LOS ANGELES, Oct. 21 /PRNewswire-FirstCall/ -- Meruelo Maddux Properties, Inc. (Nasdaq: MMPI), a self-managed, full-service real estate company that develops, redevelops and owns commercial and residential properties, today celebrated the "topping off" of its 35-story residential tower located at 717 West 9th Street in downtown Los Angeles. When completed, it will be downtown's tallest residential building.

"Downtown Los Angeles is transforming itself into a city that not only welcomes businesses and workers, but is quickly becoming one of the most sought after residential addresses in the city," said Richard Meruelo, Chairman and CEO of Meruelo Maddux Properties. "We are proud to be a partner in that transformational effort and prouder still to represent some good economic news for downtown Los Angeles."

Despite turbulent credit markets, Meruelo Maddux successfully completed an $84 million construction loan for the 717 West 9th Street project in August 2008. No additional borrowings are projected to be needed to complete this project. The financing was provided by an affiliate of Canyon Capital Realty Advisors, LLC.

The Euro-Asian inspired tower, located at the corner of Flower and Ninth Street across from downtown's only major supermarket, Ralphs Fresh Fare, and near the Staples Center, LA Live, and adjacent to the financial district, will feature 214 luxury one and two bedroom apartments and four penthouse units. The project boasts dramatic views of downtown, the west side of Los Angeles and the Pacific Ocean.

Resort-style amenities will include a 70-foot lap pool, spa, fitness facility, cabanas and firepits on the amenities deck set amidst lush landscaping. High-speed elevators will provide secure access to each floor. Each of the apartments will be well appointed with high-end finishes and appliances, walk-in closets and state-of-the-art technology. The property will include 24-hour digital security, valet parking and a concierge.

A green mosaic glass curtain wall will wrap the building with a three-color aqua green staggered pattern to resemble a cascading waterfall. Five levels of parking, 372 parking spots in all, will be wrapped in mesh metal skin. The project has also been designed to meet LEED (Leadership in Energy and Environmental Design) Green Building standards. Meruelo Maddux began construction in December 2006 and expects to complete the project by September 2009.

About Meruelo Maddux Properties

Meruelo Maddux Properties is a self-managed, full-service real estate company that develops, redevelops and owns commercial and residential properties in downtown Los Angeles and other densely populated urban areas in California that are undergoing demographic or economic changes. Meruelo Maddux Properties is committed to socially responsible investment. Through its predecessor business, Meruelo Maddux Properties has been investing in urban real estate since 1972.

Safe Harbor Statements

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements in this press release include statements about the accounting treatment of the FedEx property sale. You should not rely on forward-looking statements since they involve known and unknown risks and liquidity, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. You should carefully consider these risks before you make an investment decision with respect to the Company's common stock, along with potential changes to generally accepted accounting principles generally accepted in the United States that could cause actual results to vary from the Company's forward-looking statements. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

SOURCE Meruelo Maddux Properties, Inc.