MOORPARK : St. Charles Condos to Be Finished Soon
A downtown Moorpark condominium development that has been sitting unfinished for almost two years will be completed soon, officials said Friday.
The bank that owns St. Charles Place, a 27-unit development at Los Angeles Avenue and Spring Road, has hired a contractor to complete construction of the project, a bank spokeswoman said.
“Construction is to resume, as I understand it, almost immediately,” said spokeswoman Jackie Palmquist of the Hawthorne-based Hawthorne Savings & Loan.
The bank, which took possession of the property in May, decided to finish construction because it could not find a developer who would buy and complete the project, Palmquist said.
Once construction is completed, Hawthorne Savings & Loan will sell the two- and three-bedroom condominiums individually. Palmquist said she expects that each unit will sell for at least $175,000.
Initial construction on the project stopped early in 1990, when the developer, Ranchview Partners, ran into legal and financial problems, Palmquist said.
Hawthorne Savings & Loan foreclosed on the property on May 8, 1991, and put it on the market shortly afterward for $3.1 million.