rumors true, medallion construction resumes
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A report from the Downtown News this week confirms word that Saeed Farkhondehpour — after a brief over-reaction to discouraging market conditions — is continuing development on the the $125 million mixed-use Medallion project at 4th and Main.
Now, just two short weeks after the surprising cancelation announcement, photographs taken Friday afternoon show construction has already resumed in the pit. Bulldozers pushing dirt and workers abuzz in hard hats indicate no time is being wasted to get things back on schedule.
There’s no doubt Farkhondehpour will have to ride out a short wave of embarrassment for his public dither, but if anything positive can come from it, Medallion — a project many see as a critical link between Downtown’s Old Bank and Civic Center districts —is now a sure bet.
Photographs courtesy of Eric Dunn.
-from pit to playpen: medallion’s retail courtyard
-medallion back on track? rumors say all is better now
-medallion project canceled!
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4 comments
Pheww… Damn, i was scared shitless when this got “cancelled”, albeit for all of two weeks. I think not only Mr. Farkhondepour, but also the bank financing this, realised that such a prime location being a hole in the ground, receiving no revenue (parking fees), would be a horribly stupid financial decision. In my view, the bank knows that this project will make money, and told Saeed that if he didn’t get moving, he would lose money, not save any. Anyways, i am so relieved to see this on its way again, i drove by the site earlier today, coming back from the Dodgers game, and truly realised how awesome this will be once complete. Even at 6 stories, it will be a huge addition to an already progressive neighborhood, and what’s wrong with 200,000 square feet of retail??
ride out embarassment? no way. this guy is one of the smartest developers around, playing a stunt like that to get his money-hungry contractors to come down on their outrageous “soaring costs.” at least, that’s how it looks to me. i thought i remembered news about a 20% rise in estimated construction cost, which sounds like someone got greedy. looks like Farkenblahblah just called them on their shit. Kudos.
I don’t know the man, but it seems like this was a canny way on his part of manipulating the circumstances to his advantage and keep the project on track. If so, he’s smarter than I thought he was. If not, he’s luckier than I thought he was. Because this seems to have turned out well. Fingers still crossed that it gets completed.
I think this guy did this to put the project on the map, I bet you he knew that by pulling a stunt like this it was going to grab a lot of attention.
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