SunCal Condo Tower
10000 Santa Monica Blvd.
SunCal Cos. had plans to build a $400 million condo tower designed by famed French architect Jean Nouvel (rendering left). But the company has stopped work on the project. Investment bank Lehman Brothers Holdings Inc. had been an equity partner until its September bankruptcy. The Irvine-based company purchased the site for $110 million in a Chapter 11 bankruptcy auction.
9900 Wilshire Blvd.
9900 Wilshire Blvd.
British developer Candy & Candy has plans for a 252-unit condo development on the site of the shuttered Robinsons-May department store (rendering above). Partner Kaupthing Bank of Iceland was seized by Iceland’s government amid the failure of the country’s banking sector. Principal Nick Candy said the firm is working with lender Credit Suisse to restructure a $366 million loan and talking with Kaupthing to take over its stake in the project. The developer also is proposing to reduce the number of condos and replace them with a five-star hotel.
The Grand
Grand Avenue and First Street
The mixed-use development has a new groundbreaking date of February 2009 at its site, above, but the $3 billion project has been delayed several times. Related Cos. has had trouble securing a construction loan, but it was disclosed last week that three Korean insurance companies will invest $100 million in the project. Related faces county fines if construction doesn’t start by February.
Park Fifth
433 W. Fifth St.
The 76-story Park Fifth would be the tallest condo project in Los Angeles. It was slated to break ground in October 2007, but has been pushed back until the second quarter of 2009 and is still just a parking lot, left. The developers, a group of local and international investors called Park Fifth LLC, need more capital and still have to finish architectural and engineering work, according to project manager Rich Marr. The $1.3 billion development, approved this summer, would include luxury condos, a hotel and retail. Marr said that there is a term sheet in place for a construction loan, but declined to discuss details, citing a confidentiality agreement.
Universal City Vision Plan
Universal City
NBC Universal Inc. unveiled plans in December 2006 for up to 2,900 residence on its 391-acre Universal City back lot, in addition to remodeling Universal Studios and CityWalk, above. Industry sources have speculated that the housing market crash has put a damper on the plans, but NBC spokeswoman said plans are moving forward.
Newhall Ranch
Highway 126, Santa Clarita
Newhall Land and Farming Co. hopes to break ground on the 21,000-home Santa Clarita project as early as 2010. However, LandSource Communities Development LLC, the parent of the Valencia developer, filed Chapter 11 on June 8. LandSource, majority owned by the California Public Employees Retirement System, has debtor-in-possession financing to carry it at least through 2009.
