In a major blow to the Old Bank District, the $125 million Medallion development that would have brought 200 market-rate rental units, 750 parking spaces, 203,000 square feet of retail, an outdoor plaza, and an amphitheater to the 4th and Main area has abruptly stopped work, reports the Downtown News. Developer Saeed Farkhondehpour said construction will not start again for at least a year, if ever, because of the rising building costs and the state of the retail rental market: "I know a lot of the developers and property owners Downtown and maybe not too many of them are too frank and open about what's happening. It's bad, things are bad." Financing for the project will remain in place for a year, with the hopes the market will stabilize by then. Downtown developer Tom Gilmore thinks the rental market is really not that bad, and calls Farkhondehpour's decision "a little odd." A groundbreaking on the Medallion took place in July that tore up a 600-spot parking lot; there's now a cordoned-off hole in the ground that will sit fallow indefinitely. [The construction photos in gallery taken just yesterday]
· Medallion project abruptly halted [Downtown News]
· Medallion rising [Curbed LA]
Filed under:
Loading comments...