Developer selling land that sparked high-rise fight. (Real Estate).AFTER six years and countless battles with neighborhood groups regarding a proposed high-rise condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. just east of Westwood Westwood. 1 Residential town (1990 pop. 12,557), Norfolk co., E Mass., in the greater Boston area; settled 1640, inc. 1897. It has several early 18th-century buildings. 2 Residential borough (1990 pop. 10,446), Bergen co., NE N.J. Village, Richard Weintraub is selling the 1.1-acre parcel at the southwest corner of Wilshire Boulevard Wilshire Boulevard is one of the principal east-west arterial roads in Los Angeles, California, United States. It was named for H. Gaylord Wilshire (1861-1927), an Ohio native who made and lost fortunes in real estate, farming, and gold mining. and Malcolm Avenue for an undisclosed price. Chicago-based developer Fifield Cos. is in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. to buy the site from American Glendale Inc., Weintraub's firm, with plans to break ground on a 23-story, 85-unit project in late summer, with completion slated for spring 2005. It would be Fifield's first project in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . "We signed a contract to buy it from Richard subject to his completing the entitlements," said Steven Fifield, the company's president and chief executive, who said an agreement was reached six months ago. "We have given him the option to participate as a minority investor and I expect him to participate." Weintraub, who denied having sold the property in an October interview with the Business Journal, did not return calls seeking comment. The Malibu-based developer received approvals from the West L.A. Area Planning Commission Noun 1. planning commission - a commission delegated to propose plans for future activities and developments commission, committee - a special group delegated to consider some matter; "a committee is a group that keeps minutes and loses hours" - Milton Berle to build a 290-foot-tall structure on the site last July, three years after getting approvals to build one nine-story and one 14-story building. The July decision was opposed by the Holmby-Westwood Property Owners Association and Westwood Homeowners Association for violating the Wilshire-Westwood Scenic Corridor's six-story, 75-foot height limit. That was a major factor behind L.A. City Councilman Jack Weiss' pledge to prohibit pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. any new exceptions to the limit. "Our hope is that we're doing such a high quality project that it will pull up property values around it," said Fifield, who has brought on L.A. based Nadel Architects Inc. to head design efforts. "But there will always be people that just as soon want to see nothing at all there." Staff reporter Danny King can be reached at (323) 549-5225 ext. 230, or at dking@labusinessjournal.com. |
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