A reader sends in a tip that Rancho Santa Fe-based developer Kachay Companies is now working on Villas at Carbon Beach, that foreclosed upon, unfinished Pacific Coast Highway booger that apparently had a tough time trying to sell its condos for $3.2 million. Samuel Karp, owner of Kachay, tells us he was hired by Chicago-based Builders Bank, the lender and current owner of project, to finish the 8-unit, two-building building. This is yet another distressed property redo, but uh, from an architectural point of view, how do you salvage this one? "There are a lot of fundamental issues," says Karp, adding that the "exterior looks very unattractive." Among other things, Karp plans to put a gate around the outside, replace all the windows, and add Jacuzzis to the roofs. Plans are being filed with the city of Malibu, and if all goes well, work will begin this fall and this extreme make-over will be done by spring 2010.
· Villas at Carbon Beach archives [Curbed LA]
Loading comments...