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Condo Tower Site in Westwood Is Sold

May 10, 2003|Jesus Sanchez

The developer of a proposed 23-story condominium tower in Westwood has sold the site for $27 million to an investment group that says it will start construction on the controversial tower by the end of the year.

Los Angeles-based California Landmark Development and Chicago-based Fifield Cos. on Wednesday purchased the site at Wilshire Boulevard and Malcolm Avenue from a group headed by developer Richard Weintraub. Weintraub will retain an ownership stake in the project, said Ken Kahan, chief executive of California Landmark.

Weintraub and Richard Agay, head of the Westwood Homeowners Assn., angered many residents and officials in the city after they negotiated a deal that led the association to drop its opposition to the condo project.

Weintraub agreed to pay the association $275,000 to hire a neighborhood security patrol and contribute $275,000 to a legal fund. Weintraub also paid Agay $10,000 for his legal work.

The 93-unit tower is scheduled to be completed in 2005, with unit prices starting at $800,000, Kahan said.

-- Jesus Sanchez

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