When David Derk bought a condo at Renaissance Lofts in Rogers Park the developer’s buyback guarantee was an important part of the deal.
Derk had recently relocated from Arizona after years spent caring for his parents, and he wasn’t sure the location, at a busy intersection, would be suitable for him.
Traffic noise proved to be a problem for him, as did fumes from a nearby restaurant that aggravated his asthma. So, Derk exercised his contractual right to have the developer buy back his unit.
According to Derk, three scheduled closing dates passed with no explanation from Kopley Group, the developer — and no explanation for the failure to close. Derk reluctantly filed suit.
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