Apartments proposed for Crystal Cathedral land - Lansner on Real ...

Apartments are proposed for 7.2 acres (light blue, bottom) south of the Crystal Cathedral (center).

A sale and lease-back proposal released Friday would? potentially pave the way for hundreds of apartments to be built on the 30-acre site housing the Chrystal Cathedral.

Crystal Cathedral Ministries, which is in Chapter 11 bankruptcy, filed a reorganization plan late Friday that included a $46 million sale of the property to an outside investor, Register writers Deepa Bharath and Ronald Campbell reported.

As part of the deal, Bharath and Campbell wrote:

• Irvine-based investor Greenlaw Partners would pay $46 million for the cathedral and surrounding buildings, leasing back the cathedral to the ministry for at least 15 years.
• The ministry would have the right to buy back the cathedral, parking lots and most other buildings in four years for $30 million.
• Greenlaw would gain the right to seek approvals to build apartments ? potentially hundreds of apartments ? on what are now parking lots, low-slung buildings and lawns near the corner of Lewis Street and Dawn Avenue.
• Each apartment Greenlaw builds would knock $20,000 off the price the ministry pays to get back the cathedral and its core buildings. In an example cited in court papers, 400 apartments would reduce the repurchase price by $8 million.

For more details, read the full story HERE!

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Source: http://lansner.ocregister.com/2011/05/30/apartments-proposed-for-crystal-cathedral-land/111775/

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