From today’s LA TIMES:
Major Tower Planned in L.A.
Robert F. Maguire wants to develop the 50-story structure at a cost of more than $300 million.
By Roger Vincent, Times Staff Writer
October 17, 2006
“Developer Robert F. Maguire said Monday that he planned to build a high-rise office building in downtown Los Angeles, the first significant addition to the city’s skyline in 14 years.
The proposed 50-story tower at Figueroa and 7th streets might also signal the beginning of a round of office development that would expand the city’s financial district.”
That is damn good news for Los Angeles. The city has not built a signficant tower in the past 15 years. It’s slick, modern and looks good from the outside…everything that LA represents.
Here in Van Nuys 
I read on some blog (Might have been a comment at Curbed LA) that this whole tower is a hoax; it’s not going to be built, it’s just being proposed to pad out the portfolio of potential projects, so that they can sell the company (Maguire Properties) and get more money for it. That makes me sad.
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Maguire’s making a risky bet here. Downtown is a much stronger office market today than it was, say, 5 years ago. However, vacancy rates are still a good bit higher there than in places like Century City, Burbank, and Pasadena.
This won’t get built if construction prices keep going up, but I’m not sure if that would happen. The loose-lending-driven Chinese construction boom can’t go on forever.
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