer Sonny Astani's loan on the project.
“I rise in a proud moment to advise the court that we do have a settlement,” Van C. Durrer II, attorney for Corus Construction Ventures (CCV, the Starwood-led entity) told Judge Vincent P. Zurzolo, who signed off on the settlement later in the day. With the deal, CCV takes the Concerto tower and second unbuilt site, Astani is paid roughly $9.5 million, and agrees to drop a pending lawsuit against CCV.
ST Residential spokesperson Peter Marino, who handles press for CCV, declined to comment on the settlement, but said an official press statement is expected to be released soon.
Under the deal, the roughly $1 million owed to contractors and other parties who worked on Concerto, will be paid by both Astani and CCV.
Notably, Astani and CCV are forbidden from publicly disparaging each other for two years, according to the settlement. (Followers of this legal fight will remember that Starwood's Barry Sternlicht called Astani an "extortionist," while Astani took out full-page ads in various publications attacking Starwood.)
But now, Astanti's web site, Starwood Killed My Job, is down. Both parties are also not allowed to talk about the details of the settlement, according to the legal document.
In his parting remarks, Judge Zurzolo referenced the "heated" back and forth between the two parties, a case he said included “unnecessary litigation."
· Concerto Archives [Curbed LA]