Peter Marino, who handles press relations for Corus Construction Venture (CCV), has issued the following statement about yesterday's settlement between CCV Sonny Astani over Concerto.
“Astani Enterprises and Corus Construction Venture LLC (CCV) announce that they have reached a settlement for the Concerto building located at 9th and Figueroa. Under the terms of a Plan of Reorganization approved yesterday by the United States Bankruptcy Court, Astani has sold Concerto to CCV. Terms of the accord include payment to the general contractor and subcontractors. CCV and Astani have agreed to cooperate with the transition of the project, with the goal of finalizing Concerto as a premier residential development. However Astani will continue its litigation against the FDIC.”
So while Astani can't pursue litigation against CCV, he can sue the FDIC over his complaints about the process that allowed CCV and the FDIC to buy his loan, and ultimately take control of his building. ST Residential--also the name for the CCV group--will retain ownership of Concerto in the same way that it maintains ownership of Solair, another (possibly cursed?) development once funded by Corus Bank (the Starwood entity bought all the Corus loans). And Marino tells us "it's too early" to say whether the Concerto tower will be a rental or condo building. "We'll be monitoring the market," he says. UPDATE: By this afternoon, things were more clear. "Concerto will be a for sale condo tower," writes Marino an email. "We are not considering renting the property at this time." Meanwhile, let's hope Astani is taking a break and headed to a nice spa to recover from all this drama. Pictured: Starwood's Barry Sternlicht, one of the new owners of Concerto.
· Astani Loses Concerto As Judge Approves Starwood Settlement [Curbed LA]