Plan to expand Americana mall takes big step forward
Developer Rick Caruso has negotiated a deal to acquire the Golden Key Hotel as part of his bid to expand his 15.5-acre Americana at Brand, attorneys for both parties said during a court hearing Thursday.
The amount of the agreement was not disclosed, but in papers filed this week in Los Angeles County Superior Court, Golden Key Hotel owner Ray Patel estimated the value of the 55-room inn at $15 million to $17 million. Its assessed value is $4.9 million, according to county records.
The deal would bring to a close a three-month public ordeal after Caruso announced his intent to expand the Americana mall onto two properties -- the hotel and a vacant brick building. Patel has resisted, rejecting a $6-million buyout offer and publicly criticizing the city for backing the billionaire developer.
Neither side would confirm the deal discussed by their attorneys in court. In November, Caruso asked the Glendale City Council to approve his plan to demolish the hotel and a vacant building next door, which are in a redevelopment zone.
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-- Bill Kisliuk, Times Community News
Photo: The Americana at Brand in Glendale.
Credit: Los Angeles Times
EDITOR'S PICKS:
Hey Patel, I signed your petition in your fight agaisn't Caruso. All this time, it was to hold out for more money?
Your no different than Caruso. Scumbag.
Posted by: Deceived | February 25, 2011 at 03:29 PM