Barrington Plaza
Encyclopedia
Barrington Plaza is an apartment complex in Los Angeles, California
developed by Louis Lesser
, which opened in 1962. At the time it was built, the New York Times called it the largest privately financed apartment project ever built west of Chicago
and one of the largest projects insured by the Federal Housing Administration
(FHA). It is located in West Los Angeles on Wilshire Boulevard.
.
In 1966, the US Senate Permanent Subcommittee on Investigations held hearings concerning Barrington Plaza, as the body probed into investments secured by the FHA.
Los Angeles, California
Los Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
developed by Louis Lesser
Louis Lesser
Louis Lesser is an American business magnate. He received frequent press coverage in the 1950s and 1960s for his ability to earn money and for his various business operations. He sold the Taj Mahal to New York real estate developer Donald Trump...
, which opened in 1962. At the time it was built, the New York Times called it the largest privately financed apartment project ever built west of Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
and one of the largest projects insured by the Federal Housing Administration
Federal Housing Administration
The Federal Housing Administration is a United States government agency created as part of the National Housing Act of 1934. It insured loans made by banks and other private lenders for home building and home buying...
(FHA). It is located in West Los Angeles on Wilshire Boulevard.
Design
As originally constructed, the plaza consisted of a 27- and a 17-story building which contained 712 apartments. It also included retail and restaurant space, a 330000 square feet (30,658 m²) parking garage and a recreational building.History
Construction of the plaza cost about $20 million. The developers obtained a $16.7 million mortgage insured by the Federal Housing Administration. The original developers sold the development in 1965, and shortly thereafter the FHA had to take over the property as the mortgage had gone into defaultDefault (finance)
In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant of the debt contract. A default is the failure to pay back a loan. Default may occur if the debtor is either...
.
In 1966, the US Senate Permanent Subcommittee on Investigations held hearings concerning Barrington Plaza, as the body probed into investments secured by the FHA.