As noted in linkage last night, the Financial Times' Los Angeles special package is a bit odd--it almost feels you're reading an advertorial. LA Live is completely on track, reports the paper, having locked up financing for the $2.5 billion project before the credit squeeze. According to Tim Leiweke, CEO of developer AEG, the condos represent the riskiest part of the mixed-use project. Via the Financial Times: “Had it not been for the economy, we would have sold out. But we have sold more than 60 per cent. There are no other projects like this in downtown LA that are anything like this one ... we don’t open for another year and we think more than 90 per cent will be gone when we do.” AEG is also bullish on concert ticket sales during the recession: “I don’t think anything is recession-proof ... but this generation thrives on entertainment. We’re bullish about this generation of consumers and their ability to keep spending.” Keep spending, kids. [FT.com]
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