Unless a deal is worked out beforehand, in two weeks this Silver Lake parcel at Glendale Boulevard--right off the 2 freeway---is scheduled to be auctioned off at a Pomona Courthouse, according to a source. Ah, how far you've fallen, dusty old friend. A 67-unit townhome condo building (the proposal has its entitlements, so is cleared to go) was supposed to rise here originally, a building that could have taken advantage of all the landscaping of that proposed 2 project that would have moved the crazy freeway exit ramp away from the building.
But condos never materialized and in December 2008, the property appeared on Loopnet for sale for $5.5 million.
The listing noted the forthcoming 2 freeway revamp project would "do away with the helter-skelter off ramp currently catapulting traffic onto a grungy section of Glendale Blvd and reduce traffic flow and congestion."
Anyway, more recently, the project has been shopped around--with an asking price of $3.5 million--and while there has been talk of it being sold through a short sale, nothing has closed. The original developer, Frank Gamwell, declined to comment. Meanwhile, another source notes that the building would be rather fabulous if built--roof deck views of downtown, he says. For now, it's headed to auction.
· Helter Skelter Glendale Boulevard Parcel Up for Grabs [Curbed LA]
· Silver Lake Parcel Patiently Waits to Be Developed [Curbed LA]