A pair of failed housing projects in Eagle Rock and Echo Park that have sat uncompleted for several years appear closer to finally being finished. A Texas home builder has purchased the 36-unit Echo Park Townhomes, which neighbors will recognize as the weedy lot filled with partially built homes framed in blue-tinted wood. Meanwhile, Eagle Rock’s most prominent real estate ruin – a nearly-block long row of concrete columns and unfinished retaining walls on Colorado Boulevard – is in escrow. “The property is under contract,” said agent Kristina Kaminski with Rodeo Realty of the Eagle Rock project, a 17-unit, live-work, loft-style development that has sat idle for several years, attracting tagging, trash and neighborhood complaints. Kaminski, which listed the property for $2.5 million, would not identify the buyer interested in purchasing the lender-owned property. However, she said the deal could be closed within 30 days. “We are very optimistic about moving the project forward.”
The Echo Park project, formerly called The Durbin, at Echo Park and Delta avenues was purchased late last month by Texas home builder D.R. Horton, said listing agent Tim Barden with Land Advisors, a brokerage company (The Eastsider reported in April that the property was in escrow). Barden would not disclose the sales price but one real estate agent who has been following the deal said that Horton is believed to have paid more than $4 million for the 1.42 acre site, which drew multiple offers.
* Update: A spokeswoman for D. R. Horton had no further detail about the project. “Our LA division responsible for that project is refining the development vision and is not ready to make the details public yet.”