Well, more time to come up with name ideas for this corner. BRE's Wilshire and La Brea apartment project won't break ground until late 2011, executives said today during an earnings call. And that date could be pushed back even further given the "financial duress" that Los Angeles is under, CFO John A. Schissel said. "That schedule may slip a little just given the amount of layoffs that have impacted the city of LA," he said. Rents in BRE properties in the LA-area are currently down 18.6 percent from their peak in the third quarter of 2008, executives said during the conference call, the biggest decline seen in any of BRE's markets.
Meanwhile, City Council Tom LaBonge's chief planning deputy, Renee Weitzer, said neighbors she's talked to aren't concerned about delays on the project, which is now going through the construction documentation phase.
"Who wants construction to start?" she joked, referencing the headaches of living around a construction zone. Likely less thrilled with today's news is the Conservancy, which had asked for a month delay on the approval process so the California Register of Historical Resources could decide the historic nature of the 1965 building, which BRE began dismantling hours after the City Council granted the entitlements.
· Columbia Savings Bank archives [Curbed LA]
· BRE Properties 2Q Down 38% On Higher Expenses; Occupancy Up [WSJ]