Meruelo Maddux will bid goodbye to its famous green-hued glass tower on 9th Street. Today a bankruptcy judge approved a $110 million sale of the building to Watermarke Properties, a Corona-based developer, according to Blogdowntown. A source tells Curbed Watermarke Properties, which specializes in rentals, will likely run the 214-unit building as a rental. Meruelo Maddux had previously pushed to turn the building, originally planned as rental, into condos and auction off the units, but faced resistance from Canyon Partners, who had the $84 million loan on the project. In addition to today's sale, the judge approved a settlement between Meruelo Maddux and Canyon. Anyway, huge day for everyone: Meruelo Maddux, Canyon, and Watermarke. We're getting nostalgic and sad, remembering when developer Meruelo Maddux, now embroiled in bankruptcy proceedings, envisioned the shimmering green glass curtain as a "wall of water" and envisioned an upscale seafood restaurant in the tower.
· $110 Million Sale of 705 West 9th Approved [Blogdowntown]