Hollywood's grand revitalization plan takes a hit with the news that work has been halted on the Hollywood Madrone, that 180-unit condominium development at the corner of Hollywood Blvd. and La Brea Ave. "The project has been paused and there is an understanding that it is related to financing," Mark T. Ebner, principal at construction company Arbor Building Group, which had been working on the Madrone, told us this morning. Since about November, construction on the project, which is being developed by John Laing Homes Urban and is just one of many under construction or planned Hollywood developments, has been stop and go, according to numerous sources. But it appears that yesterday was the final day of work for the remaining construction crew. Ahh, remember the good times, Madrone? That big sales party, an event that drew men in fancy shirts and even City Council President Eric Garcetti? [Photos taken Sunday]
Meanwhile, the news may be worrisome to some Hollywood neighbors just because the project is so big. Who wants to live near a giant, stalled construction site?
Developer John Laing Homes Urban did not return any calls regarding the project. Interested buyers who call the sales office, currently located in the Roosevelt Hotel, are told to call back in a week because "they are in the process of remodeling and restructuring the office."
· Live Madrone [Official Site]
· Madrone Doesn't Rhyme With Macaroni [Curbed LA]
· CurbedWire: Resnick Pavilion's Latest Look, More Madrone Questions [Curbed LA]
· CurbedWire: Madrone Party Shot, LA Times-Silenced Real Estate Broker Speaketh! [Curbed LA]