The developer that abruptly stopped construction on a 36-unit condominium project at Echo Park and Delta avenues last year has apparently lost ownership of the property to the bank. OneWest Bank took control of The Durbin condos from the Angeles Group in early October, according to people familiar with the deal. The online real estate website Trulia shows that the four parcels sold for $1.689 million each on October 7 when they became bank-owned real estate. Mott Smith, a Mount Washington-based developer whose partnership sold the Echo Park property to Angeles Group in late 2006, said it looks like the bank might sit on the unfinished development until early next year before deciding what to do. “We have been watching the property, and our broker has told us that OneWest received multiple offers on it. They did not sell it.”
Residents and neighborhood groups earlier this year complained that the stalled development had become an eyesore filled with weeds and the skeletons of partially built homes framed in blue-tinted wood. Adam O’Neill of the Angeles Group last year blamed the shut down on the failure and takeover of its construction lender, IndyMac, and other issues. The new lender, OneWest, had filed a notice of default several months ago but did not move to take control of the Durbin, leaving the project in limbo.
The Eastsider has contacted the Angeles Group for comment.