Firm Delays Purchase of Stock Exchange Building

The backers of a massive development featuring a giant, sword-wielding angel have postponed the acquisition of a key piece of property pending an environmental review of the site near downtown Los Angeles.

City of Angels Monument Corp. said it has delayed the purchase of the Pacific Stock Exchange building and other property in light of environmental problems at the neighboring site of the new Belmont High School.

An analysis of the stock exchange property found no contamination, but the group needs more time to examine the surrounding parcels it is interested in buying, said Chief Operating Officer Gary J. Clayman.

The escrow on the stock exchange building, which had been expected to close in early July, has been extended until October, according to Clayman, whose group has unveiled plans for an 85-acre hotel and commercial development that will surround a 1,100-foot-tall angel monument.

The $3.55-billion project, which is the brainchild of artist Brett-Livingstone Strong, has met with widespread skepticism among real estate professionals, who question the group’s ability to raise the necessary financing. But Clayman said the development remains on track.