We're spending the day looking at the status of some abandoned real estate projects around the city. Following a visit to Eagle Rock, let's head over to Echo Park.
Ever since work abruptly stopped this spring on The Durbin, Angeles Group's townhome project at 1631 N. Echo Park Avenue, local Echo Park residents have been left looking at a city block filled with blue-hued wood and weeds. Back in March, Adam O'Neill, principal at Angeles Group, said conversations with the lender were ongoing and they hoped to have a model unit open by summer 2009. What's the latest? "There isn’t much of update," says O'Neill. "We are still trying to work with the lender to get this back on track.” According to O'Neill, the construction loan for the project was originally with now-defunct IndyMac (which eventually turned into IndyMac Fed). In March, Pasadena-based OneWest Bank Group took over IndyMac Fed. According to O’Neill, One West Bank is now looking over all their inherited projects and deciding which developments to continue funding. Based on the market and the area, O’Neill believes The Durbin is still viable, although he notes: “It’s not going to be a money maker for anyone.”
· Construction Watch: Echo Park Avenue Townhomes [Curbed LA]
· Stoppage: Echo Park's Durbin Project Hits the Skids* [Curbed LA]