Condo project loses its star
Architect Libeskind cuts ties to developer, citing nonpayment.
By Mary Lynne Vellinga -
[email protected]
Published 12:00 am PDT Friday, October 26, 2007
http://www.sacbee.com/101/story/454810.html
Billboards featuring the bemused face of star architect Daniel Libeskind have disappeared from downtown street corners, and so have plans by Denver developer Craig Nassi to build two Libeskind buildings here.
First, Nassi's Aura condominium project on the Capitol Mall ran into trouble. Now the head of BCN Development says he can't find financing for the 50-story Epic condo and hotel tower he planned for 12th and I streets, either.
Last week, a lawyer representing Libeskind and the local office of architecture firm Stantec Inc. sent a letter to Nassi terminating their relationship for nonpayment.
"Design professionals do not have the ability to continue working for free," said the letter from lawyer John Condrey, a copy of which was provided to the city.
In an e-mail Thursday, Nassi characterized the letter as a "routine" part of shutting down the city approval process for Epic for lack of funding.
"We still have a great relationship and are in talks about other projects in the country and the world," he said of Libeskind.
"Sacramento's economy is so depressed at the moment, we can't get lenders to consider any projects at this time," he said.
"It's frustrating, but we have to hold off on burning the fire until we know lenders will participate in the projects. We are still working daily to try to find lenders who have the same vision as us."
The break comes less than two weeks after Nassi appeared at the Sacramento City Planning Commission to get input on the Epic project. At the meeting, he showed off a new three-dimensional model of the Libeskind design for Epic that he trundled around the room in a case.
He told the commissioners that he was "off and running" with his sales team, and that Epic had a design and price range that were "achievable to build."
Yet his relationship with Libeskind in Sacramento was nearing an end.
Lawyer Condrey wrote the city Sept. 17, saying Libeskind and Stantec had "terminated" their relationship with Nassi, and were "asserting their right to halt work utilizing their copyrighted intellectual property."
The letter asks that "all plans and renderings" for the Epic project be returned or destroyed.
After that letter was sent, Stantec told the city to disregard the correspondence while it tried to work things out with Nassi, said Planning Manager David Kwong.
But then, on Oct. 19, their lawyer fired off a new letter confirming that Libeskind and Stantec were no longer working for Nassi, and that the application for Epic should be withdrawn.
"Architects of record regret that events have led to this necessary action," the Oct. 19 letter stated.
Aura and Epic were designed by Libeskind, who vaulted to fame after he was chosen to do the master plan for the World Trade Center reconstruction.
On both local buildings, the soaring glass facades were cut by sweeping lines created by balconies and other elements.
Kwong said the application for Epic has been withdrawn, though the city plans to keep Libeskind's drawings on file as part of its public records.
As for the Aura project, Planning Department spokeswoman Jill Scofield said it remains approved and ready to go if and when Nassi decides to build it. The city had agreed to lend Nassi $10 million, but pulled back the offer in August after he failed to meet a deadline to secure his financing.
"We're ready to issue building permits on Aura," Scofield said. "It's up to the developer to come pull them. But we haven't heard about any movement on that, either."
The scrapheap of high-rises planned for Sacramento before the real estate market collapsed is starting to pile up. Libeskind's creations join the twin 53-story hotel and condominium towers formerly planned for the Capitol Mall by local developer John Saca.
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So many high rise residential proposals and NOT ONE gets built.
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Like this is suprising. It's been said on here many times, but you have to wonder how Nassi actually earns money.
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