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.

FourOneSix Condos Delayed Until January

Not too surprising. From the News-Press:

Beset by a distressed economy and a soaring number of city inspections, the FourOneSix mixed-use condominium project on Broadway Avenue has pushed back its opening to January and will wait until its debut to push ahead with unit sales, officials said Friday.

After the project was approved more than two years ago, officials have sold just 14 of 115 units, according to officials with the development firm Intercorp, which is overseeing the project.

Their sales office on Brand has been open for about two years. I like the location - safe (next to the police department) and equidistant between Trader Joe's/Ralphs and downtown Glendale.