Tuesday, July 06, 2010

Another Nearby Condo Project Goes To Auction

Ms. Melissa Pamer reports in the July 7, 2010 edition of The Daily Breeze that a 18-unit luxury condominium project has found no buyers and is on the auction block.

Here is a link to the article: http://www.dailybreeze.com/news/ci_15451511

Silver Spur Court was built but unable to court any buyers to the new building at the corner of Silver Spur Road and Crenshaw Blvd.

This may be an indication of why nothing is happening quickly at all with Ponte Vista at San Pedro and it is also a great example of what could have been for the site had Bob Bisno not been stopped in his tracks before any new building could occur.

It now seem almost certain that had Bob not found opposition to his idea to place at least 2,300-units along Western Avenue, he may have begun building the first phase only to run into the economic downturn that would have stopped his development.

We could have been looking at a site similar to what is found on the corner of Hawthorne Blvd. and Rolling Hills Road and that hillside turned into a horrible non-construction site.

Yes, we still have to deal with the blight that has been at Ponte Vista for over a decade. Yes, we still have to deal with not knowing what the future holds in store or when the future plans might be revealed.

But I would rather have what we have now than a closed-down construction site with contractors not receiving pay for work they started but didn't complete. We also don't have a partially built first phase that was first considered to be built along Western Avenue.

My thinking is that if we hear anything about what may be in store for Ponte Vista at San Pedro before 2011, that may be too early. I am looking towards the second quarter of next year unless the current owners find a buyer for the site to take it off their hands, in 2010.

1 comment:

Jim said...

How does this sound.....

Shell can buy the Ponte Vista property at recession prices and build single family, R-1 homes to replace the houses that were built on one of their former tank farms in Carson, which has recently been found to be contaminated.

The cleanup in the "Carousel Neighborhood" is going to cost tons of money, some say the houses may need to be torn down to properly clean everything up.

If this is the case, Shell can save a lot of money by offering to build a new neighborhood for the Carousel residents. They are most likely going to end up buying their homes anyway, and if they just settle up and pay them off, they can save millions in court costs and lots of bad publicity. In fact, Shell can go in halves on the Ponte Vista property with Exxon Mobil. They also have a problem with a contaminated neighborhood on Del Amo and Western Ave.

This seems too simple. Build homes they will end up having to pay for anyway. Tear down the homes and cleanup the contamination which they will end up having to clean up anyway, and then redelvelop the property for non-residential use.

And Ponte Vista would remain R-1