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Downtown On Sale, Part II: Rowan's Results

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Via Brian Swanson
Like Concerto, Rowan, that Spring street development that has slowly been unloading units after holding a pretty successful auction earlier this year, also had a big sale this past weekend. Of the 19 units offered for sale, 9 sold, according to Rowan developer Bill Stevenson. The average sale price was in the high $300s/$400 a square foot. The 206-unit building is now half sold, according to Stevenson. "We're thrilled about that," said Stevenson, who noted that 66 units have closed. Meanwhile, we also asked Stevenson how things were going at the El Dorado, that lovely 1913 building at 416 Spring Street. There was speculation that Stevenson would open the 66-unit development as a rental. "It's highly unlikely it'll go rental," he says. The project will open early next year.
· Scaffolding Coming Down At El Dorado [Curbed LA]