Cosmopolitan condo HOA case settled last year
All parties were bound to a confidentiality agreement
A lawsuit by The Cosmopolitan condominiums homeowners against the builder, Hoyt Street Properties, was settled in 2024, but due to a confidentiality agreement, that fact has not been reported in the news media.
The NW Examiner learned of the settlement from Kathleen O’Donnell of O’Donnell Realty Group, who owns a unit in the building.
“I, like many others, have struggled with all the bad press that has aided in devaluing property worth,” O’Donnell told the Examiner last month to correct a caption in its July Development Map feature.
“Please correct this information to show that all lawsuits have been settled as of the end of 2024, and over $26 million has been collected to fund the replacement, which began in March and will be completed in the spring of 2026.
“The assessments for the remaining budget are manageable, and we have only 12 months left for their collection. The building is no longer in litigation, and conventional loans are once again available to purchase,” she said.
Lynn Gust, president of The Cosmopolitan HOA, told the Examiner, “Settlement agreements with any parties are confidential.”
Hoyt Street Properties completed the 28-story building in 2016. It installed a “variable refrigerant flow” system designed to balance heating and cooling levels in different parts of the building that, in this instance, were plagued for years by frequent breakdowns that at times failed to mitigate temperatures in up to 30 units.