Lakewood-Wadsworth Station apartment building

building at 1225 Wadsworth with tarp on the outside over the windows

October 2024 update
Canyon Partners Real Estate and DeBartolo Development have formed a partnership to acquire and complete the apartment complex at 1221 and 1225 Wadsworth Blvd. Once the acquisition process is completed, the partnership is expected to restart construction of the project in 2025.

The new partnership has no ties to the original borrower or developer and is bringing fresh capital and a new team to the project including a locally based general contractor.

The address for this development includes both 1221 and 1225 Wadsworth Blvd. When the project is completed, the official address will be 1221 Wadsworth Blvd.

The apartment is currently managed by a court-appointed receiver while the foreclosure process is completed. Until that process is finished, construction can’t legally restart on the project. The court-appointed receiver has implemented critical security measures shown below and is also addressing any site-specific issues raised by the City of Lakewood to ensure safety and compliance during the interim period prior to the foreclosure.

  • 6-foot perimeter fence.
  • 24-hour on-site security.
  • Video surveillance.
  • Installation of storefront windows on the first and second floors. 

Additional updates will be provided as they are available. 

Who owns this property?

Canyon Partners Real Estate and DeBartolo Development have formed a partnership to acquire the property and finish construction on it. This property is not owned or maintained by the City of Lakewood. Currently, a court-appointed receiver manages the property while it is in the foreclosure process.

 

Why haven't I seen construction lately?

In early 2024, construction of the property was paused as the then-developer encountered financial-related challenges. The project was not halted by the City of Lakewood, and the project is not out of compliance with its permit at this time.

The city engineer for developments will continue to work with the owner to understand the path forward with the site and its construction. Most recently, the city engineer received information that Canyon Partners Real Estate and DeBartolo Development have formed a partnership to acquire and complete the apartment complex.

 

What is the City of Lakewood doing to prevent crime at this location?

The following are among the steps taken to prevent trespassing and to secure the site:

  • 6-foot perimeter fence.
  • 24-hour on-site security.
  • Video surveillance
  • Installation of storefront windows on the first and second floors. 

 

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