Earlier in the week, Globe St. reported that Marina Del Rey's brand new Forty55 Lofts had sold. What is this mysterious Forty55 building? Turns out the development at 4055 Redwood Avenue is the rebranded Redwood Lofts, a project we haven't heard from since 2007, when a reader wrote that "construction stopped shortly after it was discovered that the building was not level." Back then, another reader passed along gossip that "it probably can't pass inspection as-is, and tear-down is a distinct possibility..." Let's get some answers from the new owner! In an email to Curbed, a rep for Texas-based Behringer Harvard writes: "Construction was temporarily delayed in 2006 to redesign structural components to meet the high engineering standards required by [developer] Standard Pacific. Development subsequently resumed, ultimately resulting in a newly constructed 140-unit community which was certified for occupancy in April 2009."
Meanwhile, the original project was conceived as condos, but there's now a ten year deed restriction against condo conversion. And while the sale price isn't being released, the asking price was $70 million.
Also of note is new owner Behringer Harvard--they're the same firm that recently bought the Gallery at NoHo Commons and whom the Wall Street Journal reported has been on a multi-family buying spree. Might be time to get a bigger hat and start practicing your "y'all"s.
· Behringer JV Buys New Apts. from Standard Pacific [Globe Street]
· Rumblings & Bumblings: Redwood Lofts, West LA's TJs and Development [Curbed LA]
· Rumblings & Bumblings Responses: Java, The Hoff and The Temple of Doom [Curbed LA]
· Forty55 Lofts [Official Site]