Unable to obtain a temporary certificate of occupancy (TCO) for the El Dorado, developer Downtown Properties has canceled its planned April 25th auction for the downtown building. What a headache! According to Downtown Properties' Bill Stevenson, a new water line is needed to serve the building's sprinkler system, but given the bureaucracies involved of undertaking any construction on Spring Street, it's impossible for the developer to add the line by June 30th, the date auction buyers were supposed to close and move in. "I have no confidence I can get a TCO by June 30th," said Stevenson.
According to Stevenson, the El Dorado will simply proceed with normal sales. What does this mean for pricing? Well, according to Stevenson, some of the units' prices will be set roughly around the planned auction starting bids---with the buyers' added 2 percent premium---while others units will have higher prices. As soon as prices are more formally set, we'll post them. Meanwhile, this auction was just one of two auctions set for April 25th--the other is CIM Group's Hancock Lofts.
· El Dorado Headed to Auction [Curbed LA]