The Los Angeles Business Journal reports that work is set to start again today on the tower portion of developer Sonny Astani's Concerto project. Construction stopped last year after Astani filed for Chapter 11 on the project amid the implosion of Chicago-based lender Corus Bank. Starwood Capital Group LLC eventually took over the loan, but needed time to approve the tower's final construction budget, now set at the not small amount of $12 million, according to the LABJ. More: "The 271-unit tower is 95 percent complete, with remaining work focused on completing interiors, landscaping and the pool area. The should be ready for occupancy by June 30." Fearing that the unfinished tower would be exposed to the elements, last fall Astani famously told Curbed he hoped that work would resume before the "rainy season." So much for not getting wet. (Although January's rainfall didn't set a record, according to the Contra Costa Times.)
· Work Restarts at Downtown L.A. Condo Project [LABJ]
· January rain totals still short of record [CCT]
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