Downtown foreclosure?

It's still just a parking lot at 11th and Figueroa, but developer Moinian Group had received entitlement to build 53- and 37-story towers housing 860 condominiums, plus 250,000 square feet of retail space. Basically, it was going to compliment L.A. Live. Now it faces foreclosure proceedings, according to the Downtown News. The property owner failed to make several payments and owes Wachovia about $45.6 million. These filings have become fairly common, and they set the stage for a huge rejiggering of downtown property.