De La Hoya Pulls Out of MJW's East L.A. Project
A 22-acre parcel next to Sears, Roebuck & Co.’s East Los Angeles store is back on the market after a joint venture between boxer Oscar De La Hoya’s Golden Boy Enterprises LLC and two Southern California developers fell through last week.
MJW principal Mark J. Weinstein, who is the seller, confirmed that the venturebetween Golden Boy, Manarino Realty and Highridge Partners fell through after the group failed to provide a $2 million deposit to MJW by Dec. 31, 2007.
The group had an agreement to purchase the property for $70 million but reportedly tried to negotiate for a lower price. The property is earmarked for a mixed-use project that would have brought badly needed housing and retail to East L.A.
MJW is the developer of Santee Village, the Los Angeles Fashion District’s first adaptive re-use project featuring loft apartments, condominiums and retail space. —Robert McAllister
