Carmel Partners grabs stalled Casden site in West LA for $50M

Los Angeles /
Mar.March 10, 2017 04:40 PM

San Francisco-based Carmel Partners snapped up a West Los Angeles development site for $49.5 million from a real estate investment firm headed by Beverly Hills developer Alan Casden, according to Real Capital Analytics.

Casden acquired the site, at 11122 W. Pico Boulevard, for $42 million in 2007, and planned to build a 595-unit multifamily complex with 15,000 square feet of commercial space.

The project faced opposition from neighbors who worried about increased traffic in the neighborhood. They accused him of illegally using property owned by the Metropolitan Transportation Authority to calculate the development’s potential size. Plans to include a supermarket and a Target at the project were nixed.

Last April, a longtime cement plant on the still-vacant site, which is next to an Expo Line light rail station, was demolished, paving the way for the project to proceed.

Casden Properties declined to comment on the sale, saying simply that the developer was no longer involved with the site.

A spokesperson for Carmel, headed by Ron Zeff, did not immediately respond to a request for comment on plans for the property.

Carmel recently completed another mammoth multifamily project, known as Eighth & Grand, in Downtown L.A. The property, which sits on three acres of land at 770 South Grand Avenue, has 700 units in total and in anchored by Downtown’s first Whole Foods.


Related Articles

arrow_forward_ios
The Altana Complex and Waterford's John Drachman (Waterford)
Waterford Property venture acquires luxury rental complex from Carmel Partners
Waterford Property venture acquires luxury rental complex from Carmel Partners
Ron Zeff's Carmel Partners has agreed to pay a $1 million fine in connection with the Jose Huizar scandal. Zeff split image at far left and right; Huizar is in middle. (Multi Family Forum, Jose Huziar, SCB)
Carmel Partners agrees to $1M fine in connection with Huizar scandal
Carmel Partners agrees to $1M fine in connection with Huizar scandal
Photo illustration by Alexis Manrodt for The Real Deal (Getty, iStock)
The secrets still to come in the FBI’s Jose Huizar investigation
The secrets still to come in the FBI’s Jose Huizar investigation
A photo illustration of Ron Zeff and Jose Huizar (Credit: Desiree Stone/Getty Images, and iStock)
To live and bribe in LA: The sweet past and sticky present of Carmel Partners
To live and bribe in LA: The sweet past and sticky present of Carmel Partners
Jose Huizar (Credit: Kent Nishimura / Los Angeles Times via Getty Images)
Carmel Partners lobbyist pleads guilty to brokering $150K Huizar bribe
Carmel Partners lobbyist pleads guilty to brokering $150K Huizar bribe
Jose Huizar (Credit: Kent Nishimura / Los Angeles Times via Getty Images)
Jose Huizar’s trial now set for June 2021
Jose Huizar’s trial now set for June 2021
View of Carmel Partners' 520 Mateo
Huizar arrest fallout: Carmel Partners places exec on leave
Huizar arrest fallout: Carmel Partners places exec on leave
Carmel Partners eyeing apartment complex for East Hollywood
Carmel Partners eyeing apartment complex for East Hollywood
Carmel Partners eyeing apartment complex for East Hollywood
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...