The Point at Poipu. It has come to the attention of the Developer that the exterior walls of all buildings in The Point at Poipu condominium have experienced damage due to water intrusion. The Board of Directors of the condominium association for The Point at Poipu (“Poipu Condominium Board”) has had a study performed to determine the scope and extent of the damage and the cost of any necessary repair work. Based on the results of such study, the Poipu Condominium Board has now concluded that it will be initiating a special assessment in 2011 to pay for the repair work. The Developer has determined that it will pay for such special assessments relative to certain Points purchased by owners in 2011, including any Points purchased on and subsequent to the last Revision Date on page 1 of the Hawaii Disclosure Statement purchasers receive, however, the Developer is not assuming responsibility for the payment of any other special assessment made to Collection Members in the future that are unrelated to the repair of such water intrusion damage at The Point at Poipu condominium. Construction consultants to the Poipu Condominium Board have determined that the repair work in each building could take up to six (6) months to complete. Construction work is scheduled to commence on June 1, 2012, with an estimated completion date of May 31, 2017. These dates and construction timeframe estimates are approximate only and could change in the future due to unforeseen events, inclement weather, and other events that are beyond the control of the Poipu Condominium Board. In order to conduct the necessary repair work, the Poipu Condominium Board anticipates that only one building at a time will be completely closed off from occupancy. In any event, the Developer will endeavor to work with the Poipu Condominium Board to see that repair work is conducted in a manner that will not materially impair the operation of the Project and will minimize the impact on the ability of the owners to obtain a reservation.
The Point at Poipu. The exterior walls of all buildings in The Point at Poipu condominium have experienced damage due to water intrusion. The Board of Directors of the condominium association for The Point at Poipu (“Poipu Condominium Board”) had a study performed to determine the scope and extent of the damage and the cost of any necessary repair work. Based on the results of such study, the Poipu Condominium Board has concluded to initiate a water intrusion assessment to pay for the repair work. The Developer has determined that it will pay for such assessments relative to certain Points purchased by owners in 2011, including any Points purchased on and subsequent to the last Revision Date on page 1 of the Hawaii Disclosure Statement purchasers receive, however, the Developer is not assuming responsibility for the payment of any other assessment made to Collection Members in the future that are unrelated to the repair of such water intrusion damage at The Point at Poipu condominium. Construction work to repair the damage has commenced in 2012, with an estimated completion date of May 31, 2017. These dates and construction timeframe estimates are approximate only and could change in the future due to unforeseen events, inclement weather, and other events that are beyond the control of the Poipu Condominium Board. In order to conduct the necessary repair work, the Poipu Condominium Board anticipates that only one building at a time will be completely closed off from occupancy.
The Point at Poipu. It has come to the attention of the Developer that the exterior walls of certain buildings in the Poipu Point condominium have experienced damage due to water intrusion. Exterior finishes are experiencing deterioration and distress in the form of delamination, bulging, and separation of finishes as well as corrosion staining. There has been significant corrosion of fasteners including screws for sheathing, as well as heavy gage nuts and bolts for structural connections; corrosion of load path (Xxxxxxx) ties; significant deterioration of underlying gypsum board sheathing due to water saturation; and decay of wood structural members, primarily glulam members due to water saturation. Investigation indicates all 10 buildings in the Project are affected. The Board of Directors of the condominium association for Poipu Point is conducting a study to determine the scope and extent of the damage, and will make additional information available once it is known. At that time, the condominium Board will also formulate recommendations and determine what action will be necessary to remedy the damage. Costs will be incurred to repair damage and to prevent further damage and there may be a special assessment to cover the costs of repair. The amount and nature of any such assessment will be dependent upon the actual cost to be incurred to repair the damage and what insurance, if any, may cover this damage. In terms of conducting repair work, it is contemplated that any required repairs will be staggered so as not to materially impair the operation of the Project. It is anticipated that repair schedules will occur in such a way so as to minimize the impact of the ability of the owners to obtain a reservation.
The Point at Poipu. All buildings in The Point at Poipu condominium have experienced substantial damage due to water intrusion. The Board of Directors of the Association of Apartment Owners of Poipu Point, (“Poipu Condominium Board”), which includes Directors who are employed by the Developer as well as Directors with no affiliation with the Developer, had extensive analysis performed to determine the scope and extent of the damage and repair needed to fix and prevent future water intrusion. Construction consultants to the Poipu Condominium Board have determined that the repair work in each building could take up to six (6) months to complete. Construction work has been completed or is scheduled to commence as follows: Building 4 has been repaired; Building 6 has been repaired; Building 2 has been repaired; Building 3 has been repaired; Building 5 has been repaired; Building 7 has been repaired; Building 8 is in progress and scheduled to be completed in late 2015; Lobby & Poolside Grill is scheduled to begin in early 2016; Building 9 is scheduled to begin in late November 2015 and to be completed in late May 2016; Building 1 is scheduled to begin in late May 2016 and to be completed in late November 2016; and Building 10 & Maintenance Shop are scheduled to begin in late 2016 and to be completed in 2017. The dates and construction timeframe estimates above are approximate only and could change in the future due to inclement weather and other unforeseen events that are beyond the control of the Poipu Condominium Board or the Developer. In order to conduct the necessary repair work, the Poipu Condominium Board anticipates that only one building at a time will be completely closed off from occupancy. In any event, the Developer will endeavor to work with the Poipu Condominium Board to see that repair work is conducted in a manner that will not materially impair the operation of the Project and will minimize the impact of the ability of the owners to obtain a reservation.
