Bank Owned: Glencoe Lofts in Marina Del Rey

Marina Del Rey, you've got a ghost building. This 100-unit building at 4080 Glencoe Avenue was developed by a group called Marina Loft Ventures and mentioned in a September New York Times article about the up-and-coming Marina Arts District. Apparently the paper didn't know that construction crews walked off the job this summer following news that the building was being foreclosed upon, according to Debbie Segura, office manager at West Builders, the Pasadena-based construction company that worked on Glencoe. Segura tells us that Chicago-based lender Corus Bank held an auction at Pomona Court in October, trying to sell the project for about $44 million. It didn't sell, and now "the project is just sitting there, doing nothing," says Segura. A leasing rep for Venice Properties, which was handling the project, also confirms that the project was foreclosed upon. These latest photos were taken Sunday. The area is ok (Element Lofts is also here), but lots of cars on Glencoe--is that a cut-through street?
· PDF: Announcement of $39.2 million loan to Marina Loft Ventures: Corus Press Release
· ConstructionWatch: Glencoe Lofts in Marina Del Rey [Curbed LA]