Proposed Rowena Townhomes
The developer that demolished the former Coffee Table cafe and other nearby buildings to make way for a condominium project has put the Silver Lake property up for sale only about a year after purchasing the site. Miami-based 15 Group did not set an asking price for the 1.25-acre site on Rowena Avenue that can accommodate 40 homes, according to marketing information. But the same property sold for about $8.2 million a year ago, according to online property records.
The Eastsider has contacted the 15 Group, which is also developing projects in Boyle Heights and Echo Park, to find out why it put the Rowena Townhomes on the market. Earlier this year, Justin Barth, an executive with the firm, said he expected a 45 -unit project to be completed within two years, with prices for the three-story homes ranging from $500,000 to $600,000. In addition, 15 Group had tentatively been set aside for a cafe or retail use if a buyer can be found.
Land Advisors, the brokerage firm handling the sale, said offers are due August. 8
Read the Full Story at Eastsider LA