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Failed Echo Park Condos Reborn As Affordable Housing

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An example of a deal that finds the "potential in distressed assets," Globe Street reports that a foreclosed property in the southern edge of Echo Park (this is geting into historic Filipinotown)--an unfinished construction site at 330 N. Union that was supposed to hold a 52-unit condo project (pictured above)-- has been purchased. The new owners, Advanced Development & Investment, are planning to put affordable housing on the site, according to Globe Street, noting the sellers got nine offers for the site (developers wanted to everything from market rate to affordable housing on the site). "Advanced Development & Investment won the deal in part because it was willing to close within a traditional escrow period, rather than the longer escrows of nine to 12 months that other affordable housing bidders were requesting..." The listing for the site, which was supposed to hold a project called the Temple Union Apartment Homes, is still up on Loopnet. It looks like the city approved the project for 1700 Temple and the developer is listed as 1700 Temple LLC.
· Former Condo Site Sells for Affordable Housing [Globe St]