Does Playa Vista pencil out? After all the controversy, the developers don't expect a significant profit. And if they could turn back the clock, they probably wouldn't go through the process again.

Los Angeles Business Journal › January 19, 2004

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Hughes Aircraft Co.

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Does Playa Vista pencil out? After all the controversy, the developers don't expect a significant profit. And if they could turn back the clock, they probably wouldn't go through the process again.

EVERY developer worth his salt has at least one war story about an especially tough deal. This one is a doozy.

Nearly two decades after being conceived by the heirs of Howard Hughes as a high-rise, master-planned community at the old Hughes Aircraft Co. site southeast of Marina del Rey, Playa Vista was purchased for $120 million by a group of institutional investors who were convinced that the worst was over.

After six years and another $480 million invested in the 1,097-acre property, they are not done spending. They are, however,...

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