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Fancy Brick Condos in Angelino Heights Will Go Rental Instead

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That brick behemoth over the 101 in Angelino Heights might finally see some life one of these days--Eastsider LA reports that the long-stalled Brownstone Lofts condo project has sold to Lion Real Estate Group, which plans to switch it up and go rental. And of course all the changes come with a rebranding: the building will now be called the Bellevue Lofts LA. The 1928 building's last owners started work on an adaptive reuse back in 2009 and planned to create 55 high-priced lofts (up to $1 million!); they said in late 2011 that 14 buyers had already put down deposits. Then the project fell into bankruptcy earlier this year. Now Lion is finishing up work, putting up a 65-space garage, and planning to hustle--they want to open the building in October. No word on rents yet.
· Work resumes on failed Angeleno Heights condo project [Eastsider LA]
· Pricey Angelino Heights Lofts Hit Pre-Completion Bankruptcy [Curbed LA]

Brownstone Lofts

1168 W. Bellevue Ave., Los Angeles, CA