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Your GPW Editor-on-Occasion is Petra Fried in the City.
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stories along The Way

Thursday, January 7, 2010

RKO property still available to develop

Since Councilman Tom LaBonge bellowed years ago that he had turned his mighty powers toward procuring the RKO property, we were sure he'd have actually done it by now. Unfortunately, it looks like the Mayor of Griffith Park is more than just a little behind on this one. Probably too busy working on that new calendar.

Here's the bad news from Curbed LA:

Development: Still Available: Good Psyche and a $22 Million Hollywood Listing

Remember two years ago when a group of Chicago investors listed an 138 acre lot right near the “H” in the Hollywood sign for $22 million? The move freaked out the city, and in particular, City Councilman Tom LaBonge, who famously said homes shouldn’t rise near Hollywood sign, and that a clear view of the hills was “good for the psyche of Los Angeles.” Everyone else was just freaked out by the fact that the sellers purchased the plot in 2002 for $1.675 million–what a mark-up.

Anyway, in June 2008, real estate agent Ernie Carswell told us that that four offers had been submitted–and all had been at list price or above asking price. Hmmm. So what’s up now? And why is it no longer listed on the MLS? In an email, Ernie writes: “There is a potential purchaser who has negotiated a one year due diligence term, which is more than halfway finished. Meanwhile, for the possibility that the initial purchaser does not follow thru, the sellers are continuing to show the property, although we have not published it in the MLS. If by end of February there is no significant move forward, then the property will return to market, at a lower offering price, and we will begin a full marketing effort.” Take from that statement what you will.

Here’s the official site.