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Bank Takes Possession of Long-Suffering Echo Park Project

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Image via Eastsider LA
Last time we checked in with Adam O'Neill, principal at local development group Angeles Group, about the status of the long-stalled Durbin project 1601 Echo Park Avenue, he told us that he was close to finalizing a deal with Pasadena-based OneWest, his new lender, one that would allow him to eventually re-start construction. It appears the bank has changed its mind about handing the project back to Mr. O'Neill because Eastsider LA reports OneWest took possession of the property last month. More from the blog: "Mott Smith, a Mount Washington-based developer whose partnership sold the Echo Park property to Angeles Group in late 2006, said it looks like the bank might sit on the unfinished development until early next year before deciding what to do."
· Bank takes over failed Echo Park townhouse project [Eastsider LA]
· Echo Park's Durbin Hits the Skids [Curbed LA]