Developer BRE, responsible for numerous SoCal apartment projects, announced their 2009 fourth quarter earnings yesterday, and held a conference call with analysts this morning. Why is this important, you wonder? Because during this morning's call, BRE President and CEO Constance Moore told analysts that no new development--which includes the recently approved Wilshire La Brea project--would begin till late 2010. Additionally, in their earnings report, BRE gives no estimated start date on any projects, including Wilshire La Brea, that are in the pipeline. All the developments are tagged "TBD" or "To Be Determined" under the estimated start date.
Given the economy, no one is rushing to build right now, so BRE's lack of a timeline isn't surprising. Nor did BRE promise they'd break ground this year: During last December's Planning and Land Use Committee Meeting, a BRE rep told the committee was looking forward "to breaking ground hopefully in the next year.” "Hopefully" seems to be the key word here.
But the timeline probably won't go over well with members of the Conservancy, who had requested a delay in the City Council's decision on the project so the California Register of Historical Resources could decide at a scheduled January 2010 hearing whether the Columbia Savings buildings was historic.
That building, as well as most of the long-empty Metroplaza mini-mall, has been flattened. All these photos were taken this afternoon. On the upside, the local community now has all the makings of an excellent Christmas tree lot.
Screenshot of page from report:
· Columbia Savings Building archives [Curbed LA]
· UPDATE: BRE Properties Swings To 4Q Loss On Charges; FFO Weak [WSJ]