And away they're going.

The grandstands of Churchill Downs will probably always fill with what bourbon-soaked pundit P.J. O'Rourke described as the "tremendous squash and jostle" of seersucker suits and saturnine headwear every May. And yet, out West no fewer than four of California's once-proud of racetracks have entered some form of bankruptcy, redevelopment, or uncertainty. With attendance and handle down at California tracks – as at tracks across the country – rare opportunities are emerging to redevelop outsized parcels that sit amid heavily urbanized areas.

A City of Los Angeles ordinance that subjects replacement rental units to the city's rent control scheme has been upheld by the Second District Court of Appeal. The court rejected the argument that the ordinance violates the Costa-Hawkins Act, which exempts newly constructed units from local rent control measures. >>read more

Wilshire Boulevard is the Main Street of Los Angeles, and the Ambassador Hotel (1921-2006) was its biggest, swankiest, classiest address. The hotel is but a memory these days. Now, after nearly two decades of false starts and lawsuits, construction has finally started on the scheme to convert the Ambassador Hotel property into an education center. >>read more