And slowly but surely, things downtown continue to progress. Adding 77 residents to that area over the next couple of months will have a noticeable impact in and around 9th and Flower. The tower will have an even larger impact over the next 6-12 months.
From the
Downtown News today:
Concerto Welcomes Residents
Buyers Began Moving Into Bankrupt Project In November
by Anna Scott, Staff Writer
DOWNTOWN LOS ANGELES – Residents have begun moving into the first phase of the Concerto project, developer Sonny Astani said yesterday.
All 77 units in the seven-story building at Figueroa and Ninth streets in South Park sold during an August auction, but escrows were delayed after Concerto’s lender, Corus Bank, was taken over by the Federal Deposit Insurance Corp.
Astani filed for bankruptcy protection for the project, partly in an attempt to close the sales, in September. A bankruptcy court judge the next month ruled to allow Astani to complete the sales, and residents began moving into the project in November, Astani said.
The second phase of Concerto, a 30-story tower with 281 residences, will resume construction next year, the developer said.
Contact Anna Scott at
[email protected].