Revitalization Falters in Downtown L.A.

The revitalization of downtown Los Angeles took another hit this week, as real estate firm Meruleo Maddox Properties Inc., the largest private landowner in the area, revealed that it may have to file for bankruptcy protection.

1 minute read

March 16, 2009, 9:00 AM PDT

By Tim Halbur

Real-estate firm Meruelo Maddux Properties Inc. said Thursday that it was working to reach agreements with four lenders after the developer stopped making interest payments on 26 loans valued at $266 million. Three of those loans are due, and the company hasn't been able to extend them.

"The debt capital markets have totally shut down," Andrew Murray, the company's chief financial officer, said in an interview.

It is the latest shoe to drop for Los Angeles's downtown district, which has been the focus of a decade-long renewal project designed to convert old warehouses and office buildings into lofts, high-rise residential towers and an entertainment and retail district."

FULL STORY: Revival of Downtown Los Angeles Stalls

Friday, March 13, 2009 in The Wall St. Journal

Community / Economic Development Urban Development California Los Angeles Mortgage Crisis

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Learn More

Advertise with us

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.