APARTMENTS, RETAIL SPACE PROPOSED FOR AMBASSADOR.Byline: Harrison Harrison, town (1990 pop. 13,425), Hudson co., NE N.J., an industrial suburb on the Passaic River opposite Newark; inc. 1869. The town has several foundries. Its manufactures include plastics, paperboard, and metal products. Sheppard Staff Writer The owners of the Ambassador Hotel property filed a new development plan in federal bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. Wednesday that calls for building apartments, senior housing and retail stores on the 23.5-acre site. Wilshire Center Marketplace has fought for 10 years with the Los Angeles Unified School District The Los Angeles Unified School District (the "LAUSD") is the largest (in terms of number of students) public school system in California and the second-largest in the United States. Only the New York City Department of Education has a larger student population. over its plan to acquire the property for a new high school. The firm is in bankruptcy court seeking protection from about $78 million the school district argues it is owed as repayment of a $48 million deposit made in 1990. The deposit was made to start eminent domain eminent domain, the right of a government to force the owner of private property sell it if it is needed for a public use. The right is based on the doctrine that a sovereign state has dominion over all lands and buildings within its borders, which has its origins in proceedings, which were never completed because of legal and financial problems. The new development plan proposes that the owners immediately pay $20 million to the LAUSD LAUSD Los Angeles Unified School District (Los Angeles, CA) , then pay the rest over seven years with interest - although the owners believe they owe less than the school district calculates. The development plan includes 1,628 market-rate apartments, a 261-unit corporate apartment building, a 204-unit independent living facility for seniors and 254,000 square feet of retail stores. George Host, vice president of Connecticut-based S.D. Malkin Properties, one of the owners, said the project would help boost the mid-Wilshire neighborhood. ``It has the critical mass to bring some important rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. to that area,'' Host said. ``There's intense demand for residential now. There is a lot of demand for neighborhood retail in the area.'' Caprice ca·price n. 1. a. An impulsive change of mind. b. An inclination to change one's mind impulsively. c. Young, the school board member whose district includes the Ambassador, said there is a dire need for a new high school in that area. While the district would prefer building a school on the Ambassador property, she said, if necessary it will take the funds and try to acquire other property nearby, which could mean seizing occupied homes and businesses, as opposed to the long-vacant Ambassador site. |
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