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Long Suffering Olympic Palace Loan Changes Hands*

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With all the slowdowns and work stoppages at Olympic Palace on Olympic Boulevard, it feels like this project has been under construction since at least the early 80s. And per a visit last week, work on the site has stopped once again (it's not clear when construction stopped this time). How are the neighbors taking this latest round of stoppage? Well, here's how they were feeling in summer 2008. An excerpt from a 2008 July/August Country Club Park Chronicle issue, their neighborhood newsletter: "There has been no work for the past 6 months at the construction site, and neighbors are asking about the unsightly mass of iron and concrete that stares vacantly at them day after day. Two sources have informed us that Developer NBGI Homes is having financial difficulties, but we have not confirmed this yet." Fortunately, there may be there may be a glimmer of hope because the 25-unit development, located right on the edge of Koreatown, was recently sold.

Young Kim, an attorney at downtown firm Kim Joo & Associates, says his client is the new owner, having purchased the construction loan from Pasadena-based bank East West Bank. But Kim declined to identify the client, so the buyer of the loan is a mystery. Local architecture and development form Archeon designed this project, and the firm's president and CEO Christopher Pak says his firm still hasn't been fully paid for work on the project. But he adds that he has been contacted by Kim. Godspeed, Olympic Palace. * Originally, it was noted the building had sold, but in fact the loan has sold.
· Olympic Palace Archives [Curbed LA]