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Sterling deal.


Billionaire Donald Sterling's plan for a homeless center in the heart of Skid Row skid row

a run-down area frequented by alcoholics. [Am. Culture: Misc.]

See : Alcoholism


Skid Row

district of down-and-outs and bums. [Am. Usage: Brewer Dictionary, 1008]

See : Failure
 may be moving closer to fruition.

Sterling had planned to purchase a warehouse property in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or  at 600 Wall St. for about $12 million and then build a center there that would provide services to the area's homeless population. Two weeks ago, Sterling said he could cancel the deal because of a lack of support for the project, but Sterling's real estate agent said it is now more likely that the deal could move forward.

On Nov. 18, Sterling met with the warehouse property owner, Tony Ta, about extending escrow escrow

Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition.
 on the property.

"Instead of being a 50-50 chance, it is now 60-40 that it will move forward," said Bradley Luster, Sterling's real estate agent.

Staff reporter Daniel Miller People called Daniel Miller include:
  • Daniel Miller (footballer) footballer for London Stonewall Lions
  • Daniel Miller (anthropologist) (born 1954), anthropologist at University College London
 can be reached at (323)549-5225, ext. 263, or dmiller@labusinessjournal.com.
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No portion of this article can be reproduced without the express written permission from the copyright holder.
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Article Details
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Title Annotation:REAL ESTATE
Author:Miller, Daniel
Publication:Los Angeles Business Journal
Date:Nov 27, 2006
Words:147
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