Tuesday, January 20, 2009

Poorly Timed FourOneSix Condo Project To Become Apartments

The giant FourOneSix development on Broadway has been sold to a new company and will now be apartments instead of condos. It's also now called "416 On Broadway". The leasing office on Brand has been closed for months and has this sign in the window.

From the News-Press:
Intracorp pushed back its planned October opening of the project at 416 E. Broadway to January, beset by a distressed economy and a soaring number of city inspections.

The sprawling mixed-use complex between Jackson and Kenwood streets in downtown Glendale includes 9,463 square feet of retail space and more than 100,000 square feet allotted for residential units. It was slated to be finished by the middle of 2008, but due to an increasing number of inspections and slower-than-expected condominium sales, the project was delayed.

Before Intracorp transferred ownership to Alliance on Jan. 6, the Long Beach company sold less than 15% of its units. Alliance officials said they plan to open units to residents by March 4, while deposits for those who purchased condos were returned.

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