The Los Angeles Business Journal just wants to ruin your afternoon. They released a list of six big projects currently living in limbo, teetering on the verge of cancellation. Of note was the inclusion of the Park Fifth mixed-use towers of homes, retail, and hotel which would rise up to 76 stories on a parking lot near Pershing Square. This biggie always seemed like a long-shot, but the developer and investors seemed to be making slow but steady moves forward. According to the Journal, the developers need more capital and still have to finish architectural and engineering work. Project manager Rich Marr said there's a term sheet in place for a construction loan, but declined to discuss details, citing a confidentiality agreement. Oy.
1. 10000 Santa Monica Boulevard
3. The Grand
5. Newhall Ranch
· Unfinished Business [LABJ]
· Unstoppable Park Fifth [Curbed LA]