Inset rendering via Eastsider LA
Updated 6/15 3:10 pm: Back in April, it looked like that grassy, weedy, rusty-columned lot over at Eagle Rock Boulevard and the 2 Freeway was finally going to be transformed into a plot of townhouses care of a $25 million sale and developer TAAG Investment. Two months later: not so much. Word now is that the lot, which has been sitting in a state of hazardous eyesore for over two years, has been placed on the market "as is" through brokerage firm Land Advisors. TAAG had already downgraded previous development plans for the site, slashing 114 condos down to 52 townhouses and eliminating affordable units for low income residents in an effort to balance costs. Looks like they never balanced. Update: Looks like TAAG will keep working on the townhouse plans for now. In a statement, the company's Charlie Tourtellotte says "Unfortunately, company policy does not permit discussion about any planned project acquisitions or dispositions, but if it becomes advantageous for us to sell it would be because we have moved the project along to the point where the purchasing builder can now commence construction."
Charlie Tourtellotte's statement:
"The status of the Glassell Park project is that our consultants are diligently moving forward with creating the final architecture and engineering plans. This is what is required in order for construction to begin on the project, and we are committed to this course of action. Our first submittal to the City for plan check will be this month, and full plan approval could take 60 -90 days from first submittal.
"We have many investment projects, and currently the plan is to build the Glassell Park project. We frequently receive unsolicited offers from brokers and builders, especially on popular sites like this one. Unfortunately, company policy does not permit discussion about any planned project acquisitions or dispositions, but if it becomes advantageous for us to sell it would be because we have moved the project along to the point where the purchasing builder can now commence construction. I want to reiterate that there should be no concern that the project could become a “broken” project owned by the lender."
· Investors put planned Glassell Park townhouses up for sale[Eastsider]
· Work to Restart on Failed Glassel Park Condo Site [Curbed LA]
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