Third Time's the Charm for Long Beach's Blu

Over the weekend, Blu, a new 82-unit condo project at Long Beach Boulevard and 4th St, held its opening party. The project is owned by Los Angeles-based firm CityView, but the building has seen two previous owners: Standard Pacific Homes, which sold the unfinished project to Intracorp (the same developer behind the now-stalled and quite possibly sold-by-this-point Pioneer Bakery project site in Venice) in 2007. In 2008, Intracorp finished the development, but in 2009, CityView, which had provided the mezzanine loan on the project, purchased Intracorp's interest in the project, according to Devang Shah, Vice-President of CityView. Meanwhile, Kor Group has hopped on this latest go-around and is now doing the marketing on the development. The project, a five-story mid-rise building, is offering units ranging from 1,047 to 1,638 sq. ft. in size; prices start in the $300,000s.