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grantchester recap

• Posted by sara james October 15, 2022 Filed in Entertainment #grantchester recap  18 views
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  I was personally affected by the overturning of the Hollywood Community Plan update. In December, my firm was in the process of tying up a piece of property in Hollywood near Franklin and Wilcox to develop a new ground-up market-rate apartment complex. We would have been able to build 58 units pursuant to the zoning adopted in the Hollywood Community Plan update and everything was moving forward. We had a signed LOI, an equity partner on board and a grantchester recap jump-start on engaging consultants for design, engineering and entitlements. Less than 24 hours from executing a Purchase and Sales Agreement, Superior Court Judge Allan J. Goodman made his monumental ruling and our deal imploded overnight. Now, instead of a 58-unit apartment deal, the judgment dropped ours down to a 38-unit deal. The amount of money that we were planning to pay for the property no longer worked since we lost 20 units instantaneously. Where the proposed purchase price worked for a 58-unit complex, it was simply too much for a 38-unit complex, so we had to bow out of the transaction. Unfortunate as it was, in hindsight, it was good that this news came to light at the time that it did, rather that after we were to Close on and own the property like some of the aforementioned developers.