Less than a year after stepping in to the picture, KB Home is leaving L.A. Live developer AEG high and dry once again. Poor heartbroken AEG has promised to carry on solo for the time being. Back in January we reported on the developer's breakup with Apollo Real Estate Advisors, only to be spotted canoodling with KB Home later that month. Local economic watcher, Jack Kyser was blase about the whole development: "At this stage, it's best for AEG to just move ahead. They have ambitious plans for the whole L.A. Live project, so they have to go for it." Despite much discussion about the health of KB Home on this blog, an LA Times story quotes a KB Home spokesperson as saying that "KB has not been immune to the changing dynamics in the housing market," and that building high-rise towers is "not part of [their] corporate business model." Ouch, that's got to hurt. AEG has been spotted around town with gal pal Paris Hilton, but insists it's too soon for another relationship.
· KB Home opts out of L.A. Live [LA Times]
· KB Homes Enters the Picture for LA Live! [Curbed LA]