For over a year I would stand at the foot of this beautiful building waiting for it to be complete and to open for the public to view. The building I am referring to is the El Dorado on Spring street. I have always admired it's beautiful green tile and balconies with every unit. I am ashamed to say, I have not gone on a tour yet to check out the inside, it is on the top of my list of things I must do, and I need to do it quickly because the El Dorado is open and selling units. The Downtown News ran an article yesterday stating that the El Dorado has successfully sold 3 units and there are 35 more in escrow. This project was originally budgeted at $27 million, but ended up costing $40 million, leaving Bill Stevenson, a partner in the development firm Downtown Properties, feeling that the El Dorado is both an aesthetic success and an economic disaster. He certainly seems proud of the work done to the building, but it seemed that they ran into every obstacle possible to cost more money and time, to the point that they will be able to pay the bank back and that is about it, the equity is lost.
There will be a more in depth article in the Downtown News on August 30th.
