Hello Chicken Littles, the sky is falling, as are the towers. The first overpriced condo tower to take the tumble is tower two of the proposed Concerto project at Ninth and Fig, according to the LA Business Journal.
Sonny Astani, head of the Beverly Hills development firm, said that given the state of the downtown condominium market and rising construction costs, the project does not pencil out, even though most units were to be sold for more than $600,000. “It’s not a good investment to spend $525 a foot to build over three or four years with the hope of netting $650 a foot,” he said. “It’s a horrible investment.”