Jean Nouvel’s Los Angeles Project Abruptly Put on Hold

Santiago Calatrava saw his Spire turn into nothing but a big hole in the ground here in Chicago, Frank Gehry had to fire his staff after the Atlantic Yards project disappeared in New York, and now Jean Nouvel is the latest starchitect to feel the wrath of the economy as his four hundred million dollar 10000 Santa Monica Boulevard residential project in Los Angeles has now been put on hold due to financing troubles (Lehman Brothers, it turns out, was one of the chief money suppliers for the building). Of course, like with all of these “on hold” projects, the developers don’t see the glass as half-empty like most of us do:

The project’s developer, SunCal Century City LLC, has since filed for bankruptcy itself. “No work is taking place on the project at the present,” says SunCal spokesman Joe Aguirre. “We don’t consider it dead. Our goal is to obtain new project funding.”

SunCal has a tentative financing agreement in place with D.E. Shaw & Co., a global hedge fund, for up to $75 million. But the deal is contingent upon the court approving SunCal’s plan to reshuffle financing.

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