Garden Grove Galleria, a condominium and stores development in Garden Grove’s Korean enclave of Little Seoul, has been put into receivership.
San Diego-based Douglas Wilson Cos. said it has been named court-appointed receiver for the eight-story, 126,510-square-foot project under construction on Garden Grove Boulevard near Brookhurst Street.
The $50 million project had been backed by a trio of Korean-American companies: developer Theodore Investment Properties Inc. of Los Angeles, Archia-Crea Inc., a Los Angeles architect, and Garden Grove’s Sunny Realty LLC.
The project, which calls for 66 condos on three stories above 130,000 square feet of store space, was set to be done last fall before stalling.
Garden Grove Galleria had been envisioned by the developers and the city as revitalizing Orange County’s historical Korean enclave in Garden Grove.
After booming in the 1970s and ‘80s, Garden Grove’s Korean Business District now competes with growing Korean hubs in Fullerton, Irvine and Buena Park.
It’s unclear what Douglas Wilson plans to do with Garden Grove Galleria. It could seek to find someone to take over debt on the project, sell the unfinished site or find someone to finish work on the project.
