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Wednesday, April 23, 2014

Investors put planned Glassell Park townhouses up for sale *

The investment group that had planned to break ground on 52 Glassell Park townhouses later this year has decided sell instead of build.  Wedged between Eagle Rock Boulevard and the 2 Freeway, the site of Glassell Park Townhouses been listed for sale “as is” through the brokerage firm Land AdvisorsTaag Investment Management Co. had purchased the property where a previous developer had intended to build more than 100 condominiums.  But that project failed, leaving behind a giant pit and rows of rusting  steel columns where a parking garage was planned.  Instead of condos, Taag  planned to build 52 separate homes on Eagle Rock Boulevard property.  The LandAdvisors listing did not include an asking price.

Update: Charles Tourtellotte of Taag Investment said the firm continues to work on architectural and engineering plans as it prepares to file for building permits. However, “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.” Click on the link below to read Tourtellotte’s full 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.

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  1. Particulate Penthouses.

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