Development plans vs. reality

This is driving me a little whacky. Almost without exception, I read about this or that project that's been approved the city or about to be approved or under discussion - and nowhere is there any mention of the most important consideration: Do the developers have the financing to actually begin construction? Given the state of the credit markets, many if not most of them don't. It's not an insignificant issue: Delays in getting needed financing have a way of killing projects (or hasn't anyone heard of Grand Avenue?). From a story in this morning's LAT:

Despite the poor economy, the Westside continues to be a hotbed of development. Among dozens of projects large and small that have been approved or are under discussion are the expansion of the Westfield Century City shopping center, the redevelopment of the Century Plaza Hotel site, Playa Vista's Phase 2, a transit-oriented development from Alan Casden at Pico and Sepulveda boulevards, and the Bergamot Transit Village Center in Santa Monica, near the Bundy Village site.

I can tell you that many of the possible projects out there are but gleams in developers' eyes. Sorry to pick on the Times - everybody does it - but these kinds of stories are putting out a lot of misleading info. See any construction cranes out there, folks? That will tell you a lot about plans vs. reality.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing
Previous story: Many jobs won't return

Next story: More city layoffs?

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner

Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook