As seen recently in the Wall Street Journal. Rosedale Azusa is bankrupt.
All Eyes on Land as Auction Nears
Housing developers thirsting for deals are excited for a large land auction that is expected Thursday after US Bank forecloses on a Azusa, Calif., property.
The US Bancorp subsidiary will auction enough land in the Rosedale master-planned community near Los Angeles to build more than 700 homes, people familiar with the matter say. That is big news to builders and real-estate investors, who are finding sizable land deals few and far between.
Some industry experts say the site could command more than $70 million.
Azusa Land Partners LLC, Rosedale’s master developer, couldn’t be reached for comment. US Bank declined to comment.
The site, located in the foothills above the San Gabriel Valley, is part of a project that was to include 1,250 homes, a recreation center, parks and other amenities.
While the housing crash halted progress, developers convinced recovery is imminent are itching to start again. The site has drawn “a lot of interest,” said Richard Gollis, co-founder of the Concord Group, a real-estate consulting firm. Major entitlements and infrastructure already in place are “a significant cost and time advantage for the new buyer,” Mr. Gollis said.
Builder Standard Pacific Corp. says it is eager to bid, but Chief Executive Ken Campbell declined to reveal how high he will go.
The long-running soap opera featuring Azusa, Glendora and the Monrovia Nursery has gone into stasis for the time being. Azusa had planned to build a complex community called Rosedale on the land formerly owned by the Monrovia Nursery, familiar to all residents who travel Sierra Madre Blvd.
Chalk another one up to the sub-prime crisis. Lacking ready capital, all developers, with the exception of Christopher Homes, have quietly folded up their tents and left the area. Some are trying to sell their parcels at bargain prices with no takers. Long story short–for now and into the foreseeable future, Rosedale is dead. The epic battle royale between Azusa and Glendora is over–not with a knock out or even a technical–it’s been called off altogether. Come back in three years, the hiatus may be over.
As for Sierra Madre Blvd, closed for quite some time, will be finished with developers’ funds. The City of Azusa wisely had required the funds deposited before any construction could begin. A few other projects will get their funding as well, but that’s it.
We may not see the beautiful bougainvillea back on the hillsides as in Monrovia’s time, but we will also forego the added traffic, pollution and congestion.