A significant settlement has been reached in the ongoing lawsuit involving the board of directors of Renaissance Tower and its current and former condominium unit owners. The proposed settlement, totaling $1.25 million, aims to resolve claims that the board concealed the building’s deteriorating conditions, ultimately resulting in millions of dollars in repair assessments for residents.
The case, which was filed in South Carolina federal court on October 13, 2022, has led to a landmark settlement agreement after extensive mediation. The 300-member class of current and former owners accused the Renaissance Tower board of failing to address structural issues in the 21-story mixed-use building, leading to costly assessments for necessary repairs.
The settlement, reached on March 5, 2025, will see the class members receive a total of $1.25 million, including $60,000 designated for the unit owners, with $50,000 going to the nonprofit responsible for maintaining and repairing the Renaissance Tower. The remaining funds, excluding some exceptions, will be allocated to the class members who owned units as of October 7, 2022. This agreement comes after the class initially sought damages exceeding $12 million.
In the wake of the fatal 2021 collapse of Champlain Towers South in Surfside, Florida, the board finally hired an engineer to inspect the Renaissance Tower in 2021. The findings revealed that the structural steel components were significantly more corroded than in previous years, prompting the board to begin essential repairs in October 2022. The delay in addressing these issues had led to a forced evacuation of the building, displacing residents and causing further financial burdens, including more than $2 million in temporary shoring costs and repair assessments.
Despite the settlement, the defendants did not admit to liability, and the class has not waived its right to pursue other legal avenues. The lawsuit, Liberty Property Holdings SC LLC et al. v. Richardson et al., case number 4:22-cv-03556, remains in the U.S. District Court for the District of South Carolina.
Legal representation for the class includes Rachel Igdal and Frederick E. Quinn IV of The Steinberg Law Firm LLP, alongside Jaan G. Rannik of Epting & Rannik LLC. The defendants are represented by John P.T. Norris, Matthew K. Harrison, and Peter G. Siachos of Gordon Rees Scully Mansukhani LLP.
