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Bank to Open in Building That Has Long History of Making the News
posted: September 3rd, 2009 05:05 am |
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A Farmers & Merchants bank will be opening next year in the now-vacant building at 2421 East Coast Highway, a few weeks after the property failed to sell at auction, sources said.
The building is located on East Coast Highway at MacArthur and had been on the market for $5.5 million before it was reduced to $4,995,000 million, according to an inactive online real estate listing, which named Massy Farzine as listing agent. Farzine did not return calls or emails. The ad said the building had 22-foot high ceilings and 15 secure underground parking places.
Previously, it was the home of Orient Handel, a carpet store that closed in 2007. The owner of that store did not return calls and emails seeking comment, but according to stories like this one in the Los Angeles Times, the shop had been the victim of a few fires and also had been shot at while doing business in Corona del Mar. The shop had opened in the 1970s; the vandalism occurred in the early 1990s.
Shortly after the carpet store closed, the owner of neighboring Panini Cafe submitted plans to the city’s planning commission. Panini’s proposed plan to move a block away was met by opposition from neighbors, who thought it would create parking and traffic problems. There were passionate letters both in support and opposing the restaurant’s move, and while the city planning commission eventually voted in favor of the business, it was appealed and eventually, the plans were shelved.
The space has been vacant for two years with for sale and for lease signs.
According to a sign now in the window, the Farmers & Merchants bank will open sometime in 2010.
