Quote:
Originally Posted by colemonkee
The decision to abandon the project was primarily due to the current financial market, said Linear City principal Yuval Bar-Zemer. He said he was unsure whether the project would ever revert to housing.
"It's hard to tell these days. We have the entitlements, we have a set of plans ready for permits," he said. But for the economy to recover "might take three, four or five years. It's all up in the air right now."
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The fall of the housing mkt is occurring in major parts of Europe, in countries that did well over the past several yrs in a way that almost mimics what happened here in the US. So this problem is far reaching, almost global.
Based on this, the big question is how can any major new devlpt break ground in DT over the next several months?
Will it be a miracle if work actually begins on parkfifth over the next 2 to 3 months? It soon will be the last qtr of 2008, which is when the devlpr said he'd begin work on the tallest condo tower west of chicago.
Will it be a miracle if construction starts on the Grand Ave proj, even though its lag time extends to early 2009? How about LA central?
And don't get me started on the glass tower proj----anyone remember that one?----across from elleven.
BTW, I drove by the medallion proj today & that devlpt must be using some of the slowest work crews in the world. No wonder no one has bothered to take pics of it recently. At least the new apt bldg going up on San pedro St a few blocks away in little Tokyo is up to the 4th floor.
Strange reaction to the OBD this afternoon as I drove from around Broadway & spring Sts, which is mostly wall to wall bldgs, & then went down Main St, which has more gaps (or deadzones) of parking lots---& a more negative reputation. Main St, cuz it has fewer bldgs on both sides of it, was sunnier than Broadway & Spring, & therefore seemed more laid back or less gloomy. A weird response, though, cuz I generally hate all the gaps throughout DT. Must have been just one of those days.
But being in DT today did make me really laugh at NIMBYites, cuz LA in some ways, esp around DT, & esp on weekends, can seem so quiet, almost as though it's a much smaller city. So whenever I'm in the hood, I wanna ask: when are they gonna fill in that parking lot with a big new bldg? when are they gonna fill in that gap with another condo or apt tower? Can't something better replace that dive or hole in the wall?
Maybe if more ppl in SoCa didn't live so far away from where they're driving to everyday----or visa versa----& not have to put up with jammed fwys & streets, they'd be less likely to 🞵🞵🞵🞵🞵 about crowds & congestion, & the need for NIMBYISM.
I was in Simi Valley & then Valencia a few wks ago, & all I could think of was, why in hell do ppl move way out here?! Why do they want to isolate themselves from the rest of civilization?!
I'll admit there's the big advantage of less crime. But beyond the issue of personal safety, that still doesn't answer why so many ppl like to hole up in their houses, totally cut off from contact with lots of other ppl. Sort of the opposite extreme of living in a sardine can like NYC.
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