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Developer Evoq Having Crazy Downtown Property Sell-Off

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Evoq, the real estate development firm that used to be known as Meruelo Maddux, released a statement last week announcing they were ditching three of their Downtown properties. But they're actually looking to shed much more, including seven just in South Park, reports the Downtown News. The company, which developed the Union Lofts and helped build the Watermarke Tower, went into bankruptcy four years ago and is now trying to shrink its debt under a new leadership team. Evoq claims they're not necessarily looking to completely divest themselves of the properties--many of which are surface parking lots already entitled for development--but will also consider joint venture projects. Some of the lots on the market include 915 to 949 S. Hill, "1150 S. Grand Ave. [pictured], a 1.69-acre site entitled for 347 housing units and 17,500 square feet of retail; two parcels on Pico Boulevard between Olive and Hill streets; and a 1.07-acre parking lot at 11th and Olive streets." Other non-South Park sites include two parcels near Skid Row.
· Evoq Puts Seven South Park Parcels on the Market [DN]