Torrance : Bond Demand Met
The developer of two proposed housing projects for the elderly has complied with a City Council request that caused him to threaten to walk away from the projects two weeks ago. The council had demanded that developer Thomas Safran post a bond, rather that a partial letter of credit, to ensure completion of the jobs.
Safran met a Monday deadline for filing with the city a copy of the bond and his contract with a general contractor.
Safran’s plans for a 78-unit structure at Cravens Avenue and El Prado and a 36-unit building at Ocean Avenue and 226th Street were approved by the City Council in December, 1984, but since that time Safran and the council had argued over details.
Safran said he hopes to obtain his loan by Aug. 1 and begin construction by mid-August. He said the Ocean Avenue project should be completed in a year and the Cravens Avenue project in about 14 months.
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