We interrupt this national building tour to bring you a not-necessarily-breaking news item (in fact it's about three weeks old, but I just heard about it).The massive building project in Downtown Los Angeles called LA Live which is supposed to fill in the big empay space between the cluster of high rises and the Staples Center sports arena which anchors the southern end of Downtown, was dealt another blow recently when national homebuilder KB Home bailed out of the huge hotel project that was to be the development's centerpiece.
This is the second developer to bail on the project for cost reasons (the 2 million square foot project is estimated-for now-- to come in at a cool $750 million).
The project will soldier on, however, under the management of AEG, and the 50+ story Ritz Carlton/JW Marriott hotel will get built eventually and I'm sure it will be awesome once complete.
If you've never seen downtown LA, it's both weird and cool at the same time. Rising out of the endless low-rise suburban sprawl is a large cluster of really tall, mosty cool office towers. It almost looks like something out of a science fiction movie. The closest thing I can compare it to is Rosslyn, Virginia (only taller), across the Potomac River from Washington, DC.
Thanks to Curbed-LA for letting me trade (delinquently) on their good reporting!
KB Home Leaves; LA Live Soldiers On [Curbed]
KB Home opts out of L.A. Live [Los Angeles Times]
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