Here’s your tour of 705 West 9th, developer Richard Meruelo’s green-hued watery tower. This building is increasingly hard to keep track of–and not just because it changed its name (it used to be called 717 9th). First, Meruelo Maddux filed for Chapter 11, but kept the building out of the filing. A few months later, the building went into Chapter 11 protection, but that didn’t stop the developer from continuing with pre-leasing*. And here’s the latest: As of November 1st, leasing on the project is on hold. And the web site for the project has been taken down. And there’s some speculation aka crazy rumors that perhaps the building is…going condo. Wouldn’t that be sort of nifty? (The 214-unit tower, now finished and ready to move in, was built as condos, so it’s possible it could change over.) A rep for Meruelo Maddux confirmed leasing has paused, but declined to comment further. He did, however, send over some recent photos. Gaze away. *Pre-leasing began after the Chapter 11; originally we said it was before.
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- Meruelo Maddux’s New Downtown Rental Building Files Chapter 11
Basically, everyone but your cat is in Chapter 11 bankruptcy protection and she’ll probably file by the end of the week. The Los Angeles Business Journal reports that Meruelo Maddux Properties Inc. has filed for Chapter 11 bankruptcy protection for 705 W. Ninth Street, that under-construction green rental tower that is supposed to be finished this year. Meruelo Maddux Properties filed for Chapter 11 protection earlier this year, but had assured everyone this tower would be completed and not affected by the larger Chapter 11 filing. And it was just in July that developer said he would announce a “new residential project in South Park in the next few months.” Wouldn’t get too excited about that one. Meanwhile, the LABJ reports the investors were surprised.
“The Sept. 3 bankruptcy filing caught lender Canyon Capital off guard. ‘We are very surprised at the timing. We are disappointed that it occurred,” said Bobby Turner, managing partner of Canyon Capital Realty Advisors. He declined to comment further because of legal concerns. Canyon Capital is in a position to take possession of the property if Meruelo Maddux cannot reorganize the LLC.”
- Scrappy Meruelo Maddux Planning Another South Park Project?
In March 2009, downtown development company Meruelo Maddux, the company behind the 717 Ninth rental project (pictured), stated that due to its Chapter 11 filing, it would halt development on all projects. In this weeks’ Los Angeles Business Journal real estate supplement there’s a profile of Richard Meruelo. And guess what? The developer says he will announce a “new residential project in South Park in the next few months.” Who knows when exactly this project will break ground, but here are some clues as to what it might be. An excerpt from a 2007 Downtown News article: “Having seen smaller projects succeed in South Park, the company has acquired a number of other parcels. Meruelo Maddux said a succession of high-rise buildings will break ground, with a new one every six months. Still in the planning stage are three nearby towers at 11th and Olive streets, including an unnamed 62-story skyscraper, according to a Meruelo spokesman.” The company’s official web site lists numerous proposed projects, including the aformentioned Southpark Towers project on Olive Streets. In terms of their property portfolio: According to their most recent quarterly filing, the company sold three development projects, 9901 Alameda, 816 Stanford and 801 E 7th Street in 2008. - Rents, Floorplans for Downtown’s 705 West 9th
The twitter feed of Angelenic provides a heads-up on prices at 705 W. 9th (formerly known as 717 W. 9th), the new sea-green, 35-story residential tower in South Park. The prices come from a link to the building’s new blog, which provides floor-plans and rents — smallest units start at $2248, while penthouses begin at $6600 (one, two, and three bedrooms fall expectedly between these two amounts). There should be a little over 200 apartments when this Meruelo Maddux project opens for business at the end of the year. On the blog, take notice of the little canned photos and names that accompany each floor-plan (a silver fox named Miguel loves his 2 bed/2 bath pied-à-terre! Tiffany and her violin are just gaga for their new penthouse!). The blog also includes a long list of amenities like a lap pool, cabanas, sauna, a Wii game room (!), while also touting easy access to freeways, but don’t people move Downtown to avoid commuting on the freeway?
Lofts start at $2248
One bed/one baths start at $3048
Two bed/two baths start at $3364
Three bed/three baths w/study start at $5700
Penthouses start at $6600
- Real Estate Developer Sells Miami Beach Estate for $4.6M | South …
Developer Richard Meruelo sells estate at 5745 Pinetree Drive in Miami Beach. Meruelo also owns other real estate on Star Island and Golden Beach which are all for sale. … Richard Meruelo, a principal of Miami-based Merco Group and CEO of Los Angeles-based Meruelo-Maddux Properties, has sold a property at 5745 Pinetree Drive in Miami Beach for $4.6M. Meruelo and his wife, Maria, bought the real estate, an 8600 sf Mediterranean-style manse, and adjoining lot, …
The rest is here:
Real Estate Developer Sells Miami Beach Estate for $4.6M | South … - Roosevelt Now Renting: Despite its bankruptcy protection status, downtown…
Despite its bankruptcy protection status, downtown Roosevelt building is now renting out units, according to Blogdowntown. Per a judge’s order issued last month, the units can be rented out and 25 apartments are now occupied. There are some discounts, but rents generally range from $1,939 for a 732 square foot unit to $3,595 for a 1,498 square foot apartment with two bedrooms and one and a half baths. This building joins Meruelo Maddux Properties’ 705 West 9th project (also renting, also in Chapter 11). [Blogdowntown]View post:
Roosevelt Now Renting: Despite its bankruptcy protection status, downtown…
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