Several condominium owners at the art deco style residential tower, Orpheum Lofts, filed court papers last week accusing David Wallach, new owner of the adjacent parking lot to Orpheum of wrongful conduct related to the acquisition of the lot. Wallach bought that small piece of land with the intention to build a condo tower called Omega. The original developer of the Orpheum renovation apparently was convincing new buyers they would have parking. Wallach has been letting the Orpheum dwellers park there for free for nearly a year and a half.
This first erupted in January when 11 condo owners filed lawsuits against the original developer, TASB of Denver, CO, the marketing company and W Developments. Wallach, principal of W Developments was quickly dismissed from the case.
The owners, still battling for their parking spots have been booted from the adjacent lot in a recent move by Wallach. They try to sue him, he takes away their parking. Not only has he let them park there free for 18 months; he is also allowing them to purchase spots in the new tower, Omega.
One of the plaintiffs is complaining it will cost him $30,000 for a spot. With the current construction prices higher than ever, it nearly costs 30k to build a single structured parking spot. Wallach is smart enough not to buy a piece of land that would put himself in a situation that wouldn’t let him build this new tower or provide $30,000 structured parking spots for all of the Orpheum Owners.