Real Estate Developers

After backing down from a contentious proposal to demolish the Hyatt Regency Century Plaza hotel, the owner has unveiled plans to construct a high-rise real estate development next to the Space Age landmark that would transform the tenor of Century City's streets and dramatically alter the skyline. The $1.5-billion proposal calls for two 46-story skyscrapers holding hundreds of condominiums and offices to be built behind the renowned hotel on Avenue of the Stars. Nearly half of the guest rooms would be replaced by luxury condos as part of a top-to-bottom makeover.

L.A. County's ambitious light-rail network is about to push deeper into the San Gabriel Valley, and five cities along the route of the long-awaited Gold Line extension hope the trains will bring with them new development. The Metropolitan Transportation Authority will break ground Saturday on a $690 million, 11.3 mile extension of the Gold Line from Pasadena through Arcadia, Monrovia, Duarte, Irwindale and Azusa. The line is scheduled to be completed in 2014. Real estate developers and politicians are hoping the line will pave the way for some new residential and commercial developments in the cities.

The Los Angeles City Council approved a plan Friday to jumpstart the long-stalled Midtown Crossing shopping center, bringing the total amount of city loans and subsidies for the project to $34 million. On a 9-2 vote, the council agreed to provide real estate developer CIM Group with a new $19.3-million loan to finish the center, which would include a Lowe's home improvement store. Under the terms of the deal, the loan would operate more like a grant. CIM would be able to pay the money back using sales, business and utility tax revenue generated by the project — money that normally goes into the city's budget.

Classic modern melds with a touch of the Middle East in designer Mohamed Hadid's newest home in Beverly Hills, a dramatic homage to Egypt's past, filled with fire and water features. The entrance to the contemporary residence features a glass walkway over a pond that gives the illusion of walking on steppingstones to the mahogany front doors. Inside, the spacious rooms feature 14-foot ceilings, exotic woods and open fireplaces with sea glass-covered hearths. Gray-white Jerusalem limestone is used for the flooring and walls throughout.

For decades, Santa Monica has allowed developers to add floors to their buildings or exceed other zoning restrictions in exchange for providing affordable housing to poor and moderate-income tenants. Such was the case with Dorchester House, a luxury condominium low-rise just blocks from the Pacific Ocean. Almost three decades ago, the city approved a development plan in which 15 first-floor units were earmarked as affordable housing. But as real estate attorney Stanley Epstein learned recently, the city has done little to enforce these agreements.

Real estate developer CIM Group Inc. has built a reputation as a big-city turnaround artist, transforming dreary business districts from downtown Los Angeles to Washington, D.C., with pricey loft apartments, trendy retailers and leafy pedestrian malls. Founded in 1994 by two Israeli immigrants and an investment banker who once worked with junk-bond king Michael Milken, CIM has made its mark on some of the more recognizable developments in Southern California, including Santa Monica's Third Street Promenade.

The tall stranger in the Stetson strides slowly into Santa Barbara's City Hall as a lone guitar plays in the background. His cowboy boots click as he smoothly makes his way up the stairs. In a corridor, he slips a wad of cash to a man in a suit and an unseen announcer describes the mysterious Westerner in words meant to send a chill through the hearts of Santa Barbara voters. "Why is this Texas developer spending more than a quarter-million dollars on the elections in Santa Barbara?"

Donald G. Fisher, who launched the Gap clothing chain 40 years ago and helped build it into one of the world's leading apparel retailers, died Sunday. He was 81. Fisher died at his home in San Francisco after a long battle with cancer, the company said. Starting with a single store in San Francisco, Fisher and his wife, Doris, built the Gap into a brand name recognized around the world. Gap jeans, khakis and T-shirts became the uniform for a generation of Americans and were at home even on the red carpet on Oscar night.

When the Concerto high-rise condominium project opens this year in downtown Los Angeles, developer Hassan "Sonny" Astani will be lucky not to lose his shirt. With the market for condos in woeful decline, he already knows he won't make much money -- if any. Progress, at this point, would be to complete the $300-million project while staying out of bankruptcy.

Growth and development issues on Los Angeles' crowded Westside often leave residents roiling over how best to keep it vibrant without eroding neighborhood life. In recent days, Times editors posed various questions to the candidates seeking the region's 5th District City Council seat in the March 3 primary. Here are excerpts from their responses to this question: What approach will you use to evaluate real estate development projects in the district?