There is some dizzingly good news to report: Lincoln Height's Fuller Lofts, abandoned by its bankrupt parents Liveable Places last year, is an adaptive use ghost building no more. Local SoCal developer Lee Homes has stepped in and resumed construction on the San Fernando Road building, confirms Lee Homes president Jeff Lee. "We are officially under construction since last Monday," Lee tells us. "We are doing everything that we would do on any other building. We are going to finish all the construction and do all the sales and marketing."
Citibank, which foreclosed on the 104-unit building last year, still owns the Pugh + Scarpa-designed project (Property Shark records show the foreclosure sale went through in February for $12 million). According to Lee, sales and marketing will start around Labor Day and the first closings will be in November when the building finishes. Pricing? "I don't want to get into pricing," says Lee. "We are just getting the building..it'll be a question of looking at the market, seeing if the new home inventory is going to shrink. Well, it will shrink." Lee Homes' tactic in working on the building follows comments made by Lee Homes' Chairman Harlan Lee at a downtown Central City Association meeting earlier this year. According to Blogdowntown, Lee told the audience that the "current downturn has caused his company to reassess its role, and brought about a new business in acquiring and finishing troubled projects." Lee Homes is also currently involved in that Pier Pointe deal with CIM, but Jeff Lee said he couldn't talk about it because the building is in escrow. Anyway, welcome back, Fuller Lofts!
The arrow points to the entryway for the new office for Lee Homes.
· Fuller Lofts Archives [Curbed LA]