Miami builder to buy prime development site near Beverly Hills
One of the most desirable development sites in Southern California, a big vacant lot between Beverly Hills and Century City, is being purchased by residential developer Crescent Heights.
The Miami developer, which has built dozens of high-end commercial buildings in urban markets, has 10000 Santa Monica Blvd. in escrow, a spokesman said. He declined to reveal how much the company is paying for the 2.4-acre parcel but said that the sale is expected to close in October.
The previous owner, Irvine builder SunCal Cos., had planned to build a 45-story luxury condominium tower designed by prominent French architect Jean Nouvel. SunCal had paid $110.2 million for the property in 2006 after winning a bidding war with New York real estate mogul Donald Trump.The housing market cooled in the recession, however, and SunCal filed for Chapter 11 bankruptcy protection on the property and more than 20 others in late 2008.
A previous owner of 10000 Santa Monica Blvd. demolished a five-story office building completed in the 1970s that housed several tenants, including Jimmy’s restaurant.
-- Roger Vincent