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Another Ghost Building Saved

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The San Gabriel Tribune is reporting that the unfinished Villa di Tempio townhome development, a 34-unit project at Grand Avenue and the 10 Freeway in West Covina has been purchased by a Calabasa-based real estate company after the original developer was "unable to complete the project because of financial constraints." According to an earlier SGVT article, the Villa Tempio was originally supposed to open in spring 2008, while the units were at one point priced from $690,000 to $740,000 in 2008. Everyone in West Covina seems pleased that a new firm has picked up the project, and ready to forgive the original developer. "In defense of the developer, they did this before the housing market burst, and it's not like they had a crystal ball telling them this would happen,' Mayor Roger Hernandez tells the paper. [SGVT]