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/C O R R E C T I O N -- Millennium Tower Association/

In the news release, Landmark Global Legal Settlement Reached in Litigation Over Millennium Tower, issued 28-Aug-2019 by Millennium Tower Association over PR Newswire, we are advised by the company that in the first paragraph "52-story Mission Street building" should instead read "58-story Mission Street building." Additionally, in the second paragraph, "more than 200 lawsuits" should read "more than 200 plaintiffs." The complete, corrected release follows:

Landmark Global Legal Settlement Reached in Litigation Over Millennium Tower

Concluding Long Mediation Process, Agreement Provides Funding that Allows Upgrade of Luxury Tower to Move Forward

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SAN FRANCISCO, Aug. 28, 2019 /PRNewswire/ -- After months of negotiations, the Millennium Tower Association and other plaintiffs on Wednesday reached a global legal settlement that resolves construction defect litigation over the 58-story Mission Street building, which opened to residents in 2009.

The landmark settlement, which follows a complex mediation process involving more than 200 plaintiffs, will provide funds for the Tower's retrofit, a project that will protect the building against any possible irregular settlement in the future and potentially reverse its tilt.

"This agreement represents a critical turning point for our building and for homeowners, who have patiently waited for a resolution that would put us on a positive track forward," said Howard Dickstein, president of the Millennium Tower Association. "We can now put this legal chapter behind us and concentrate our efforts on the upgrade that will restore our building's reputation."

In December, the Millennium Tower Association filed a permit application with the city for the building retrofit, a plan called the "Perimeter Pile Upgrade." The $100-million project calls for the installation of 52 concrete piles that will transfer a portion of the building's weight from its existing foundation system to bedrock about 250 feet below ground.

On Tuesday, a panel of independent experts hired by the City and County of San Francisco gave the plan a green light, marking a significant step forward. Wednesday's legal settlement now clears the way for the project to be implemented.

Final environmental reviews are expected to conclude by the end of the year, and work on the upgrade should begin in early 2020.

In 2017, an expert panel convened by the City and County of San Francisco concluded that Millennium Tower is seismically safe and that settlement had not changed its "capability of resisting major earthquakes." The upgrade will enhance that capability, enabling the tower to resist earthquake motions that are even more severe than those anticipated by city code.

Contact: Doug Elmets



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