DOWNTOWN LOS ANGELES – Another Downtown condominium project is going the auction route: On April 18, 45 of the 80 units at the 655 Hope development will go on the block, officials with developer Seck Group announced this morning.
The firm Kennedy Wilson will handle the auction in the 17-story building. The Financial District effort ran into numerous fire code-related delays last year that pushed the cost from $15 million to about $17 million, a company spokesman told Los Angeles Downtown News.
The lowest starting bid will be $165,000 for some one- and two-bedroom lofts. Prices, originally set at $395,000-$999,000, had been lowered to $349,000-$920,000 last fall.
This is the second announced auction in weeks. Officials with developer Downtown Properties recently scheduled an April 22 event for the El Dorado Lofts. Like with that project, the 655 Hope event was planned in part so buyers can still take advantage of an $8,000 federal tax credit due to expire on April 30.
All units in the 655 Hope building have floor-to-ceiling windows and hardwood floors, according to a release. Eleven of the building’s 17 floors are residential. The structure also has three floors of indoor parking, a gym and a roof deck with a bar. The restaurant Qdoba is on the ground level.
The auction will start at 1 p.m. and is expected to last about two hours. The deadline for registration is April 15.
More information is available at the sales office at 655 Hope St., Suite 1505, or at 655hopeauction.com.
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