The News-Press: Cape Coral

The News-Press: Cape Coral: "Sun rising on Cape's Sunset Towers
By Pete Skiba
pskiba@news-press.com
Originally posted on May 18, 2007"

It is almost time to bring out the hats, horns and confetti for the folks at Cape Coral’s Sunset Towers.

Despite Hurricane Charley’s massive damage in 2004, exposed asbestos, buyout attempts and disputes among residents, the twin 8-story buildings on Cape Coral Parkway are now close to finished.

“We are over three weeks ahead of schedule to get these people back in their homes,” said Anthony Magadino, 29, Magnum Construction Services Inc. president.
“People can probably move in in August. If nothing like a hurricane happens.”

After starting work in March, the plumbing and electric work has been completed. The work passed inspections. Almost all the 56-condominiums have had plaster board installed. Interior finish work such as baseboard installation continues.

“Two thirds of the condo owners have signed with Magnum to complete their home’s interiors,” said Debbie Traylor, of Magnum. “I’m ordering flooring, kitchen cabinets and appliances to finish the condos.”

The Sunset Towers Condominium Association is so good about paying its bills, he sometimes gets paid early, Magadino said.

“We have enough money to get to the end of the project,” said George Rea, association vice chairman. “We have a 30- year loan from the SBA (Small Business Association) for about a million at 2.9 percent interest over 30 years, and we expect $900,000 from the lawsuit with the insurance company.”

The price for the restoration sits at about $2.7 million, Rea said. The association had money in the bank, but Rea wouldn’t say how much.

Condo interiors must be paid for by the condo owners. They must rely on savings, insurance and family.

“I have good insurance that will pay for a lot,” said resident Virginia Blair, 80. “My grandson is helping me too.”

No matter how they plan to pay for the work, residents such as Blair, Rea and his wife Dorothy and Eileen Kelly all are excited about the construction.

“This is the best I’ve felt about it in the past two years,” said Kelly. “This contractor is just doing a great job. They work six days a week.”

And the contractor gives tours. On any given day, residents can be seen donning hard hats to check out the work being done on their condominium.

“These people have been out of here too long. They are my customers. They deserve to see what is going on,” Magadino said. “Ms. Blair is here every day. On Sundays people can come in and check out the work without anybody here doing work.”

After Hurricane Charley ripped the roofs off both buildings rain flooded the interior. Officials declared the buildings unfit for habitation.

Following debris cleanup a series of setbacks began. Taking time and money, the discovery of asbestos meant it had to be removed.

A developer with property next to the Towers, VK Development, tried to buy everyone out. His offers of $200,000 a condo met with resistance from people who wanted to rebuild their homes.

Others wanted to sell. The association bylaws prevented anyone from taking over the complex unless 100 percent of the owners agreed to sell. They did not.
Construction by Paul Davis Restoration lagged behind residents expectations.
Financing became fragile and the condominium association halted construction.
More bickering ensued between condo owners who wanted to sell and those who did not. Another buyout offer was refused by resident vote.

Then, Magnum Construction Services signed a contract to rebuild the 35-year old buildings.

“I’ve been in every nook and cranny of these buildings,” Magadino said. “They built this place to last. It is a strong building. It just needed a little lipstick and makeup to make it look good again.”