http://www.downtownnews.com/articles/2005/06/27/news/news03.txt
In this week's Downtown News, Chris Coates expertly navigates the shoals of the Richard Meruelo/Dynamic/Southern California Institute of Architecture lawsuit where SCI-Arc lost its rights to buy its leased headquarters:
"It's a bump in the road. Every road's not smooth," said SCI-Arc Director Eric Owen Moss after the ruling.
and....
Meruelo said he thinks (the Judge's) decision will actually help the sides work together. "Our conversations don't have to get filtered anymore," he said. "Now we can put the lawyers at rest and get the architects and designers working to come up with a plan that's great for the community and the school and the developer. That's what we're going to embark on now."
So those who predicted that SCI-Arc was going to be driven from its home are proven wrong and both parties should now be able to create a uniquely creative urban community in the heart of downtown's Arts District.
Question:
ReplyDeleteIs it true that the SCI-Arc Board of Directors, including Mr. Moss, relied on a *verbal agreement* to secure the purchase rights on this multimillion dollar property before proceeding to invest millions more into it?
Exactly why did SCI-Arc lose what should have been a simple real estate transaction?
Thanks for clarifying.