The former owners of a key Pacific Avenue parcel leveled by the Loma Prieta earthquake have threatened to re-open a six-year-old lawsuit involving the city if they don’t receive money or property outlined in a condemnation settlement that has cost developers more than $2 million.
The demand from the Lau family for $700,000 or two condos in a housing project yet to be built on the site is the latest twist in the tortured history of 1547 Pacific Ave., a 25,000-square-foot parcel that remains the only empty lot downtown since the 1989 quake. The Sentinel has learned there is an interested buyer for the prized site, one who could be left holding the bag.”We will certainly pursue them and we certainly feel entitled to them under the agreement,” Eric Lau said of the funds he and his father, Ron, and sister Lani, are due under a 2005 settlement that ended a city suit to take the long-blighted property by emminent domain.
via Former downtown property owners want cash: Lau family due $700K in failed condo deal.