A partially finished work-live condominium complex with 38 units located in the Los Angeles Art District. Originally built as a warehouse for the Spreckels Brothers Sugar Company, this 57,703 square foot building was redesigned as a three story complex, with parking on the first story and loft-style townhomes on the remaining two.
Douglas Wilson Companies (DWC), agent for Receiver, was charged with managing the property and completing construction.
DWC’s responsibilities included negotiating all mechanics’ liens, extending the vesting tentative map, obtaining a building permit extension, advising on mold, HOA, and easement issues, compiling a cost-to-complete construction budget and bringing the building to sale-ready condition. Once the scope and cost to complete construction was presented to the parties, it was determined that construction would not proceed. From there DWC worked to maintain the accounts necessary to protect the property, such as security, utilities and insurance.
The property was sold and the Receiver was successfully discharged.
Superior Court of the State of California, Los Angeles County
Los Angeles, CA
Douglas Wilson Companies was founded in 1989 to provide a wide range of specialized business, workout, and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITs, financial institutions, and property owners throughout the United States.
1620 Fifth Avenue
San Diego, California 92101