The bank that owns the former Durbin condo project at Echo Park and Delta avenues has put the 36-unit property up for sale. OneWestBank, which took control from the partially built project, has not set an asking price but is accepting offers through the end of the month, said Timothy Barden, a marketing consultant for Land Advisors Organization, which has been hired to find a buyer. Barden said the offers would be evaluated at the end of the month but would not say when and if an offer would be selected.
The property has gone up for sale nearly two years after construction was halted on the condominiums, leaving behind the skeleton of unfinished buildings framed in blue-tinted wood. Last October, OneWestBank took control of the project from developer Angeles Group after a prolonged standoff over the fate of the property.
How much will this property fetch? Barden would not comment. But Echo Park real estate broker Ken Shapiro told clients in an email that the 36 units would probably sell for a total of $18 million when completed. He said:
“Therefore, just do your due diligence, figure out how much it is going to cost to take this project to completion and then work backwards from there to determine the offering price.”