and regulations and (iii) the prevailing market conditions."
11. The RiverPark Tower project was designed by the architectural firm of Odell Associates of Charlotte, North Carolina, and built by Metric Constructors, Inc., also of Charlotte. In late 1984, construction estimates came in over budget, and a process of "value engineering" was undertaken by Carley, Metric, and Odell to reduce costs. One result of this value engineering was a revision in the exterior cladding of the building from brick to a porous concrete block. This design change, without necessary attention to through-wall flashing details, resulted in a design with serious potential through-wall water infiltration.
12. The construction of the project began in the fall of 1984, but was delayed beyond the scheduled June 1, 1986 completion date. Metric completed sufficient constructionby October 1, 1986, to obtain a certificate of occupancy for the first eight floors. An occupancy permit was obtained for the remaining floors on October 29, 1986.
13. Before the building was occupied, a water infiltration problem caused by the design and construction errors became apparent. This problem prevented the leasing of certain apartment units through late 1987, when repairs to the building to correct the infiltration problem were completed.
14. Marketing efforts for the RiverPark Tower project were affected by the delays. In order to rent the building, Carley reduced rents in August 1986, before the building was opened, and twice more in late 1986. But, since August 1987, Carley has raised rents twice, for an increase of more than 15 percent. Carley still, however, has not leased