Developer of Bundy Village medical complex files for bankruptcy protection
The developer of the proposed Bundy Village medical complex has filed for bankruptcy court protection under Chapter 11, saying the action was in the best interest of the company.
The Nov. 3 filing by Westside Medical Park LLC lists total debts of nearly $68 million and assets of $89 million.
As originally envisioned, the 11.5-acre development of medical offices, retail stores and housing on Olympic Boulevard between Bundy Drive and Centinela Avenue would have resulted in 21,000 additional daily car trips in the area, according to traffic engineers. Those would be on top of thousands of trips generated by the many media and entertainment companies that already have offices in the district.
The proposal by developer Michael R. Lombardi generated stiff opposition from residents and Kilroy Realty Corp., a development company that helped bankroll protests and “Fight Bundy Village” lawn signs from Pacific Palisades to Westchester.
After hearing residents’ concerns, L.A. City Councilman Bill Rosendahl urged Lombardi to scale back his plans.
Lombardi has said he would come up with a new plan for the site.
-- Martha Groves