Nearly Complete, 705 W. 9th Residential Tower Enters Bankruptcy
Rich Alossi
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705 W. 9th, at 9th and Flower, is nearing completion but undergoing Chapter 11 bankruptcy.
DOWNTOWN LOS ANGELES — Meruelo Maddux last week filed bankruptcy paperwork for Downtown's tallest purely residential tower, the 35-story 705 W. 9th, but don't take that to mean the company has any intention to not finish the project.
"We filed the paperwork on Thursday," company spokeman Michael Bustamante said this evening. "There was a crew there on Friday and a crew there on Saturday."
The company, Downtown's largest landowner, declared its own bankruptcy back in March, but specifically exempted the 705 W. 9th project from that filing.
"Our focus is getting the building done," said Bustamante. "We have a leasing team in place. They're showing the property as we speak."
Does the filing affect those leasing operations? Not according to Bustamante. "It doesn't provide any problems for us." The company expects to release a statement on the filing either this evening or tomorrow.
The rental building's units start at $2248, with penthouses at $6600.
The Los Angeles Business Journal first reported the bankruptcy filing on its website this evening.
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Brian on September 10, 2009, at 12:41AM – #1
I can confirm that crews were there on Friday and on Saturday. I can also confirm they were there on Sunday and Monday. I will go one step further and confirm for the last week crews have been cutting metal and working until 11 pm and later (at least 11:30 pm tonight). I can't wait until this building is done - I know I live across from a construction project but the developer begins around 6:30-6:45 am each morning, 7 days a week.
It seems as though they are a long way from completion.
Jasmijn on September 10, 2009, at 12:32PM – #2
Oh yes, they're still there today, too. And they DO start around 0630. . . loudly. Sometimes they take Sundays off.