It's like downtown LA has been in a vacuum for the last quarter-century. The core has been ignored. But now the time for downtown has come. ... We saw solid fundamentals there - a huge opportunity in new urban housing.

The homeless problem needs to be addressed.

People don't realize what's happening. We'll probably build three new residential buildings there before anyone else delivers one.

Because of condo litigation in California, builders have to charge an extra $15,000 to $25,000 per unit.