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Downtown Development Fundraiser: 35 Cents on the Dollar

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Like selling your prized record collection on eBay to help pay your mortgage, Downtown landowner Meruelo Maddux is getting rid of a number of its 50 properties--at 35 cents on the dollar. No word on whether that includes the recently opened Union Lofts or 717 West Ninth in South Park, but completion of the latter is "threatened," according to Bloomberg. More: "'It sure looks like a cheap way to play the downtown L.A. market,' said Mike McGarr, a portfolio manager at $2.4 billion Becker Capital Management in Portland, Oregon..." Last year the company's co-founder and CEO Richard Meruelo said he plans to break ground on a new residential tower every six months. (Pictured: 717 West Ninth, now with glass on the front. Slated for completion in 2009.)
·Meruelo Maddux Tumble Puts Los Angeles on Sale at 65% Discount [Bloomberg]
·717 Ninth's Watery Plans [Curbed]