A long dormant 14-lot development at the intersection of North Avenue 66 and Staley Avenue in Garvanza is now slated for completion, after being purchased by Orange County based developer Kraemer Land Company.
Kraemer announced the $7.5 million purchase, made in partnership with Orange County builder South Coast Communities, though a press release on Tuesday, Jan. 29.
The development, which currently comprises four nearly completed homes and 10 empty lots, has sat dormant since the property was foreclosed on in 2009. The sale of the bank owned property was brokered by Pasadena based Land Advisors Organization.
According to the press release, "the company plans to finish four standing inventory homes within the next 90 days and complete construction on all remaining single family detached lots before year-end 2013."
Brett Albrecht, managing director of Kraemer Land Company, said that the four already under-construction homes were approximately 90-percent complete.
However, the remaining undeveloped lots would likely require extra planning to be brought up to existing building codes.
"We expect that the foundations on the existing lots will have to be demolished and rebuilt from scratch," Albrecht said.
Albrecht told Patch he believed Kraemer Land Company would be able to build houses on 13 of the 14 lots. The exception, he said, was a lot located on a steep grade, which may not be appropriate for development.
Asked if the project would conform to the existing Highland Park-Garvanza Historic Preservation Overlay Zone, Albrect said the exterior designs would be essentially identical to the plans approved for the original project.
Albrect added that, despite the original developer's failure to complete the 14-lot development, he believed the Highland Park property had too much to potential to pass over.
"The area has strong fundamentals, like access to the freeway, access to Downtown and access to large workforce," he said. "We expect those fundamentals to stay strong."
According to the press-release, the home's will be priced in the $700,000 range.