Development

In June, Moinian Group Director of Development Oskar Brecher said that the loss of parking revenue on an $80-million lot across from Staples Center could send the project into default. Turns out, he was right.

The Downtown News reported today that Wachovia Bank has initiated foreclosure proceedings after the project missed payments. The paper reports that the developer owes $45.6 million on a $55 million loan. — Continued Inside...

Walking along Broadway, it is easy to see the disrepair of buildings that line what used to be the city's premier street for shopping and entertainment. Less apparent is the danger underfoot, where crumbling foundations and extended basements have left the sidewalks near collapse.

A shifting section of sidewalk near the Broadway-Spring Arcade building offers a glimpse, however. — Continued Inside...

After years of delay, YWCA Greater Los Angeles is preparing to break ground on a new South Park campus for the Job Corp program after receiving $82 million in federal stimulus funds.

The seven-story, 154,000 square-foot facility, to be located on Olive street between Olympic and 11th, will house a classrooms, a library, computer lab, medical facilities and residential units for 400 students. — Continued Inside...

Fifty years ago today, $58 million in federal funding for Los Angeles' 136-acre Bunker Hill redevelopment project was announced, paving the way for the city's redevelopment agency to begin acquiring land.

At the time, Community Redevelopment Agency head Joseph T. Bill told the L.A. Times that "within six years after the land buying begins, all the new buildings on Bunker Hill should be completed." Six, give or take 45 or so... — Continued Inside...