The bank that owns the unfinished 36-unit condominium project at Echo Park and Delta avenues – aka Chicken Corner – is under contract to sell the property about two years after construction on the site came to an abrupt halt. “We have selected a buyer,” said Timothy Barden of Land Advisors Organization, the broker which is selling the property on behalf of OneWestBank. Who is the buyer? Barden would not say, citing confidentiality agreements. However, other real estate folk who have been following the deal say the buyer is a major national home builder, with one person identifying the purchaser as Texas builder D.R. Horton. The Eastsider has contacted D.R. Horton officials by phone and email but has not heard back.
Construction on the development, which was known as the Durbin, was halted about two years ago, 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.
If the sale is completed, it would be the second time that a major home builder, most of which are active in suburban communities, has been involved in the Chicken Corner project. Florida home builder Lennar was part of the partnership that was going to build the townhomes about five years ago before pulling out of the deal and selling its interest.
Is that blue wood still good? Will the new owner change the project name to The Durbin at Chicken Corner? Stay tuned.