The pricey (*still a bit overpriced in my opinion) Dogtown Station condominium project at 700 Main St. in Venice is undergoing an ownership change. The developer RAD Ventures, LLC is going to buy out its equity partner, California Public Emplpyees’ Retirement System “Calpers” after a dispute in how to handle lagging sales. RAD is also in final steps to getting a new mortgage for the project.
“Calpers would have been happy to accelerate sales and get out of the project and move on. I am more interested in taking my time,” said RAD Managing Partner Robert D’Elia, who opted to not lower prices, which range from $575 to $600 per square foot. “It’s a delicate balance between maximizing price and the cost of money.”
The $40 million dollar 35-unit project was completed in January 2009.
Dogtown has found some recent success with a marketing campaign that highlights how the units can serve both as residences and offices. Units are built with open floor plans and include rooftop patios or balconies. The high ceilings and loft layouts have attracted live-work occupants.
75 percent of buyers have said they will use the lofts as live-work spaces. Owners include artists; producers; and actors, such as Dylan McDermott, who will house his production company there.
(*Source: Full Article: Los Angeles Business Journal – Daniel Miller)