A condominium association on Wednesday reached a $1.5-million settlement with the developer of a 72-unit Coto de Caza complex that sustained damage during last year's El Nino driven storms.
The settlement, which amounts to more than $21,500 per home, was finalized after a brief hearing in Orange County Superior Court. The suit was filed 17 months ago against Gfeller/Coto Venture developers as well as Gfeller Development Co.
Members of the Fairway Oaks Condominium Assn. alleged in their lawsuit that their homes sustained leaking roofs and decks, which resulted in dry rot, water seeping through windows and sliding glass doors and deterioration of interior drywall.
Thomas E. Miller, a Newport Beach attorney who represented the association, said the property also had code violations and structural deficiencies. Attorneys for Gfeller declined to comment on the settlement.