Concerto Changes Hands, Staying Condo
Mikey Wally
Concerto's 30-story tower is seen behind the low-rise portion of the project, which sold out as condos last year.
DOWNTOWN LOS ANGELES — The future of the 30-story Concerto tower at 9th and Figueroa finally got some clarity this week after a drawn-out bankruptcy process. The tower won't be completed by developer Sonny Astani, but the building's new owners will keep the units condominiums according to reporting by Curbed L.A..
Astani and Corus Construction Venture—the entity that had acquired the construction loan for the project when Corus Bank went under—this week announced a settlement that will transfer the tower to the latter company, which is rebranding itself ST Residential.
The 271-unit tower was described in court documents as 98 percent complete.
ST Residential also gets the hole at 9th and Flower that was planned to be the site of a second tower.
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