Developers of the project proposed at the former Wheatena factory at Elizabeth and West Grand avenues are scheduled to meet with city officials this week.

Matzel & Mumford is still interested but wants to discuss the timing of the project given the current market conditions, Redevelopment Agency attorney Frank Regan told commissioners during their December meeting.

The Redevelopment Agency in 2007 accepted a revised concept (.pdf) for the former oatmeal factory site, shifting from 264 condos and 36 townhouses to 130 townhouse units (72 “stacked” and 58 “traditional”) with parking for 324 vehicles.

There are nine parcels within the redevelopment area, including the former Quinn & Boden book binding operations adjacent to the Wheatena property, which is the largest. The 6.73-acre site (Block 228, Lot 1) was acquired in 1985 by the Los Angeles-based David & Sylvia Weisz Foundation for $2 million, according to property records.

M&M already has undertaken extensive environmental investigation, testing and analysis. The site is among the eight within the city that’s eligible for the state’s Brownfield Development Areas, which can provided up to $5 million annually in environmental investigation and remediation funding to the city.