The owners will be asked to consider selling or repurposing the building, possibly into affordable housing, at an extraordinary general meeting, most likely to be conducted via a video link. The date is yet to be set.
Residents of the 132 apartments were evacuated in June last year over cracking in the primary support structure and facade masonry, causing fears the building had become unstable.
Any decision on the building’s future will not preclude legal action continuing, a statement from the Mascot Towers Owners Corporation said.
The spokesperson said the extraordinary general meeting would present a range of options to owners and the on-sale of the complex was only one option.
“The cost escalation has been significant, and owners have faced the additional burden of personal financial hardship as a result of COVID19, which has resulted in some owners struggling to pay their loan levies to fund the repair of the building,” the spokesperson said.
“For many owners, their clear preference is to return to their Mascot Towers apartments which they called home. The reality is that because of cost escalations, this may not be possible for some owners who may not be able to afford the special levies to fund the loan for the remediation of the building.”
“The Owners Corporation has looked at all options including the sale of Mascot Towers, but nothing has been finalised or advanced.”