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John Laing's Element Lofts to Be Auctioned Off

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The remaining 41 units at Element Lofts, that Marina del Rey project on Redwood Avenue built by John Laing Homes, will be auctioned off in in early December. Writes a tipster: "Marketing of the property will begin in early November. There are 9 units occupied by original buyers. 50 total units in the building." This pocket of Marina del Rey was marketed as a thriving arts district and has seen numerous condo projects go up. But there also have been a few stumbles. Besides Element Lofts, Glencoe Lofts was repossessed by now-defunct Corus Bank (and John Laing filed for Chapter 11 earlier this year Update: The Chapter 11 case was later converted to Chapter 7). Meanwhile, how it is for those 9 buyers said to be living in Element right now? Roomy and quiet?
· Development Du Jour: Marina Del Rey's Element [Curbed LA]
· Homebuilder Woes: John Laing Looking At Funding Options [Curbed LA]