In the on again, off again, struggle to redevelop the old Ambassador Campus in Pasadena, it now looks like City Ventures may soon start demolition and building this spring. Time will tell though as countless other adventures have all fallen through. Dorn Platz, who bought the property from WCG around 2004/5 lost the property about a year and half ago when it was repossessed by the Fortress Investment Group (hedge fund) that originated Dorn Platz's loans.
City Ventures paid $15,000,000 for the property which included the upper campus; Academic Center and gardens, Olcott and TV studios, Merritt mansion, Terrace Villa, Mayfair and gardens, and the Library. The Hall of Ad is part of a separate lot that is still for sale. The Hall of Ad was part of the original buildings scheduled to be demolished and replaced for a high end retirement/senior center.. The Harvest Rock church is using it when it is not being used for film shoots.
City Ventures paid way more for just a part of the property than WCG ever received for the entire property.
The houses are on the market for well over a million dollars each. Seventy town houses are scheduled to be built first.
