Listen Now!  (3:32 Minutes)

Download the MP3  (1.2 MB)

• More Press-Enterprise Podcasts
• Podcast/iTunes FAQ
• Download the Latest iTunes Software
• Search All News Podcasts

Bank buys Riverside ex-condo project -

JP Morgan Chase has taken over a downtown Riverside development that started as 10 live-work condominiums with price tags of more than $700,000 each and was converted to apartments when the dwellings couldn't sell.

M solé, at 3257 Market St., was acquired by the bank in a trustee's sale late last week, according to a three-page letter delivered to m solé's tenants from the property management firm hired by the bank.

The project was developed by Los Angeles developer Alan Mruvka, who had previously restored Riverside's Santa Fe Depot and Ironworks buildings into office space.

Mruvka couldn't be reached for comment.

Another 12 parcels of land between Market Street and Fairmount Boulevard and First and Second streets that Mruvka bought to expand m solé to a total of 48 apartments, an additional 13,200 square feet of retail space and a grocery store, has also been foreclosed and is scheduled to be sold in a trustee sale Dec. 30   Read Full Article...