Having at least twice pushed off final approval for sale of 1601 N. Vine to developer Hal Katersky, the City Council will again consider today what to do with the prime spot, though at this point their desire to slow walk it is understandable.
As the Times noted in a brutal profile that ran when the City Council was considering the sale last month, Katersky's “business career has been entangled in lawsuits over failed ventures and clashes with former partners.”
City Council was set to sell the property for $4.5 million less than what the Community Redevelopment Agency paid for it in 2006; Katersky would then develop a $57 million office building that would cater to the entertainment industry.
The worst part? Katersky managed the firm that originally sold the property to the city for $5.4 million in 2006. See how that works?
More: He was sued for alleged fraud by former business partners in Culver Studios, which he once managed, and by a company that says it helped him expand into New Mexico. Katersky denied wrongdoing in the cases.
Last month, [Katersky's company] Pacifica Mesa, the owner of Albuquerque Studios, filed for Chapter 11 bankruptcy protection, claiming debts of nearly $105 million.
We'll let you know what happens today.
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