A World-Class Waterfront Once Again

30 September 2009 - 1:00pm

San Pedro, a port city near Los Angeles, is looking to boost its image with a 1.2 billion dollar makeover. Plans include a promenade, a cruise terminal, and a vibrant commercial district and could take up to 10 years.

"Construction work was expected to begin with a $42-million upgrade of the downtown cruise terminal and a makeover of the Ports O'Call Village's collection of Old English, New England and Spanish-style buildings connected by an uneven, narrow, red brick walkway.

In its heyday, the village attracted more than 1 million visitors a year.

It began to deteriorate in the 1980s and took a further hit with the closing of Marineland in 1987 in nearby Rancho Palos Verdes, and the creation or expansion of tourist-friendly districts in Pasadena, Santa Monica, Universal City and Anaheim."

Source: Los Angeles Times, September 29, 2009
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There is lots of theory, and lots of wonderful mathematics, and even lots of dealmaking. But the financial engineers are not real engineers who take responsibility for the bridges that fall down. They have no notion of a safety factor.