[A rendering of the Figueroa Central project, Staples Center in foreground and 717 Olympic in the back; apologies for poor lighting]
Last night we attended a USC-sponsored event at City Hall discussing the state of Downtown in this terrible economy. Things remain iffy. Councilwoman Jan Perry (CD9) held out hope that the Grand Avenue project might actually move forward but is cautious, noting that if the project fails to go forward, the Downtown renaissance may be in jeopardy. Deputy Mayor for Economic Development Bud Ovrom brought along a rendering of the area around Staples Center, which included the under construction LA Live and the 54-story Ritz Carlton tower (now at 42 stories tall). Several of us noted the presence of the Moinian Group's Figueroa Central project. What ever happened to that thing? Glad we asked. Per City Council records, the 860-unit mixed-use project at the corner of 11th and Figueroa is stalled. "[D]ue to the current market situation, the Monion (sic) Group has been unable to secure Project financing and the development of the Project has been delayed." In addition, if it actually ever gets built, the Moinian group is planning to develop the project in two phases. No groundbreaking date or timeline was given.
· Figueroa Central Approved [Curbed LA]
· Here's Your LA Central [Curbed LA]