DROPPED: A two-decade development feud in Malibu came to an abrupt close when developer Trancas PCH dropped its lawsuit against the city. The developer had planned to build more than 50 condos and a dozen houses on 35 acres of undeveloped land near Trancas Canyon Road; it had obtained tentative approvals for the development from Los Angeles County in 1984. But when Malibu was incorporated in 1991, the city became responsible for its own land-use permits and never gave Trancas the green light. Malibu’s City Council officially disapproved the subdivision in 2003. Trancas filed suit against the city, challenging that decision, and sought to force Malibu to accept the 1984 approval by the county. Now that Trancas has dropped the lawsuit, that county subdivision approval is effectively dead.
LIT UP: Michael Hayden’s critically acclaimed 270-foot light sculpture “Generators of the Cylinder” has been relit in downtown L.A.’s Jewelry District after sitting dark since 2008. Hayden, who became a household name when he created a now-iconic neon sculpture in Chicago’s O’Hare International Airport, created “Cylinders” to be used with a hidden computer and infrared sensors that reflect the movements of people walking by, turning them into rainbow swirls of light. For its resurrection, the building’s co-owners hired Michael Grosswendt of All Coast Construction. Grosswendt selected specialty fabricator Damion Gardner of Damion Gardner Designs to disassemble, clean and reassemble Hayden’s work.
INVESTED: Google Inc. and Fidelity Investments have invested $1 billion in Elon Musk’s Space Exploration Technologies Corp., giving them a combined stake of almost 10 percent. The funding bumped SpaceX’s valuation up to $10 billion, and will allow the Hawthorne rocket maker to continue its research on space transport, reusability and satellite manufacturing. Investing in SpaceX brings Google closer to its goal of providing Internet access to remote areas. The tech giant already has Project Loon, a network of balloons designed to connect people to the Web in hard-to-reach areas of the world.
BANKRUPT: Wet Seal Inc., a Foothill Ranch clothing chain, could not catch a break even after shuttering 338 shops, and has filed for bankruptcy. West L.A. investment bank B. Riley Financial Inc. has reached an agreement to provide $20 million in debtor-in-possession financing to the embattled teen retailer. Wet Seal closed most of its stores during a rough business environment for shopping malls, where most of its stores are located. The company still operates 173 stores in 43 states. B. Riley has agreed to provide a $20 million term loan, including a $5 million block to be made available at closing, to help fund the company’s operations during bankruptcy proceedings.
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