05-25-09

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LOS ANGELES

DOWNTOWN

NEWS

10-17

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City West homicide, a bankruptcy, and other happenings Around Town.

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The controversial Mixed-Income Ordinance gets another heated airing.

W W W. D O W N T O W N N E W S . C O M

May 25, 2009

Volume 38, Number 21

INSIDE

Healthcare

Barry Shy Just Keeps Building Controversial Developer Is Speeding Ahead, With Three Downtown Projects Opening This Year

Finding ‘Talent’ in Downtown.

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Urban Scrawl on the budget crisis.

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by Anna Scott staff writer

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arry Shy is one of Downtown’s most controversial developers. He is also one of its most prolific. With two recently completed residential buildings and another under construction in the Historic Core, he will add 628 units to the Downtown market in less than a year. This is in the midst of the most severe recession in decades, one in which several Downtown Los Angeles developers have seen their profit margins shrink or, worse, have filed for bankruptcy. Shy’s Shybarry Main, a 214-apartment

former office building at 111 W. Seventh St., opened three months ago. SB Spring, at 650 S. Spring St., debuted this month and contains 174 apartments. A third residential conversion, the SB Tower at 600 S. Spring St., holds 240 apartments and is approximately six months from completion, Shy said. The three projects were originally planned as condominiums. While shifting from for-sale to rental status has been difficult if not disastrous for many Downtown developers, Shy said a business model built on long-term planning see Barry Shy, page 9

Grape Expectations How to spend $40 billion in transit funds.

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Downtown Suddenly Finds Itself Awash in Wine Bars

photo by Gary Leonard

Barry Shy has created approximately 1,100 Downtown housing units. While some people criticize him, his projects fill up thanks in part to low prices.

What They Meant Was… In the City Budget Battle, Words Can Be Misleading by Jon Regardie executive editor

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n City Hall, the end of April marks the start of what is known as budget season. In most years it’s a fairly placid affair, with just a bit of kvetching as the

Shopping secrets from Downtown chefs.

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THE REGARDIE REPORT

photo by Gary Leonard

A play on the banks of the L.A. River.

Corkbar opened in March on the ground floor of the Evo building. The establishment, one of five wine bars in Downtown, specializes in selections from California.

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by Ryan Vaillancourt staff writer

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Return of the Last Remaining Seats.

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22 CALENDAR LISTINGS 23 MAP 25 CLASSIFIEDS

ive years ago, when Monica May opened Banquette, a cafe and wine bar in the Old Bank District, it was to cater to a small but growing residential community. Banquette and its neighbor, Pete’s Bar and Grill, were the pioneers in bringing restaurant and bar life to the area. May, who now also co-owns the nearby Nickel Diner, had no illusions about satisfying wine connoisseurs. She envisioned Banquette as a quaint joint, reminiscent of European rail depot cafes, where you could grab a quick bite or nurse a glass of house red. Now, there are two more wine bars, the kinds with sprawling lists

boasting bottles from all over the globe, in walking distance from Banquette, as well as two recently opened establishments in South Park. Suddenly Downtown has a critical mass of wine bars. “The amazing thing to me is that when I started Banquette in 2004, my best seller was cups of ice to crackheads for 50 cents and when I raised it from 25 cents to 50, I was accused of gentrifying the neighborhood,” May said. “I feel like I’ve made the way safe for people who can come in and charge $14 for a glass of wine.” But as Downtown residents cozy up to sip Cabernets and Syrahs, it’s uncertain whether there’s room enough for all. Recently 626 Reserve, see Wine Bars, page 8

City Council tweaks about 1% of the spending plan that the mayor puts forth. This year, however, has been tumultuous, sort of like if Hurricane Katrina, the Northridge earthquake and an inebriated Paula Abdul all hit City Hall at the exact same moment. With Los Angeles facing a $530 million deficit in the fiscal year that starts July 1, elected officials are

struggling to slice fat while also protecting their pet projects. The situation is both deadly serious and decidedly uncertain, with estimates on the number of layoffs the city will have to endure bizarrely ranging from 400 to 5,000, depending on whose spin, threats and number crunching you believe. Recently, it erupted into a bitter public safety battle, as the team of Mayor Antonio Villaraigosa and Police Chief William Bratton got all uppity when the City Council’s Budget & Finance Committee voted 3-2 to freeze police hiring as a way to lessen layoffs and furloughs. Last week a cork was plugged into the top of that volcano, with see What They Meant, page 7

photo by Gary Leonard

Mayor Antonio Villaraigosa and Police Chief William Bratton found themselves in the middle of a battle after the City Council’s Budget & Finance Committee voted to halt police hiring. The situation prompted a boatload of public posturing.

Since 1972, an independent, locally owned and edited newspaper, go figure.


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