
Watch it go.
Mayor Villaraigosa’s
favorite land developer, Meruelo Maddux (Nasdaq:
MMPI), from nearly eleven dollars to eleven cents in 26 months. The
Downtown News reports the company has “stopped making interest and principal payments on loans totaling $266 million,” and faces Chapter 11 if it can’t raise cash to service its debt.
On the ground, beyond the Bloomberg headlines, a certain Zen has set in at
Westfield Century City. Like the calm before a storm. Ten-dollar Coral Tree paninis are no match for Subway’s $5 footlongs. Macy’s feels like a museum, frozen in time. Outside, a handful of shoppers scuttle from store to store, clutching
unmarked bags, acutely aware. As I pass the future site of the aptly named
True Religion—purveyor of $300 blue jeans—I can’t help but smirk. Inside, the muffled bang of a hammer, like forehead against the wall. Ten days ago, Santee Alley was jam-packed, and I spotted True Religion knock-offs for twenty bucks.
Last night,
Michael Higby micro-blogged a flurry of updates from the Midtown North Hollywood Neighborhood Council meeting. Among the highlights:
Wendy Greuel remains enthusiastic about CFLs, tree plantings, and woodchips, according to her emissary—oh, and the big news: you CD2 commoners
will be granted the privilege of choosing her replacement. So will it be
Tamar Galatzan or
Cindy Montañez? I call this game Tony Tetris, where political offices blast open and Villaraigosa allies slide in. CD5 found a neighborhoodie … will CD2 follow suit?
In other CD2 news,
Abby Diamond blogs that the Los Angeles Mission College is
researching the possibility of opening a satellite campus on the former Kmart site, recently surrendered by Home Depot.
And finally, Civic Center Park
is moving forward without all the bells and whistles (we’ll thank ourselves a generation from now); SEIU boss,
James Bryant, is back
under the LA Times microscope; and
President Obama supports merit pay for teachers. Often, people just need to hear someone they trust say what they already know to be right. Who knows? Change we can believe in may yet come to LA Unified.
Labels: abby diamond, antonio villaraigosa, Barack Obama, Cindy Montanez, james bryant, L.A. Downtown News, Meruelo Maddux, michael higby, tamar galatzan