Saturday, May 13, 2006

A $110-Million Pile of Dirt

For the last several months, workmen have been demolishing the former Fox Sports building next to the hi-rise in which I work. My office is not hi-rise; it's on the fourth floor. So the jackhammers and other heavy machinery (they have what used to be called a steam shovel; it doesn't work on steam, but it's got a combination claw and battering ram) have been working right outside my window as they've destroyed the entire above-ground portion of the parking structure, and are now breaking up the concrete in the subterranean levels, picking up and tossing tons of rubble and rebar like pebbles and spaghetti.

Turns out that noisy pile of rubble and rebar is one of the most valuable pieces of real estate in the world. As the article indicates, Donald Trump and SunCal Cos. have been bidding massive bucks for the lot, with the plan to build condos and sell them for around $4 million each. The last I heard was that SunCal outbid The Donald, and nabbed the lot for a tidy $110.2 million -- about $1,056 a square foot.

I won't see any of that money, of course. I'll just get the noise when they build on the rubble of past destruction. Plus, when the condos go up, some folks will probably get a ringside view of my office. There's an incentive to clean my desk.

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