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Article: Caltrans' Headquarters Design Plan Draws Skepticism.(California Department of Transportation)(Brief Article)(Statistical Data Included)
- Article from:
- Los Angeles Business Journal
- Article date:
- August 20, 2001
- Author:
CopyrightCOPYRIGHT 2001 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE $170 million state project to build a new downtown headquarters for Caltrans has raised questions of fiscal responsibility with at least one local real estate executive.
Arden Realty Inc. Chairman and Chief Executive Richard Ziman said the state would save considerably if it would take existing downtown buildings through eminent domain.
"There are two schools of thought," he said. "The first question to ask is, should they be building this project at all? They could buy any number of perfectly decent buildings for $200 per square foot, initiate condemnation proceedings, kick out the tenants and take over the building -- done.
"Should ...