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No Financing for Playa Vista This Year

December 13, 1996|Times Staff and Wire Reports

A spokeswoman for Maguire Thomas Partners said the Los Angeles real estate firm "hopes to announce something" after the beginning of next year regarding the financing for the troubled Playa Vista project, which will include the main studio and headquarters for DreamWorks SKG. Developer Robert Maguire, who is involved in a dispute with DreamWorks over the control and financing of the project near Marina del Rey, said in an interview last month that he expected to raise up to $100 million from equity investors by the middle of December to start construction. However, no financial deal has been reached and none is expected by year's end, said Maguire Thomas spokeswoman Peggy Moretti. Maguire has formed a group with former colleague James F. Thomas and John L. Goolsby--who heads Playa Vista partner Howard Hughes Corp.--to oversee development of the project and ease tensions with DreamWorks. DreamWorks has been angered over delays in starting the approximately 1,000-acre project, which had been scheduled to start construction last summer.

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