Leafy foliage component? Renderings for MM's 11th and Grand
Yesterday mind-boggling news emerged that Meruelo Maddux recently applied for building permits to put up a 21-story tower at the corner of 11th and Grand. Now, gaze upon the renderings for the tower. These renderings, done by longtime Meruelo Maddux architect Manuel Funes, were submitted to the Community Redevelopment Agency, which signed off on the project. The associated elevations are dated February 2010.
Andrew Murray, CFO of Meruelo Maddux, declined to comment on the proposed project.
So here's what we're wondering: Is a bank going to provide financing for a project for a company that's in Chapter 11? Or is Meruelo Maddux's ultimate goal to get all its permits and then sell off this corner? When a developer owns a plot of land that's already entitled for an apartment or condo tower, it can make the plot both easier to sell and more valuable.
Meanwhile, in the company's bankruptcy filings, there's no mention of a proposed or pending sale for this parking lot. And according to the LA County Assessor’s office, the lot, as well as the adjacent Desmond building, is still owned by a Meruelo Maddux entity.
· Is Meruelo Maddux Putting Up a Tower at 11th and Grand? [Curbed LA]