In March 2009, downtown development company Meruelo Maddux, the company behind the 717 Ninth rental project (pictured), stated that due to its Chapter 11 filing, it would halt development on all projects. In this weeks' Los Angeles Business Journal real estate supplement there's a profile of Richard Meruelo. And guess what? The developer says he will announce a "new residential project in South Park in the next few months." Who knows when exactly this project will break ground, but here are some clues as to what it might be. An excerpt from a 2007 Downtown News article: "Having seen smaller projects succeed in South Park, the company has acquired a number of other parcels. Meruelo Maddux said a succession of high-rise buildings will break ground, with a new one every six months. Still in the planning stage are three nearby towers at 11th and Olive streets, including an unnamed 62-story skyscraper, according to a Meruelo spokesman." The company's official web site lists numerous proposed projects, including the aformentioned Southpark Towers project on Olive Streets. In terms of their property portfolio: According to their most recent quarterly filing, the company sold three development projects, 9901 Alameda, 816 Stanford and 801 E 7th Street in 2008.
· Meruelo Maddux Announces 2008 Fourth Quarter and Calendar Year Results [Official Site]
· Special Report: Won't Back Down [LABJ]