To all those developers looking for distressed properties: A reader passes on a listing for a fully entitled 44-unit development site at 2191-2193 E. Colorado Blvd in Pasadena. This project, formerly called the Grand Oaks Lofts, consists of 39 work/live units, and 5 retail condos units. And the project was designed by local firm Andrews & Chapman Architect--let's hope they got paid. It looks like the price is currently $2.95 million, down from the original listing of $3.2 million. Public records search show the current owner as a gentleman named Yehuda Benezra. According to the brochure, the seller is looking for an all-cash deal, and we're told there is some debt on the property. "Total debt on the property around $1,700,000 between Tomato Bank and a private second," writes a little bird.
· Evanisko Realty [Official Site]