The Ratkovich Company filed plans to build a multifamily residential complex on its 40-acre mixed-use campus at 1000 S. Fremont Avenue in Alhambra, Urbanize reported.
The Wayne Ratkovich-led company, which is the minority owner of the site, proposed a three-phase development on 20 acres of land currently occupied by parking lots and small commercial buildings, according to documents filed with the Alhambra City Council last week. The project, dubbed “The Villages at the Alhambra,” would create up to 1,061 residential units (516 for sale, 545 for rent), split up with internal roads and pedestrian walkways.
Ratkovich initially planned a 351-unit condominium complex for the site in 2006 but it never came to fruition.
Phase one of its new proposal would consist of building the proposed parking structure, located along Palm Avenue. The second phase would consist of three wrap buildings along Mission Road, while the final phase would involve building three podium-type buildings and 36 townhomes on Orange Street.
Ratkovich Co. bought the Alhambra complex in 1999 and refinanced it with a Goldman Sachs loan in 2006. A partnership led by the Ratkovich Company and American International Group sold a majority stake in campus to two new partners, ELITE International Investment Fund and Shanghai-based Future Land Holdings, in February. Ratkovich retained a minority stake in the project and reamins the general partner, overseeing day to day operations, while AIG exited the deal.
The sale of the property helped the previous partnership pay off an existing $130 million CMBS loan attached to the property, which had been transferred to special servicing amid concerns of a default.
Ratkovich has struggled to lease up its Bloc development in Downtown Los Angeles. [Urbanize] – Natalie Hoberman