They say when developers file for bankruptcy, they just eventually start over again, with a newly formed company. Case in point: Meet Spectra America, born of the ashes of West Millennium. The developer behind the still-dark Brockman project in downtown, West Millennium filed for Chapter 7 in May 2009. West Millennium's former principals, Dilip Ram and Norman Salter, are now running a new company--the jauntily named Spectra America--and developing this condo project, Redwood Flats, located right around the corner from the West End project.
Minimal work started on this building, a 47-unit condo project at 4211 Redwood Avenue, three or four years ago, before the project was shut down. Construction re-started earlier this year (according to Salter, the duo owned the land independently, so apparently it wasn't part of the bankruptcy proceedings). Preferred Bank is the lender, according to Salter.
As far as price points: "We’re hoping for the low to mid 400,000s," said Salter. Salter's own Salter Construction also filed for Chapter 7 last year, and his new construction company is called Bridge Point Construction. As far as more projects: "We're looking at three or four jobs, but it's tough [out there]," said Salter. Local firm Albert Group is the architect on this project, and that's always been their name as far as we know.
· Brockman Bankrutpcy? West Millennium Busy Reorganizing [Curbed LA]