These Towers, going in across Pershing Square, where the empty lot currently sits will be at 76 stories (820 feet), 43 14 and 14. Groundbreaking, end of 2007 - early 2008.

5/07/07

http://i13.photobucket.com/albums/a278/Imyurdada/1-2.jpg

http://i13.photobucket.com/albums/a278/Imyurdada/2.gif

High-profile L.A. residential tower unveiled
By Roger Vincent, Times Staff Writer
2:02 PM PDT, May 7, 2007


Plans for a $1 billion twin tower condominium complex overlooking Pershing Square park in downtown Los Angeles were unveiled Monday by developers who expect to build the tallest residential building west of Chicago.

At 76 stories, the taller of the two towers would dramatically alter the city's skyline and rival in height the U.S. Bank office skyscraper. The project, named Park Fifth, also calls for a 14-story five-star hotel, fronting on the park across from the historic Biltmore Hotel.

The project joins several other massive downtown developments planned from Staples Center to Bunker Hill. The two blue-green glass condo towers would rise above the hotel, with the shorter tower reaching 43 stories.

"This is the first time in 30 years that all the stars have lined up" enough to start building Park Fifth, said Los Angeles developer David Houk, who began acquiring the land in the 1970s.

The project already has its supporters and its doubters.

Los Angeles City Councilwoman Jan Perry, who supports Park Fifth, says the building will be a boost for downtown.

"It has the great potential of becoming this iconic structure that is high-profile enough" to redefine the city's skyline, she said, and the location is appropriate for dense development.

"It's right smack dab in the midst of places where people work -- the Jewelry Mart, central business district and Bunker Hill," she said. "There's a lots of jobs within a 15-minute walk."

The project would stand at 5th and Olive streets on the site of the former Philharmonic Auditorium, which was razed in the 1980s to make way for an office and hotel complex. The demand for offices collapsed in the early 1990s and downtown has been burdened by an oversupply ever since.

But a burst of residential development in recent years has added thousands of apartments and condominiums downtown and billions of dollars worth of entertainment, shopping and hotel construction is underway or scheduled to start this year. After decades of blacklisting the area, lenders are again making loans for downtown developments.

Houk says he now has committed financial partners, most of the required development permits and has begun work on a new environmental impact report. Construction could start as soon as early 2008 and the smaller tower including the hotel could be open by 2010, he said.

The property would have six floors of underground parking to serve residents and hotel guests.

The project is drawing its doubters from people who wonder where there is a market for another huge new housing complex downtown.

Adding new downtown housing is a risk, market observers said. "There is a huge supply that far exceeds demand" at the moment, said real estate broker Stephen May of Downtown Residential Real Estate, who estimates more than 400 units are for sale.

Prices are holding level, he said, but may come down in future months as more new units hit the market and create competition.

"People wonder if this is the right time" to announce a large housing development, said economist Jack Kyser of the Los Angeles County Economic Development Corp. "Downtown is overbuilt and some other projects are grinding to a halt."

But the housing market could be thriving again by 2010, he said, and the Park Fifth gamble could pay off. A project of that size -- 732 condos and 218 hotel rooms -- "would pull the center of gravity downtown a little further to the east" and boost the appeal of the blocks around long-suffering Pershing Square, Kyser said.

The city's oldest park has long been a draw for the homeless and its walled setting above an underground garage sets it apart from the streets that surround it. Park Fifth's developers hope to help pay for improvements to Pershing Square, said Rich Marr of Brentwood-based Namco Capital Group Inc., one of Houk's financial partners.

"We are laying the groundwork" for possible upgrades to the square, said Perry.

The complex would also be connected directly with the underground Pershing Square subway station. As designed by New York architecture firm Kohn Pedersen Fox, it would wrap around the Title Guarantee Building, a 12-story art deco style office tower completed in 1930 and now being converted to apartments.

Park Fifth would also have a 15th floor garden with two outdoor swimming pools. At street level there would be restaurants and stores. Although the taller tower would have more floors than the 72-story U.S. Bank Tower two blocks away, it would be shorter in height because residential stories are not as high as office stories.

A spokeswoman for Maguire Properties Inc., owner of U.S. Bank Tower, said the company "welcomes the addition to the downtown skyline" and that Park Fifth would "bring critical mass and further enhance the central business district."

Park Fifth developers promise to bring what could be the third five-star hotel for downtown, which hasn't had a top-class hostelry for decades. No operator has been selected for the hotel in Park Fifth, but Mandarin Oriental has agreed to be part of the $2 billion Grand Avenue project, set to break ground this year, and Ritz Carlton will manage a hotel at the $2.5 billion L.A. Live project under construction near Staples Center.

Houk, the Park Fifth developer, is a former owner of the Pasadena Playhouse and bought the Variety Arts Center on South Figueroa Street in downtown Los Angeles last year with the intention of restoring the historic theater and reopening it as an entertainment venue.

Investor Namco Capital Group owns commercial and residential property in Southern California, including the Marriott Los Angeles Downtown hotel. Also investing in the project is Africa Israel Investments Ltd., a publicly traded development company based in Israel.

71 FLOORS i hope this gets built!!!!!!!!

LASF do you have a clearer pix of the proposal?

That's the only picture that exists of Park 5th.

What lot is LASF referring to that's next to PS?

The parking lot inbetween Metro 417 and the Title Guarentte Building.

^ Gotcha!

I spoke with the developer today at the Downtown Living tour. I'm pretty certain he told me the taller tower would be 78 stories tall! Nuts! Probably shorter than the Library Tower still because of the shorter floor pitch. Insane!

He also said, however, that the design would fit in with the Title Guarantee Building so as to maximize the presence and use of both.

^^ Matt?

MapGoulet, did he give a timeline? is he going to be there tomorrow? ill be there.

I wonder how serious the developer is about this project? There's also a rumor that the developer is planning to entirely redo Pershing Square. Maybe you can find out about that as well.

I must say I was expecting 78 floor... I also wish they could start construction ASAP.

thats wicked...
but they really need to start before im gona let my self get anymore excited

^ Perfect example of my #5 in my sig.

I wonder how serious the developer is about this project? There's also a rumor that the developer is planning to entirely redo Pershing Square. Maybe you can find out about that as well.

Pershing Square is not very attractive i hate the purple its so 80s

I wish Pershing Square could connect to the street level more. Being elevated and with those parking garage entrances, it's hard to tell it's even a park.

^^ We need those underground parking spots so they will remain...

they could make the parking lot deeper. But, even with the park elevated, there are ways to make it attractive. Put a grand staircase all the way around it. Make it slope. Just dont put a wall, and obstructions like buildings in the way. It needs to be open, green, leafy park, with lots of shade and nature!

There is way to make it more attractive your absolutely right. They can start of by planting more shade trees and adding steel benches. Those are very inviting and with the great view and weather blends in beautifully.

The parking garage entrances at City National Plaza dont impede on the street level nearly as much. If the park were just slightly redesigned to connect to the street more, it's function would increase. I also agree that it needs more greenery and less pavement. On a hot summer day, this park is not much of a respite.

I can't wait to hear more about this project. What I want to know is whether or not the 14 story mid-rises are included in the 71 and 37 stories of the two towers.

think of it as 14 stories all around, and then a 71 (or 78?) story building going up from one end and a 37 from the other. I think its officially 4 buildings, 14 14 71(78) and 37.

^ We need those towers to be built to drastically change the L.A. Skyline.

And most importantly, kill the damn parking lot.

^ We need those towers to be built to drastically change the L.A. Skyline.

I don't think it will "drastically" change the skyline. It's placed in the middle of the skyline...probably wont be seen from the westside.

It will add much needed density to the core. :D

^ We need those towers to be built to drastically change the L.A. Skyline.

Park 5th won't drastically change the LA skyline. Park 5th will rise next to the Gas Company tower. You can't see the Gas Company tower from the west. Or the north. The US Bank tower blocks the view from the west and the KPMG tower from the north. But since Park 5th's tallest tower will be between 700-850, it'll be visable from the north rising above KPMG.

^^ so the view from Colemonkee's place may look something like this?

*deleted*
that's slightly larger than Gas Co. Tower (750')

There will be two towers of 71 and 37 stories. But I've also read that it will actually be 65 and 36 stories. We'll just go with 71 and 37 stories.

^^ so the view from Colemonkee's place may look something like this?

http://i16.photobucket.com/albums/b43/samceb/la113232copy-1.jpg

that's slightly larger than Gas Co. Tower (750')

If you mean by the Leaning Tower of Angeles then yes.

There will be two towers of 71 and 37 stories. But I've also read that it will actually be 65 and 36 stories. We'll just go with 71 and 37 stories.

the numbers floated around recently were 78 and 37, from the developer on the Downtown LA Condo tour last weekend. i dont remember who posted that info though.

A 78 story tower sitting on top of a 14 story mid-rise sounds a bit unreal, doesn't it? It probably won't be taller than the US Bank.

^^^Nahh even @ 78 stories it wouldnt surpass the US BAnk Tower, remember commercial buildings have higher ceilings than residential buildings. now if there is some kind of roof structure than it may be neck to neck. But I think this building will be around the height of 2 California Plaza.

A 78 story tower that sits ON TOP of a 14 story mid-rise. We're talking potentially 92 stories.

Wishful Thinking;) no one has ever said it was going to be 92 stories. 78 stories meaning the tower will rise 64 stories from the roofline of the 14 story midrise building. not 78 stories on top of 14 stories that wouldnt make sense. Trust me on this, I was right about the crane @ La. Live so I think this one is a no-brainer also. We can only hope for the best however it is built:)

So...you being right about the crane at LA Live has made you the expert?

I don't think the 14 stories are included in the 78 stories. Just look at the rendering on the first page. The facade of the tower and the facade of the 14story mid-rise are designed differently.

^^300: I'm almost an expert. Unlike you, I deal with Downtown almost everyday. So I inquire, pursue, & study many things I sense are going to be an important impact for downtown, Put it this way, If I had a camera you all would see a photo update from me 2 or 3 times a week. Still working on that though. :)

^^Westside: all 4 buildings will form a contigious wall along 5th, Olive, & Hill Streets. The (2) 14 story structures are individual as well as the 37 & 78 Story structures. If the 78 story structure wouldve been built on top of the 14 story structure it wouldnt make sense due to the building's configuration, Where would the entrance for that building go seeing that it is boxed in by Metro 417 to the north and Title Guarantee Building to the south? Im sure it will be its own structure (78 floors from street level) having its own entrance, the only thing is that it will "abut" its surrounding structures.

A 78 story tower that sits ON TOP of a 14 story mid-rise. We're talking potentially 92 stories.

no, thats not what i meant. its really a 78 story building a 14 story building a 37 story building and a 14 story building, but it would look like a continuous wall.

So both towers rise 64 and 23 stories above 14 story mid-rises?

SOOOO... How about those Yankees or Dodgers this year?

Here is a general rule of thumb for PR, i.e. real estate developers talking about their projects: pick the biggest number that reflects the truth. In this case that would mean 78 stories includes everything from the ground up. They would not characterize the project as shorter than the maximum they can squeeze out of a description.

So both towers rise 64 and 23 stories above 14 story mid-rises?


yes

Downtown Tower Could Be Tallest in Western U.S.

Plans Call for Park Fifth Near Pershing Square To Soar Up to 76 Stories and Create 750 Condos

by Kathryn Maese

On a parking lot just north of Pershing Square, plans are underway to create what could be the tallest structure in the western half of the United States.

Developer David Houk is working on a condominium and hotel project dubbed Park Fifth that he said would be at least 70 stories, and possibly 76 floors, perhaps making it taller than Downtown's 72-story Library Tower - currently the tallest building west of the Mississippi.

The quiet giant of a project, which would turn nearly half a block bounded by Fifth, Olive, Hill and the Subway Terminal Building, into a mega development, has reemerged after more than two decades on the drawing board.

"Most of our approvals are in place and we're doing a new EIR," said Houk, who heads Park Fifth Partners. He added that his financing is also lined up. "Our goal is to start digging in October."

Houk, a former theater owner who last year purchased South Park's Variety Arts Center, said he hopes to open Park Fifth in 2010.

According to documents Houk has filed with the city, a building entitled for up to 76 stories and housing 750 condominiums would front Hill Street. Another 40-story high-rise at Fifth and Olive is earmarked for a five-star hotel. The 234-room facility would take up the first 15 floors of the smaller tower, with the upper levels devoted to luxury condos with hotel service.
*

"We're down to two hotel operators," Houk said. "We're in discussions."

The project would include 14,000 square feet of shops and another 18,000 square feet of restaurants (including a swath of outdoor seating) facing the north end of Pershing Square. Six levels of parking would be built below ground with 1,100 spaces.

Houk, a longtime Downtown player, began assembling the land and securing entitlements in the late 1970s and '80s under his Houk Development Company. Initially he said he purchased the site with the intention of restoring and operating the 1906 Philharmonic Auditorium at Fifth and Olive, which had been abandoned when the orchestra moved to the Dorothy Chandler Pavilion in 1964.

Those plans were later scrapped and the structure was torn down in 1985. In the office building boom of the era, Houk sought to create a 700,000-square-foot tower as part of a project called Pershing Square Center. The development was slated to include a hotel and retail.

Just as financing for the project came together, the recession of the early 1990s hit, and the ambitious development was put on hold indefinitely.

Area Upswing


Houk's new vision comes as the surrounding area is experiencing an upswing. The Title Guarantee Building, which takes up a corner of the parcel at 411 W. Fifth St., was sold and is being converted into 74 apartments by Daniel Swartz. It is expected to open this year.

In 2005, developer Forest City Residential West debuted the Metro 417 apartments in the 1925 Subway Terminal Building. A mid-block paseo separating Park Fifth from Metro 417 would provide access between Olive and Hill streets.

Houk, who formerly owned the Pasadena Playhouse, has become more active Downtown in the last year. In December he purchased the Variety Arts Center at 940 S. Figueroa St., a prime piece of real estate that will figure prominently into efforts to create a hub around the L.A. Live entertainment district.

Houk plans to start a year-long restoration of the 1,000-seat theater and produce new plays and musicals. The project is expected to get underway later this year.

On April 30 the Community Redevelopment Agency will hold a public meeting on Park Fifth's environmental impact report, starting what will likely be a six-month process before it comes before the board for approval, according to city officials.

Detailed plans for Park Fifth are expected to be released in the next few weeks. Leo A Daly is the local architect, while New York-based Kohn Pedersen Fox Architects is handling the overall design.

"It's designed to take advantage of Pershing Square because right across from the park they've created all the windows and retail to look out at it and pull the look of the park in," said CRA project manager Lillian Burkenheim-Silver. "It's very street friendly and transit oriented with major bus lines adjacent to the property that they will connect the building to with a pretty strong presence."

Houk would not speculate as to whether the project would be Downtown's biggest, especially since the main tower could shrink as low as 70 stories, depending on how the project pencils out.

A handful of ultra high-rises are in various stages of development in Downtown, including the 54-story Convention Center hotel next to Staples Center (scheduled to break ground the week of April 30) and a 50-story structure designed by Frank Gehry as part of the Grand Avenue plan. Also announced, though still in the planning stages, are the 50-story Zen tower at Third and Hill streets, and the 60-story City House project at Grand Avenue and Olympic Boulevard.

Park Fifth does not have to acquire "air rights" to exceed zoning height limits because Houk has already done so. In the 1980s, Houk was one of the first developers to purchase air rights for a high-density building Downtown as part of the Pershing Square Center plan.

Though Houk would not comment on the cost of the mega development, he said, "We have a very well-funded partner," adding that Afrinam LLC, a joint venture between Namco and Africa-Israel Investment, will provide the financial clout to get Park Fifth off the ground.

Locally, Namco Capital Group recently purchased Downtown's 469-room Los Angeles Marriott for $115 million. Meanwhile, Africa-Israel has recently bolstered its U.S. portfolio, with a $210 million purchase of a Wall Street building slated for redevelopment into condos. The company also plans to develop more than $1 billion of residential, commercial and parking on a collection of parcels it acquired in Miami.

Houk said he is not concerned about the current housing slowdown and how it could affect Park Fifth.

"We're not delivering units until 2010," he said. "We think it will be a different world in 2010."

page 1, 4/23/2007

Love the positive attitude of this guy... the downtrend in the housing market doesn't seem to bother him one bit. LA should be a whole new world by 2010 with all of these projects on the works. Let's just hope that most of them take off.

Just to put things into proportion, the 76 story tower (890 ft.) will be taller than the Aon.

^ Are you sure..

^Why wouldn't I be sure?

The Aon Center is 858 ft. while the 76 story at Park Fifth will be 890 ft.

Let's just say that it'll be close, I'm sure AON has a huge lobby which gives it a lot of height, so just a comparison of floor number won't suffice. We need an exact height for this new tower.

^Park Fifth WILL be taller than the Aon Center. The height given for the 76 story tower is 890 ft., according to the EIR. The Aon Center is 62 stories tall, rising 850 ft. into the air.

Let's just say that it'll be close, I'm sure AON has a huge lobby which gives it a lot of height, so just a comparison of floor number won't suffice. We need an exact height for this new tower.

I've been inside AON before and the lobby is only about 40 feet high.

http://i13.photobucket.com/albums/a278/Imyurdada/Park5th.jpg

This is a really cool tower, and a great addition for LA. I hope it goes up sooner than later. Many of the architects in LA seem to have drawn from modern British and continental European influences - a style that I haven't really seen anywhere in America. I think this tower and others like it will serve to give LA a truly unique skyline, apart from the cookie cutter designs that are going up around the rest of the country. Way to go LA!!!

thanks! hopefully well see better and new renderings soon. The Gound breaking is suppose to be in October or so and the Height of the tall tower is approx. 890 feet!

^ It's May already why no new news about the official groundbreaking ceremony? What's the status???

^ Because it's May and not October?

Park 5th now has a website with a pretty ugly but new rendering of the towers.

http://www.parkfifth.com/

nice find ^^

i agree...pretty crappy rendering:

http://i16.photobucket.com/albums/b43/samceb/park5.jpg i changed it a little http://i16.photobucket.com/albums/b43/samceb/park5th-1.jpg

screw this project it sucks wiht another fukin plaza..........................................................................................................

okay mybe not as long as its tall and fills that parking space
but a plaza next to a park maybe an indoor plaza where it does not connect with the side walk would be good.

Those renderings look pretty cheap....they look like they were done in sketchup....Don't have much confidence in this project.

I actually like this rendering, its totally different and it really goes with the design of the building, I like it more than those cartoony renderings w- pictures of ppl walking pasted to them

I think the taller tower only looks bad from that angle.

We just need better renderings..which we'll get soon enough.

Those renderings look pretty cheap....they look like they were done in sketchup....Don't have much confidence in this project.

Because of a rendering?!

Yea cheap renderings, mean cheap developer or developer whose just trying to sell the property....if he's cheap it means the project will be finished cheaply, meaning more stucco and concrete instead of glass and metals.

^The architect of this project is Kohn Pedersen Fox. How bad can it be?

Whoops....def. didn't see that, although stararchitect doesn't always mean great building.

^ Great building in terms of what? Materials? Aesthetics?

This building won an AIA New York Design Award.

Also, why do you consider it a cheap rendering?

Basing your opinion of the project on a rendering, is like saying a car is no good because of a brochure. I have lots of faith that is project will have a good result just because of it's boldness and size.

Basing your opinion of the project on a rendering, is like saying a car is no good because of a brochure. I have lots of faith that is project will have a good result just because of it's boldness and size.

I think the renderings are good, i love the "skybridge" idea, if it was me though, i would make the larger tower into more of a slab, or rectangular, with the long face on Hill St. But that's just me!!!!! a 76 floor narrow face would be tight.

This is good news, because they couldn't have announced at a worse time in the real estate market. With all the residential housing glut that will be available, I think this could even be affordable.

We might revisit the commercial office downturn in the form of a condo oversupply. And lets hope they don't undercut the project financially and erect a couple of stucco boxes.

Actually, I think we need to go to some asian flair on this supertall... It would REALLY change the skyline. Not dubai, but maybe HK.:banana:

ive decided to ignore you from now on

High-profile L.A. residential tower unveiled

By Roger Vincent
Times Staff Writer

2:02 PM PDT, May 7, 2007

http://www.latimes.com/media/photo/2007-05/29614314.jpg

Plans for a $1 billion twin tower condominium complex overlooking Pershing Square park in downtown Los Angeles were unveiled Monday by developers who expect to build the tallest residential building west of Chicago.

At 76 stories, the taller of the two towers would dramatically alter the city's skyline and rival in height the U.S. Bank office skyscraper. The project, named Park Fifth, also calls for a 14-story five-star hotel, fronting on the park across from the historic Biltmore Hotel.

The project joins several other massive downtown developments planned from Staples Center to Bunker Hill. The two blue-green glass condo towers would rise above the hotel, with the shorter tower reaching 43 stories.

"This is the first time in 30 years that all the stars have lined up" enough to start building Park Fifth, said Los Angeles developer David Houk, who began acquiring the land in the 1970s.

The project already has its supporters and its doubters.

Los Angeles City Councilwoman Jan Perry, who supports Park Fifth, says the building will be a boost for downtown.

"It has the great potential of becoming this iconic structure that is high-profile enough" to redefine the city's skyline, she said, and the location is appropriate for dense development.

"It's right smack dab in the midst of places where people work -- the Jewelry Mart, central business district and Bunker Hill," she said. "There's a lots of jobs within a 15-minute walk."

The project would stand at 5th and Olive streets on the site of the former Philharmonic Auditorium, which was razed in the 1980s to make way for an office and hotel complex. The demand for offices collapsed in the early 1990s and downtown has been burdened by an oversupply ever since.

But a burst of residential development in recent years has added thousands of apartments and condominiums downtown and billions of dollars worth of entertainment, shopping and hotel construction is underway or scheduled to start this year. After decades of blacklisting the area, lenders are again making loans for downtown developments.

Houk says he now has committed financial partners, most of the required development permits and has begun work on a new environmental impact report. Construction could start as soon as early 2008 and the smaller tower including the hotel could be open by 2010, he said.

The property would have six floors of underground parking to serve residents and hotel guests.

The project is drawing its doubters from people who wonder where there is a market for another huge new housing complex downtown.

Adding new downtown housing is a risk, market observers said. "There is a huge supply that far exceeds demand" at the moment, said real estate broker Stephen May of Downtown Residential Real Estate, who estimates more than 400 units are for sale.

Prices are holding level, he said, but may come down in future months as more new units hit the market and create competition.

"People wonder if this is the right time" to announce a large housing development, said economist Jack Kyser of the Los Angeles County Economic Development Corp. "Downtown is overbuilt and some other projects are grinding to a halt."

But the housing market could be thriving again by 2010, he said, and the Park Fifth gamble could pay off. A project of that size -- 732 condos and 218 hotel rooms -- "would pull the center of gravity downtown a little further to the east" and boost the appeal of the blocks around long-suffering Pershing Square, Kyser said.

The city's oldest park has long been a draw for the homeless and its walled setting above an underground garage sets it apart from the streets that surround it. Park Fifth's developers hope to help pay for improvements to Pershing Square, said Rich Marr of Brentwood-based Namco Capital Group Inc., one of Houk's financial partners.

"We are laying the groundwork" for possible upgrades to the square, said Perry.

The complex would also be connected directly with the underground Pershing Square subway station. As designed by New York architecture firm Kohn Pedersen Fox, it would wrap around the Title Guarantee Building, a 12-story art deco style office tower completed in 1930 and now being converted to apartments.

Park Fifth would also have a 15th floor garden with two outdoor swimming pools. At street level there would be restaurants and stores. Although the taller tower would have more floors than the 72-story U.S. Bank Tower two blocks away, it would be shorter in height because residential stories are not as high as office stories.

A spokeswoman for Maguire Properties Inc., owner of U.S. Bank Tower, said the company "welcomes the addition to the downtown skyline" and that Park Fifth would "bring critical mass and further enhance the central business district."

Park Fifth developers promise to bring what could be the third five-star hotel for downtown, which hasn't had a top-class hostelry for decades. No operator has been selected for the hotel in Park Fifth, but Mandarin Oriental has agreed to be part of the $2 billion Grand Avenue project, set to break ground this year, and Ritz Carlton will manage a hotel at the $2.5 billion L.A. Live project under construction near Staples Center.

Houk, the Park Fifth developer, is a former owner of the Pasadena Playhouse and bought the Variety Arts Center on South Figueroa Street in downtown Los Angeles last year with the intention of restoring the historic theater and reopening it as an entertainment venue.

Investor Namco Capital Group owns commercial and residential property in Southern California, including the Marriott Los Angeles Downtown hotel. Also investing in the project is Africa Israel Investments Ltd., a publicly traded development company based in Israel.


--------------------------------------------------------------------------------
Roger.Vincent@latimes.com

http://www.latimes.com/media/graphic/2007-05/29615355.gif

http://www.latimes.com/media/thumbnails/mapimage/2007-05/29615645.gif

http://www.latimes.com/business/la-fi-tower8may08,0,4800199.story?track=mostviewed-homepage

ive decided to ignore you from now on



^^ :hug: Botox everything would be alright I Promise.... Now run upstairs and wash up for supper, where having meatloaf tonight, your favorite!!!

High-profile L.A. residential tower unveiled

By Roger Vincent
Times Staff Writer

2:02 PM PDT, May 7, 2007

http://www.latimes.com/media/photo/2007-05/29614314.jpg

Plans for a $1 billion twin tower condominium complex overlooking Pershing Square park in downtown Los Angeles were unveiled Monday by developers who expect to build the tallest residential building west of Chicago.

At 76 stories, the taller of the two towers would dramatically alter the city's skyline and rival in height the U.S. Bank office skyscraper. The project, named Park Fifth, also calls for a 14-story five-star hotel, fronting on the park across from the historic Biltmore Hotel.

The project joins several other massive downtown developments planned from Staples Center to Bunker Hill. The two blue-green glass condo towers would rise above the hotel, with the shorter tower reaching 43 stories.

"This is the first time in 30 years that all the stars have lined up" enough to start building Park Fifth, said Los Angeles developer David Houk, who began acquiring the land in the 1970s.

The project already has its supporters and its doubters.

Los Angeles City Councilwoman Jan Perry, who supports Park Fifth, says the building will be a boost for downtown.

"It has the great potential of becoming this iconic structure that is high-profile enough" to redefine the city's skyline, she said, and the location is appropriate for dense development.

"It's right smack dab in the midst of places where people work -- the Jewelry Mart, central business district and Bunker Hill," she said. "There's a lots of jobs within a 15-minute walk."

The project would stand at 5th and Olive streets on the site of the former Philharmonic Auditorium, which was razed in the 1980s to make way for an office and hotel complex. The demand for offices collapsed in the early 1990s and downtown has been burdened by an oversupply ever since.

But a burst of residential development in recent years has added thousands of apartments and condominiums downtown and billions of dollars worth of entertainment, shopping and hotel construction is underway or scheduled to start this year. After decades of blacklisting the area, lenders are again making loans for downtown developments.

Houk says he now has committed financial partners, most of the required development permits and has begun work on a new environmental impact report. Construction could start as soon as early 2008 and the smaller tower including the hotel could be open by 2010, he said.

The property would have six floors of underground parking to serve residents and hotel guests.

The project is drawing its doubters from people who wonder where there is a market for another huge new housing complex downtown.

Adding new downtown housing is a risk, market observers said. "There is a huge supply that far exceeds demand" at the moment, said real estate broker Stephen May of Downtown Residential Real Estate, who estimates more than 400 units are for sale.

Prices are holding level, he said, but may come down in future months as more new units hit the market and create competition.

"People wonder if this is the right time" to announce a large housing development, said economist Jack Kyser of the Los Angeles County Economic Development Corp. "Downtown is overbuilt and some other projects are grinding to a halt."

But the housing market could be thriving again by 2010, he said, and the Park Fifth gamble could pay off. A project of that size -- 732 condos and 218 hotel rooms -- "would pull the center of gravity downtown a little further to the east" and boost the appeal of the blocks around long-suffering Pershing Square, Kyser said.

The city's oldest park has long been a draw for the homeless and its walled setting above an underground garage sets it apart from the streets that surround it. Park Fifth's developers hope to help pay for improvements to Pershing Square, said Rich Marr of Brentwood-based Namco Capital Group Inc., one of Houk's financial partners.

"We are laying the groundwork" for possible upgrades to the square, said Perry.

The complex would also be connected directly with the underground Pershing Square subway station. As designed by New York architecture firm Kohn Pedersen Fox, it would wrap around the Title Guarantee Building, a 12-story art deco style office tower completed in 1930 and now being converted to apartments.

Park Fifth would also have a 15th floor garden with two outdoor swimming pools. At street level there would be restaurants and stores. Although the taller tower would have more floors than the 72-story U.S. Bank Tower two blocks away, it would be shorter in height because residential stories are not as high as office stories.

A spokeswoman for Maguire Properties Inc., owner of U.S. Bank Tower, said the company "welcomes the addition to the downtown skyline" and that Park Fifth would "bring critical mass and further enhance the central business district."

Park Fifth developers promise to bring what could be the third five-star hotel for downtown, which hasn't had a top-class hostelry for decades. No operator has been selected for the hotel in Park Fifth, but Mandarin Oriental has agreed to be part of the $2 billion Grand Avenue project, set to break ground this year, and Ritz Carlton will manage a hotel at the $2.5 billion L.A. Live project under construction near Staples Center.

Houk, the Park Fifth developer, is a former owner of the Pasadena Playhouse and bought the Variety Arts Center on South Figueroa Street in downtown Los Angeles last year with the intention of restoring the historic theater and reopening it as an entertainment venue.

Investor Namco Capital Group owns commercial and residential property in Southern California, including the Marriott Los Angeles Downtown hotel. Also investing in the project is Africa Israel Investments Ltd., a publicly traded development company based in Israel.


--------------------------------------------------------------------------------
Roger.Vincent@latimes.com

http://www.latimes.com/media/graphic/2007-05/29615355.gif
http://www.latimes.com/media/thumbnails/mapimage/2007-05/29615645.gif

http://www.latimes.com/business/la-fi-tower8may08,0,4800199.story?track=mostviewed-homepage


... so this is going to erected in the Jewelry District?

^Ferney, there's no need to quote an entire article.

^ Just answer the question...

... so this is going to erected in the Jewelry District?

To answer your question, this project borders the Financial District and the Historic Core.

Excellent thanks... :righton:

NO! The 76 story tower will only be 820 ft. tall??? That means we WON'T be getting a second tallest. That designation will belong to the Aon!

http://farm1.static.flickr.com/185/450297448_5d300869ed_o.jpg
From Flickr, by caseybenito

Where is that?

so theirs no Plaza? Yes Would'nt Park fith cover that building?

They have a much larger rendering with color on their website. Could someone post it? I don't know how to.

http://www.parkfifth.com/

updated the first post! great project. i dont think the 820 figure is set in stone.

Where is that?
That's 5th and Olive futute site of Park Fifth.
The complex would also be connected directly with the underground Pershing Square subway station.
Now that is something to look forward to, all these rich people trying to get to the Westside simultaniously blending in with the regular folks.

http://img148.imageshack.us/img148/9898/park5threndernewus8.jpg

Has anyone ever played Jenga?

This is the largest Jenga tower in the world.

Only problem with that is--Jenga towers fall down. Will folks in L.A. really want to live on the 70 plus floors? What would it be like in bed, on the 75th floor during an earthquake?

Do people think about this stuff? I hadn't really thought about it until this jenga-like tower.

^^ that's not really Jenga...now..if it was like this:

http://i16.photobucket.com/albums/b43/samceb/PARK5THJENGA.jpg
:runaway:

then i'd be scared

towers in LA are pretty safe in earthquakes, as evidenced by all the towers in Downtown LA still standing (all of them built before the last major earthquake)

It'll be taller than Cal Plaza 2 which is just fine.

And Ferney..you really don't need to quote the entire article. Plus you should know that Pershing Square isn't in the Jewelry District.

Remember Cal plaza 2 is (at it's lowest point, 4th and Olive) around 60' or so higher than Hill st. at the location of the new tower, so they will be the about same "general" height, but still it will dominate the area.!!!

It'll be taller than Cal Plaza 2 which is just fine.

And Ferney..you really don't need to quote the entire article. Plus you should know that Pershing Square isn't in the Jewelry District.

Oh yeah thankx 300, I'll make a note for next time...

I like, I like

It'll be taller than Cal Plaza 2 which is just fine.

And Ferney..you really don't need to quote the entire article. Plus you should know that Pershing Square isn't in the Jewelry District.

pershing square isn't in the Jewelry district? the jewelry district is practically on the same block!...if anything, pershing square is a crossroads of 3 or four districts...and very much a part of all of them (well, at least figuratively - crazy big walls)

Park Fifth Architectural Landmark Elevates ''Infinity Living'' in Downtown L.A.

Opulent, $1 Billion High-Rise Condominiums to Soar as Tallest Residential Edifice in the West

May 15, 2007

http://mms.businesswire.com/bwapps/mediaserver/ViewMedia?mgid=95733&vid=4http://mms.businesswire.com/bwapps/mediaserver/ViewMedia?mgid=95730&vid=4

LOS ANGELES--(BUSINESS WIRE)--Los Angeles will be looking up in wonder as the spectacular Park Fifth, the tallest residential building west of Chicago, rises in Downtown Los Angeles. Capital partners Africa Israel and Namco Capital Group along with Houk Development Company are creating an architectural landmark in their visionary plans for Park Fifth, the first luxury residential high-rise to be built in Downtown. The Park Fifth project will also include a five-star hotel, to be operated by one of the leading names in luxury hospitality.

In a defining moment of the renaissance that is transforming the heart of Los Angeles, the estimated $1 billion Park Fifth will elevate the Downtown horizon and bring a new, exciting style of opulent “infinity living” to the corner of Fifth and Olive Streets, across from historic Pershing Square. And it’s almost here—Park Fifth’s sales center, which includes life-sized models of its 732 residential units, will open by appointment in summer 2007, with groundbreaking slated for the first quarter of 2008, highlighting the project’s exquisite taste and luxurious atmosphere; the high-tech wealth of comfort, service and amenities; and the fantasy and flair of Park Fifth’s high-energy, super-connected, here-and-now scene.

Park Fifth living opens an infinite variety of possibilities to its residents’ imagination, from cultural activities, to entertainment and nightlife, to active exploration of L.A.’s vibrant Downtown. The sophisticated design’s expansive glass walls will command floor-to-ceiling, unimpeded panoramic views of the city, from the ocean to the mountains. The striking architecture of Park Fifth, designed by the internationally renowned firm of Kohn Pedersen Fox, integrates the refinement of a New York-style luxury residential tower with the golden, quintessentially Southern Californian climate and lifestyle.

"Loft architecture has dominated the large amount of residential development in Downtown Los Angeles in recent years. We believe the city is ready for a new phase of sophisticated urban living that integrates the upscale urban lifestyle with Southern California’s unique character and natural setting,” said Rich Marr, the project manager. "This pioneering project creates a landmark that will stand as a powerful statement of Downtown Los Angeles’ revitalization into a cultural, entertainment and social center.”

The design features a lofty 76-story tower and a 43-story tower, connected by a 15-story residential bridge. The hotel will occupy the lower floors through the bridge area, and the condominium units in the 43-story tower will be identified with the hotel brand and offer their residents access to the hotel’s amenities and services.

While the 76-story tower will attain icon status as the tallest residential building west of Chicago, two mid-rise buildings surrounding a plaza will relate in height and proportion to the early 20th-century commercial buildings of the historic Downtown core. A monumental, eight-story “urban window” through the Fifth Street façade frames a view into the plaza from Pershing Square.

The plaza embodies the vision of Park Fifth’s creators of a Downtown oasis. Without sacrificing sunlight, open air spaces and green foliage, architecture and nature blend in Park Fifth’s plaza, sky gardens, private lanais and terraces. Glass balconies and floor-to-ceiling windows allow barrier-free views of the vastness of the city and its marvelous natural setting.

Park Fifth will offer 732 living units of varying sizes, attuned to the infinitely varied styles of California living. Choices for residents range from $400,000 to $3 million, including:

• Beautifully appointed units, ideal for live/work spaces

• Pied-à-terre suites designed for commuting professionals

• Two-story, 3,000-square-foot residences, and

• All units equipped with state-of-the-art technology, including telecommunications, entertainment, and next-generation “smart house” systems.

Amenities for residents include:

• Two rooftop pools and oversized whirlpools with food and bar service

• An observation deck on the 76-story tower

• Rooftop gardens on the 15th and 36th floors of the 43-story tower with built-in fire pits

• Fitness rooms in each tower

• 20-seat theater viewing rooms, music and video libraries in each tower, and

• Classrooms for wine tastings, cooking classes and other educational seminars.

The Park Fifth Public Plaza Level features a sculpture garden, water features, a casual café, and an elegant restaurant offering indoor and outdoor dining overlooking the park at Pershing Square. The hotel at Park Fifth features a luxurious health spa offering treatments to residents and guests.

The world-class Park Fifth project team includes design by globally renowned architect Eugene Kohn of Kohn Pedersen Fox (KPF), who was responsible for such imaginative venues as the Rodin Museum (Seoul), the award-winning towers and urban courtyard of De Hoftoren (the Hague and the Museum of Modern Art, New York). The Los Angeles office of the Leo A. Daly architectural firm will assist KPF to complete working drawings and provide construction supervision. Interior design is by the leading international firm Hirsch Bedner Associates.

About Park Fifth Development Partners

Park Fifth’s capital partners, Africa Israel and Namco Capital Group, along with development partner Houk Development Company, bring a wealth of experience and capability to the venture. Africa Israel is a publicly traded, Israel-based international development company with a strong U.S. presence with its U.S. headquarters in New York and multiple projects underway in Manhattan, Miami, Las Vegas, Phoenix, Myrtle Beach, South Carolina and now Los Angeles. Brentwood, CA-based Namco Capital Group owns and manages more than 10 million square feet of residential and commercial projects in Southern California and across the U.S. Namco also owns a community bank in Los Angeles, operates an insurance brokerage firm, serves as a large 1031 exchange accommodator and has an active mezzanine financing division. Houk Development Company has been responsible for numerous high-profile projects throughout the Los Angeles area for nearly 30 years. Based in Los Angeles, the company has been a major participant in the Downtown renaissance and currently owns, develops and manages real estate properties in Southern California.

For more information please visit www.parkfifth.com or call (213) 629-0000 for an appointment.

http://home.businesswire.com/portal/site/home/index.jsp?epi-content=NEWS_VIEW_POPUP_TYPE&newsId=20070515006140&ndmHsc=v2*A1176721200000*B1179319250000*DgroupByDate*J2*L1*N1000837*ZPark%20Fifth&newsLang=en&beanID=202776713&viewID=news_view_popup

http://i63.photobucket.com/albums/h125/MBenzLover/ParkFifth.jpg
High Resolution: http://home.businesswire.com/portal/site/home/index.jsp?epi-content=IMAGE_VIEW&newsId=20070515006140&newsLang=en&contentItemId=1604641&moduleId=202776713&ndmConfigId=1000837

... Double Wow :drool: :drool: :drool:

I can't see to find the groundbreaking ceremony date anywhere?

They havent set an exact date for that yet. The article said first quarter 2008.

:cheers: :banana: :banana: :cheers: :banana: :cheers: :) :) An observation deck on the 76-story of the tower:banana: :banana: :banana: :banana: :banana: :banana: :banana: :banana: :banana: :banana: :) :cheers: :) :cheers:
This is what i was waiting for all my life in L.A. an ACTUAL observation deck!!!!

Imagine the pictures we could get from there.

Looks kind of ugly but it sounds pretty ambitious. Maybe a bit too ambitious that I wouldn't be holding my breathe if this ever sees a shovel in the ground. Hope I'm wrong! 76+43 stories :applause:

OMG, even more awesome, man I can´t wait for this to get built

:cheers: :banana: :banana: :cheers: :banana: :cheers: :) :) An observation deck on the 76-story of the tower:banana: :banana: :banana: :banana: :banana: :banana: :banana: :banana: :banana: :banana: :) :cheers: :) :cheers:
This is what i was waiting for all my life in L.A. an ACTUAL observation deck!!!!

The ? is, will it be open to the public???????:nuts:

If they are going to imput money into building an obsevbation deck, the quickest way to recover it is to make it open to the public, it's just easy math.

nice. That rendering somehow feels '"San-Franciscoish" to me. lol i guess the way it ties into Pershing Square and the tree-lined streets. nice I really hope this comes into actual fruitation. And that the crown will somehow be reworked to fit in more with the context of the building.

another question came to mind, Will the luxury hotel suck the Biltmore clientele dry since it is right across the street?

nice. That rendering somehow feels '"San-Franciscoish" to me. lol i guess the way it ties into Pershing Square and the tree-lined streets. nice I really hope this comes into actual fruitation. And that the crown will somehow be reworked to fit in more with the context of the building.

????

another question came to mind, Will the luxury hotel suck the Biltmore clientele dry since it is right across the street?

Maybe at the beginning, but in order to survive in this game you need to always stay ahead of the curve. I am sure the Biltmore will go under extensive renovation to at least TRY to maintain itself afloat. You also have to remember that the Biltmore has one huge advantage over Park Fifth, and that is it's history, character, architecture, and charm. That's some thing they can exploit and clearly establish themselves from the rest. None the less, good fucking luck, cause PARK Fifth is gonna be off DA hook!!!!:banana:

^^ My God keep it inside your pants Man.... but totally agree!!!!

Has anyone ever played Jenga?

Only problem with that is--Jenga towers fall down. Will folks in L.A. really want to live on the 70 plus floors? What would it be like in bed, on the 75th floor during an earthquake?

Do people think about this stuff? I hadn't really thought about it until this jenga-like tower.

Don't worry about it! There are towers just as tall in many areas of the world where earthquakes tend to be more severe and frequent than earthquakes in Los Angeles and none of those towers has fallen down. Asia is a good example. Besides, being in bed is probably the safest place to be in a major earthquake. I wouldn't want to be in the street during one.

another question came to mind, Will the luxury hotel suck the Biltmore clientele dry since it is right across the street?

I seriously doubt it.

^ So true since it's going to be a newer highrise with safety in mind.

it looks like the plaza is on the second floor:banana:
I read its was semi-pulic and has a staircase leading up to the plaza.
http://i58.photobucket.com/albums/g280/Joey313_photos/parkfith.jpg

Don't worry about it! There are towers just as tall in many areas of the world where earthquakes tend to be more severe and frequent than earthquakes in Los Angeles and none of those towers has fallen down. Asia is a good example. Besides, being in bed is probably the safest place to be in a major earthquake. I wouldn't want to be in the street during one.


The problem is that you never know at what time they are going to hit... I was on the 5th floor at work when the Whittier earquake happened in 1987 and it wansn't fun at all. I can only imagen how people on upper floors felt.

edit

If your concern is safety during an earthquake, just think who the building firm is. These guys are some of the most respected firms in the planet, no need to fear anything.

it looks like the plaza is on the second floor:banana:
I read its was semi-pulic and has a staircase leading up to the plaza.
http://i58.photobucket.com/albums/g280/Joey313_photos/parkfith.jpg

sweet. this is quickly becoming my favorite building in la. but you know theres that one technicality about it all...

Emporis, has it listed at 820 feet, making it the 4th tallest in downtown.

That would actually be 3rd tallest.

Emporis, has it listed at 820 feet, making it the 4th tallest in downtown.

I believe that Emporis has it wrong, it will be 890 feet.

another question came to mind, Will the luxury hotel suck the Biltmore clientele dry since it is right across the street?

These are two entirely different hotels. If anything the Park Fifth will attract more visitors to the City Center.

That would actually be 3rd tallest.


Whoa, I need to stop smoking dope. Thanks From LA!

http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=459208&in_page_id=1770

Looks kinda familiar...

ha, well i guess thats what happens when you dont have an urban planner.

haha.. omg what a waste of money, honestly... when he could be helping people of even his own country

What is it?:puke:

The 60-storey house for just one family

Last updated at 19:32pm on 1st June 2007 http://www.dailymail.co.uk/i/commentIconSm.gif Comments (40) (http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=459208&in_page_id=1770#StartComments)
This 60-storey house is for just one family.
India's richest man, Mukesh Ambani, is planning a palace in the heart of Mumbai with helipad, health club, hanging gardens and six floors of car parking.
Scroll down for more

http://img.dailymail.co.uk/i/pix/2007/06_01/mukeshLL_468s787.jpg

His wife, mother and three children will live there with him, looked after by 600 live-in staff.
Construction has already started on what will eventually be a 175m tower and planners are aiming to complete it in September 2008.
Earlier this year, Forbes rated Mr Ambani as the richest resident Indian with a net worth of US$20.1 billion.
He came 14th in Forbes' 2007 worldwide rankings.
Currently he is chairman of petroleum major Reliance Industries Ltd, India's largest private sector company
The building, already worth £500 million, could start a rush on skyscrapers.


jesus ferny.... is it that hard to click the link?

I guess i'm the only one that thinks it looks a bit like the 76-story Park Fifth building. Remember, I said just a tiddy biddy! :) Anyone? Anyone?

^^ YES YES!! I actually thought it was something on Park Fifth in the beginning, you're not alone

Yeah, at first I thought it was an old rendering.

:omg: how are you guys going to compare that ugly structure with Classy Park Fifth at all. This looks like something you buy at Ikea for a some reason!

One tower is tastefully designed and the other looks like shit.

BTW, why did you even post that in here?

One tower is tastefully designed and the other looks like shit.

BTW, why did you even post that in here?


Read the few posts above yours.

^I still think it was unnecessary and that it brought the discussion off topic. Personally, I don't think it looks like Park Fifth.

On another note, Park Fifth's website lists the 76 story tower at 850 ft.

^I still think it was unnecessary and that it brought the discussion off topic. Personally, I don't think it looks like Park Fifth.

On another note, Park Fifth's website lists the 76 story tower at 850 ft.

Okay, relax, obviously I wasn't the only one that thought it looked a little like the Park Fifth tower...on acid. We're done now.

^^ Ladies.... please act your age not your pumps size!

Okay, relax, obviously I wasn't the only one that thought it looked a little like the Park Fifth tower...on acid. We're done now.

I was relaxed when I typed that statement.

... I believe he meant relax as in not being rude about it.

^That's what I was saying.

Epi, you are the one who needs to relax. Stop getting worked up just because I disagreed with you.

Can we get back to the topic? How's the building coming along?

Can we get back to the topic? How's the building coming along?

Humm.......last I saw, there was still a parking lot there!:banana: :fiddle: :fiddle: :banana2: :banana2: :D

^That's what I was saying.

Epi, you are the one who needs to relax. Stop getting worked up just because I disagreed with you.

Dude, i'm king of Coors Light, so i'm always chill. Its not that you disagreed with me at all. The point that I was trying to make was that I thought it looked a little like Park Fifth, thats all. So what other thread would I put it in if I think it looks like Park Fifth (like two other people thought?) Makes sense right? Uncle! :)

^ Oh I see WS has welcomed to you to SSC..... :lol:

Don't worry I had it worst when I was a newbie, funny I'm still here!!!

Oh yeah and what's up w/ Coors Light Man, :puck:

So what other thread would I put it in if I think it looks like Park Fifth (like two other people thought?)

The skybar a.k.a. The Interchange. ;)

Welcome to the forum.

Parkfifth updated their website with views from different views of the building.

www.parkfifth.com

:drool: those are some amazing views from Penthouse...

...stupid non-savable flash videos

^ Oh I see WS has welcomed to you to SSC..... :lol:

Don't worry I had it worst when I was a newbie, funny I'm still here!!!

Oh yeah and what's up w/ Coors Light Man, :puck:

You're not even old enough to drink! :)

p.s. I'm a river rat, can't drink Guinness in 108 degree weather...turns into a brownie.

The skybar a.k.a. The Interchange. ;)

Welcome to the forum.

It's a learning experience...thanks for the welcome!

You're not even old enough to drink! :)

p.s. I'm a river rat, can't drink Guinness in 108 degree weather...turns into a brownie.


Did you say refreshments.... Mmmmmm.

:cheers: :cheers: :cheers:

What time is it???

http://farm2.static.flickr.com/1373/592099173_bcc98f1e75_b.jpg
From Flickr, by ExperienceLA

very cool indeed

Just on the website...man that place looks nice. The penthouse views are incredible. According to the website,it will be the 10th tallest building the world. That's impressive

^ I'm not too sure if it's going to be on the top ten....

Just on the website...man that place looks nice. The penthouse views are incredible. According to the website,it will be the 10th tallest building the world. That's impressive


10th tallest in the world??

It will be among the ten tallest residential buildings in the world.

^^ my mistake

From SSP:

Park Fifth has begun taking reservations. Apparently 20 units so far have put down the 10k deposit. 5% due spring of next year.

Based on the picture provided it could clearly be observed that the taller tower won't be taller than 800 feet.

^ 820 ft is not taller than 800 ft? Since when?

Park 5th (along with LA Live and Grand Ave) were all on the news last night. The report was basically about the resurgence in downtown LA and the key components being LA Live, Grand Ave, and Park 5th. Park 5th looks to be on the way and soon with as much media attention it's getting.

Oh..and it's already won an award:

Park Fifth Receives Prestigious Los Angeles Business Council Architectural Award

Opulent, $1 Billion Condominium Project Honored as Multi-Family High-Rise in the "Unbuilt Building" Category

LOS ANGELES--(BUSINESS WIRE)--The precedent-setting luxury high-rise Park Fifth condominium and hotel towers, designed by renowned architects Kohn Pedersen Fox Associates (KPF) and developed by Africa Israel, Namco Capital Group and Houk Development Company, has been honored with a Los Angeles Architecture Award by the Los Angeles Business Council (LABC). Named one of Los Angeles County's most laudable new projects in the LABC's 37th Annual Awards Program, Park Fifth will rise at the corner of Fifth and Olive Streets, across from historic Pershing Square. Park Fifth received the award in the "Unbuilt Building - Multi-Family High Rise" category at a ceremony on June 14 that brought together world renowned architects, contractors and developers.

The LABC Awards Program recognizes entire project teams (architects, contractors and developers) whose developments improve the quality of architecture and enhance the urban fabric of Los Angeles. Awardees were selected by a nine-member jury of distinguished peers. The awards were presented to 25 teams in 12 categories: Housing, Interiors, Mixed-Use, New Buildings, Preservation, Public Use, Landscape Architecture, Renovation, Sustainability, Unbuilt, Honorable Mention and Grand Prize.

The striking architecture of Park Fifth, as envisioned by KPF, also received a 2007 Project Merit Award from the New York Chapter of the American Institute of Architects. The design features lofty 76-story and 43-story towers, connected by a 15-story residential bridge. A grand staircase connects the principal pedestrian entrance in the 43-story tower to Park Fifth's defining feature, the plaza above. Two 14-story mid-rise structures surrounding a plaza create street life and activity.

The design of Park Fifth integrates the refinement of a New York-style luxury residential tower with the golden, quintessentially Southern Californian climate and lifestyle. The estimated $1 billion landmark project is conceived of as a collection of 732 residences of varying sizes, each with its own "backyard" living space introducing the California outdoor lifestyle to downtown Los Angeles for the first time. Park Fifth's exciting, new concept of "Infinity Living" is also expressed through the use of expansive glass walls that command floor-to-ceiling, unimpeded panoramic views of the city, from the ocean to the mountains.

The entire Park Fifth project is conceived as a progression through outdoor spaces of varying scales and levels of privacy: from the street-level park (public) to the elevated plaza (semi-public) to the 15th floor roof garden (semi-private) to the individual units and terraces (private). A cantilevered restaurant terrace mediates between the public street level and the semi-public plaza.

The hotel will occupy the lower floors through the bridge area, and the condominium units in the 43-story tower will be identified with the hotel brand and offer their residents access to the hotel's amenities and services.

While the 76-story tower will attain icon status as the tallest residential building west of Chicago, the mid-rise buildings will establish the foreground of the composition by relating in height and proportion to the early 20th century commercial buildings of the historic downtown core. A 150' high street wall continues the cornice line established by the adjacent Title-Guaranty and Subway Terminal Buildings. A monumental nine-story "urban window" through the Fifth Street facade frames a view into the plaza from Pershing Square.

About Kohn Pedersen Fox

Recognized as one of the most respected architectural design practices in the world, Kohn Pedersen Fox (KPF) is a prestigious international architectural firm with studios in New York and London and a growing presence in Shanghai. The firm's extensive portfolio, developed over 30 years, includes designs ranging from a small jewel-like glass pavilion for Rodin sculptures to an entire new city in Incheon, Korea. KPF, led by 17 partners and directors, provides full architectural design, programming, urban design and master planning services for clients in both the public and private sectors. With an international perspective on local projects, KPF's extensive experience ensures design excellence that creates uplifting spaces for people and responds to community, context and environment. KPF has won more than 200 awards. Its work has been widely exhibited and is the subject of 13 monographs.

About Park Fifth

The tallest luxury condominium high-rise ever to be developed for Downtown Los Angeles, the estimated $1 billion Park Fifth development will rise across from historic Pershing Square at 427 West Fifth Street in the symbolic center of Downtown Los Angeles. Park Fifth will include 732 living units of varying sizes, attuned to the infinitely varied styles of California living and a five-star hotel, to be operated by one of the leading names in luxury hospitality. Groundbreaking is planned for early 2008 with occupancy slated for 2010. Capital partners for the project include Africa Israel, a publicly traded international development company based in Israel with its U.S. headquarters in New York, and Brentwood-based Namco Capital Group along with development partner Los Angeles-based Houk Development Company. For more information, visit www.parkfifth.com

About the Los Angeles Business Council

The Los Angeles Business Council (LABC) is a nonprofit association of more than 300 businesses, agencies and individuals working to address critical issues and concerns that impact the business climate and economic health of Los Angeles. As a 70-year-old advocacy and educational institution representing the business and professional community, the LABC serves as an influential link between the public and private sectors in Los Angeles, connecting the power of business with the power of government to improve the state of the region. More information on the Los Angeles Business Council and the Los Angeles Architectural Awards is available at: http://www.labusinesscouncil.org.

Source: http://biz.yahoo.com/bw/070618/20070618005357.html?.v=1

From SSP:

Ok heres a treat for everyone.

I made a quick model of Park5th in Google sketchup, inserted it into the Google Earth LA skyline. (I made most of the LA buildings in the pics too) :)

Its going to be much more prominent that I thought!!

Unobstructed from the Transamerica Center Resturant!
http://i8.tinypic.com/5y9hrbs.jpg

Very Nice!
http://i9.tinypic.com/4lxxpnp.jpg

Very Prominent from Dodger Stadium!
http://i13.tinypic.com/4vq1k7p.jpg

Very VERY noticable from Staples Center!
http://i11.tinypic.com/5x4n62v.jpg

My favorite view, fills in the Gap between Bunker Hill and Downtown.
http://i14.tinypic.com/4l6mg4m.jpg

My only Complaint is that the tower is lined up with US Bank, so eather it Blocks US Bank, or US Bank blocks Park5th.

If anyone wants anymore views just ask!

From SSP:

God Dammit, That was great!!! More , more more!!! LOl. Can you add all the top 5 projects pending?:dunno:

Just a little something I whipped up. It's the best I could do.

http://i63.photobucket.com/albums/h125/MBenzLover/LosAngelesSkylineParkFifthcopy.jpg
From PBase, by STERLING

this building is really a monster. i just hope the facade blends well with its size

this building is really a monster. i just hope the facade blends well with its size

Yep, a monster it sure will be!

I can see it rivaling the Aon building in height and massiveness. If its reflective glass they're using for the windows, the facade will look nice positioned near the Cal Plaza Towers and even nicer, once Pershing Square gets a total make-over. Forget about facelifts PS needs to be razed and re-imagined entirely anew. I remember seeing old photos of old Los Angeles at Borders a couple months back and seeing how alive and crowded with people it used to be. The metamorphoses of PS over the years is very interesting.

Anyway, I really hope that Park Fifth becomes a much needed catalyst for the redevelopment of that area.

From SSP:

Aluminum, what we want to hear is "Sorry for being a Jackass". Not whatever. Cause LA rules :yes:

Here are some more (advanced) renderings I made for you guys. :)

This shows the elevation of the nearby towers, due to the height of Bunker Hill, the Tower looks much smaller.
http://i17.tinypic.com/52p778g.jpg

From Inside the City.
http://i17.tinypic.com/4qs8imh.jpg

Best for last! From Pershing Square.
http://i15.tinypic.com/507uckl.jpg

That's pretty sweet.

From SSP:

God, I hope this thing gets built. If it doesn't I am going to sell my house and build it myself.:okay:

God, I hope this thing gets built. If it doesn't I am going to sell my house and build it myself.:okay:

I got my hammer ready.!!

Lasteph at SSP is reporting that:

• The sales office is already open at the Gas Company Tower

• About 50% of the units have been sold thus far

• Groundbreaking is set for March 2008

^^ that's really great news. I read that at SSP also..too bad about the drama with lasteph and citywatch. :lol:

Great news! 50% WOW!
Not to be another Citywatch, but just because the sales center for a residential project opens does not garantee for sure the go-ahead of the projet, ex. City House and Olympic.

^Only if the sales office has yet to begin taking reservations. In Park Fifth's case, 50% of the units have been sold thus far. I think that pretty much secures it. And when you've raised the prices of your units by 10K in a mere 3 days, you know something's up.

Based on the picture provided it could clearly be observed that the taller tower won't be taller than 800 feet.

I beg to differ, California plaza tower two is 750' tall, and it's street elevation is at least 60' higher than the street elevation at the footprint of park fifth, therefore at minimum, park fifth tower 820'

Also, this developer has been trying to develop this property for the last 20 years, with all the talent involved, and funding this is a sure go, i'm glad Los Angeles is getting this project!!!

I beg to differ, California plaza tower two is 750' tall, and it's street elevation is at least 60' higher than the street elevation at the footprint of park fifth, therefore at minimum, park fifth tower 820'

Also, this developer has been trying to develop this property for the last 20 years, with all the talent involved, and funding this is a sure go, i'm glad Los Angeles is getting this project!!!

Those are truly great illustrations! Park 5th's Elevation is to be 850 ft. I just didn't know anything of that size and type would be moving into that part of downtown. It should be in east South Park.

What intersection is this getting built on?

^Fifth St. and S. Olive...

Between 4th and 5th streets, on Hill street about mid block, N/W side between two historic buildings, the Title gurantee building, to the south,(12 storys) and the Subway terminal building, to the north, (also 12 storys) the 42 story tower will be on the corner of 5th and Olive street, across the street(to the south) of the Gas Company tower, (52 storys)

^^ Across Pershing Square*;)

I'm a little confused...I thought the sales center was open already? I just got this e-mail today:

A few months ago we announced Park Fifth, the iconic new residential and five-star hotel towers that will soon transform the Los Angeles skyline. Since that time, we have received a tremendous response from the community, including front-page articles in the Los Angeles Times and Los Angeles Business Journal, leading to hundreds of reservations for residences of all sizes.

Park Fifth is certain to become downtown’s premier residential address. Soaring to over 850 feet at the corner of Fifth and Olive Streets, facing the permanent open space of Pershing Square, Park Fifth will bring a unique combination of urban sophistication and California lifestyle to the vibrant downtown scene.

In October 2007, the public will get their first glimpse of the tallest residential building in the West with the formal opening of Park Fifth’s spectacular Sales Center and model homes.
Since you have expressed an early interest in Park Fifth, we would like to offer you the opportunity to reserve a home before the Sales Center opens to the public. If you are interested in hearing more about the exclusive residences at Park Fifth, please call or email and we will be pleased to arrange a preview at a time of your convenience in our temporary offices. We look forward to welcoming you to Park Fifth and showing you firsthand what all the excitement is about.

Sincerely,

Angus McLoone
Director of Sales
Park Fifth

CONTACT INFORMATION
Angus McLoone
Director of Sales
213-629-0000
angus@parkfifth.com
SALES CENTER
OPENS OCTOBER 2007


VISIT PARKFIFTH.COM

oh..nevermind...I just noticed that it says a "formal" opening for October

Angus McLoone??? What a name!

^^ :rofl:

they should put actual grass in PS. it would be nice for DT residents to have somewhere to walk their dogs. maybe make it more possible for residents to have an early morning job by building a pathway circling it.

High-profile L.A. residential tower unveiled

By Roger Vincent
Times Staff Writer

2:02 PM PDT, May 7, 2007

http://www.latimes.com/media/photo/2007-05/29614314.jpg



The city's oldest park has long been a draw for the homeless and its walled setting above an underground garage sets it apart from the streets that surround it. Park Fifth's developers hope to help pay for improvements to Pershing Square, said Rich Marr of Brentwood-based Namco Capital Group Inc., one of Houk's financial partners.

"We are laying the groundwork" for possible upgrades to the square, said Perry.

The complex would also be connected directly with the underground Pershing Square subway station. As designed by New York architecture firm Kohn Pedersen Fox, it would wrap around the Title Guarantee Building, a 12-story art deco style office tower completed in 1930 and now being converted to apartments.

Looks like hopefully there will be better improvements to the park.

I wonder if they'll lay down a bit more greenery to the park? At this state it's in it wouldn't hurt...

^^ maybe they will..this is from blogdowntown.com


"...One of the artists participating is Jennifer Cunningham, who was commissioned by Park Fifth to paint the pictured watercolor of their upcoming project. I hadn't heard of Jennifer before I got an email about the painting from Park Fifth, but back in April she got a grant from the Downtown Artist Project to do paintings of five historic Broadway Theatres... "

http://static.blogdowntown.com/misc/p5_painting.jpg


Eventhough it's just a painting, it doesn't show the parking entrances. will keep fingers crossed till they start building

nice project, congrats.

http://farm3.static.flickr.com/2263/1713518844_4a12d21380_o.png

I had no idea it wasn't surrounded by other tall buildings.

^^ it's just that perspective. It's neighbor to the west is the Gas Company Tower.

It looks awesome in that poster!

http://farm3.static.flickr.com/2263/1713518844_4a12d21380_o.png


I bet that this building has set some world record for the most balconies in a high rise! Crazy! All those lucky people. I hope people don't start jumping!:badnews: Even worst if they start peeing or puking over the edge :puke: Then we are all toast.

I'm just saying that's a lot of balconies and a lot of Different people:weird: with different personalities :clown::pepper::nuts::crazy::guns1::booze::evil::naughty::hammer: with access to their own balcony is kind of Scary!!:D

^^ The residents of Park Fifth will more than likely be of the 'highbrow' crowd. I would think people who make that kind of an investment can afford their very own toilet to piss and puke in.

Jumping, pissing, and puking over the edge? WTF? Sorry, but I don't know too many people who would voluntarily choose to sacrifice their life by jumping off of the balcony of a skyscraper, especially when it's their balcony (with a great view to boot) and part of a building as nice as Park Fifth.

^^ The residents of Park Fifth will more than likely be of the 'highbrow' crowd. I would think people who make that kind of an investment can afford their very own toilet to piss and puke in.

Jumping, pissing, and puking over the edge? WTF? Sorry, but I don't know too many people who would voluntarily choose to sacrifice their life by jumping off of the balcony of a skyscraper, especially when it's their balcony (with a great view to boot) and part of a building as nice as Park Fifth.

Lol! I know a bit over the top there, but even rich people are crazy. :)

I also saw it in an episode of "entourage" a drunk celeb does that ontop of a Hollywood hotel.

? will the paint the building next to it to match Park fifth?

so is this approved yet?

^ lol that's exactly what i was thinking

The status is right in the thread title.

With that kind of height, I imagine those 'fluids' will just blow back into where they came from. More of a breeze up there. :)

^ Yeah that didn't make sense.

Anyway, Park Fifth is 50% sold.

Any ideas on when this will start construction?

Affluent Asians set up house in downtown L.A.

By Kemp Powers
October 28, 2007

LOS ANGELES (Reuters) -

...

PARK FIFTH GOING QUICKLY

...

The anticipated growth has recently sparked some eye-opening projects. The largest is Park Fifth, a 890-foot (270-metre), $1 billion high-rise condominium that will house 726 residential units ranging in price from $400,000 to $5 million.

The building, to be completed in 2010, has been in presales for just over two months and 50 percent of the units have been sold, according to developers.

Cipolloni recalled a gathering hosted by a Korean agent that resulted in 40 people each putting down $10,000 deposits to reserve units in Park Fifth.

...

--------------------------------------------------------------------------
Source: Reuters (http://www.reuters.com/article/domesticNews/idUSN1539249620071029?feedType=RSS&feedName=domesticNews&rpc=22&sp=true)

50% in two months thats great news.

^ Yeah that didn't make sense.

Anyway, Park Fifth is 50% sold.

Soup, it gets windier the higher up you are. Plunk down 4 million and take a pee off the balcony and report back to us on how you did. Then, wash your clothing. Read earlier posting. :cheers:

According to Curbed LA today, Park Fifth is in trouble. Just scroll down:
http://la.curbed.com/

damn. that f****** sucks balls.

:badnews:

I dont' know...I am very optimistic that this project will get built on schedule (whatever that may be). I mean, this guy has been working on this for what? 10 years? 20?

well that fucking sucks

That's really disappointing to hear.

Lets remember that all that was said was from a non reliable source, just typical LA gossip.

^^ Curbed LA says that it's a reliable source.

^^This has too much support to just die, someone will pick it up if this is true.

... and who's this reliable source?

The only problem with this project may be its location within downtown. Maybe the people who bought in have just seen the impact of LA LIVE and want to be closer to it instead. Still, 50 percent sold in 2 months is impressive! I don't see how this could be scrapped. If it is, it could be a sign of things to follow. :cheers:

^^^^^^Look friends. This kinda shit happens all the time. Investors pull out then some other fool pulls in. Building these massive projects is like a bad relationship- people keep pulling in and out of everyone:banana::banana:-if you now what I mean.Eventually they will find the right investor. Hopefully one with some massive cojones !!!

I mean -Did this not just happen with L.A live when KB Homes with it's little balls pulled out of the project? Look how that turned out! L.A Live already is the shit and it's only 25% complete. KB homes must be kicking itself, or at least will be soon once L.A live comes on line.

This project will get off the ground, already to much has been invested and committed to turn back- like when you have a kid and your not married yet. YOUR Committed even if you don't want to be!

NOW I have said it again and I will say it again! As for all those other projects that are still in proposal or even approved -and have not yet set forth an immediate construction date are toast. They WILL NOT get off the ground until many years from now. 2015 and on. The housing market is about to implode and downtown will not be immune. Trust me Friends when I tell you that from this boom you will net the following projects.

1.anything that was built in South Park recently. (Evo-Hanover
2. 717 tower
3. L.A live
4. The Ritz 54floor (l.A. Live)
5. The grand Ave project (towers)
6. Concierto
7. and Park Fifth

8.La Central maybe after L.A live fully opens.

That's what the boom of the 2000's will have given this city after the dust settles. All the other projects will just be toast.

DTLA is NOT Immune regardless of how good it did. It will fell the crunch. Prices will soon go down the drain.

But this project WILL get off the ground that you can count on.

Remember the last big boom? How many big projects did we net from that? This will be similar.:sly:

I always said even when some wanted highrise condo projects everywhere downtown, that LA is building cautiously. LA is funny that way. It has a reputation for being extravagant but really it has got to where it is by taking some risks, yes, but also being very shrude. The stock that we have downtown the newly built as well as the rehabs will be enough to sustain LA for awhile. Now we are working on activity downtown to bring it to life i.e. Grand Ave, LA Live, very smart indeed. Count your lucky starts that we won't have rows 80 story behemoths struggling to get filled as in Chicago, Miami and Vegas.

From SSP:

I heard from someone inside the project that park fifth is indeed dead. They sent a letter out to their partners (construction, design firm...) that the project is done. Also heard that the building was not even close to half reserved. Hopefully whatever reservations were secured will move on to other projects...evo, ritz.

I always said even when some wanted highrise condo projects everywhere downtown, that LA is building cautiously. LA is funny that way. It has a reputation for being extravagant but really it has got to where it is by taking some risks, yes, but also being very shrude. The stock that we have downtown the newly built as well as the rehabs will be enough to sustain LA for awhile. Now we are working on activity downtown to bring it to life i.e. Grand Ave, LA Live, very smart indeed. Count your lucky starts that we won't have rows 80 story behemoths struggling to get filled as in Chicago, Miami and Vegas.


Co-sign 100% with the bolded. We should have skyscrapers in our skyline that serve an actual purpose outside of empty buildings that serve no purpose whatsoever, just waiting for someone to move into them.

...although I'm a little salty in this building not coming to fruition. But then again, it's just a rumor right? Nothing 100% concrete in it's status so far.

Park Fifth Responds to Curbed's Reports of Its (Funding) Demise

Yesterday Curbed posted a rumor (http://la.curbed.com/archives/2007/11/park_fifth_rumo.php) that the Park Fifth project had lost its main investor and fired its sales staff and marketing director. While aspects of the post were true -- the project is restructuring some of its financing -- the fundamentals were simply incorrect. Park Fifth Project Director Rich Marr sent a reply over to Curbed rebutting their information and attempting to instill a little accuracy in what's out there. A copy of that response found its way into the blogdowntown mailbox as well.

I try not to mix work and this site, but Cartifact is providing an interactive map kiosk in the Park Fifth sales center (which I might add is really impressive). Last week I was over with VP of Marketing Erika Nelson doing some final testing. I can assure you that she's still gainfully employed and about to be moving her office into the sales center.

Bottom-line: The project's construction schedule remains unaltered and there's lots of interest in both buying and in investing.

Rich Marr's full response after the jump...

Q&A with Rich Marr Regarding Status of Park Fifth

Q: What is the status of Park Fifth?

A: Park Fifth is progressing on schedule. Over the last few months, we have seen significant progress in the development of Park Fifth. We have achieved major milestones in the areas of permitting, pre-construction planning and sales center development. Tremendous excitement and momentum have been created for Park Fifth, resulting in 348 reservations to date - even before we open our sales center.

As we enter real estate’s traditionally quiet fourth quarter, we have begun a short phase where we are restructuring internal operations in order to move forward in an effective manner and continue to progress on target. This internal restructuring will better poise us as we move forward into the construction phase. We will continue to focus on securing all necessary permits and approvals and completing the EIR process.

The design of the project, groundbreaking and completion will not be affected by the restructuring. Groundbreaking is still scheduled for the first half of 2008 and completion of the first tower is set for 2010.

Q: Is it true that Park Fifth lost its main investor?

A: No, Park Fifth’s main investors remain involved in the project and are currently focused on securing finals permits and completing the EIR process.

Q: Is Park Fifth looking for new investors?

A: Internal restructuring could include the addition of a new investor or a potential change of ownership, but this would not affect the design or timing of the project.

Q: Will the internal restructuring affect the timing of the project?

A: No, Park Fifth is progressing on schedule. Completion of the first tower is set for 2010, while the second tower will be completed in 2011. Our process of internal restructuring will not affect our progress or timing of the project.

Q: Are you still accepting new reservations?

A: Yes, Park Fifth is accepting new reservations.

Q: Will the Sales Center still open?

A: Yes, the Sales Center will be complete within the next few weeks. We are putting the final touches on what will be a truly spectacular representation of what living at Park Fifth will be like. The Sales Center will include two complete model homes, virtual tours of both towers and many interactive features to help prospective buyers visualize the home they are interested in purchasing.

Q: What is the status of Park Fifth’s sales team?

A: The Park Fifth sales and marketing team remains active and in place. The team will complete its move into the Sales Center by mid-November and will begin offering tours shortly after that. The team can be reached at 213-629-0000 or via email at angus@parkfifth.com.

--------------------------------------------------------------------------
Source: blogdowntown (http://blogdowntown.com/blog/2939)

Co-sign 100% with the bolded. We should have skyscrapers in our skyline that serve an actual purpose outside of empty buildings that serve no purpose whatsoever, just waiting for someone to move into them.

...although I'm a little salty in this building not coming to fruition. But then again, it's just a rumor right? Nothing 100% concrete in it's status so far.

I'll wait for something in the LA times, before i pass any judgment, not only that, the "investors" of this project have very large capitol in there background... and at least a million has already been spent on advertising.

^^^^^^Look friends. This kinda shit happens all the time. Investors pull out then some other fool pulls in. Building these massive projects is like a bad relationship- people keep pulling in and out of everyone:banana::banana:-if you now what I mean.Eventually they will find the right investor. Hopefully one with some massive cojones !!!

I mean -Did this not just happen with L.A live when KB Homes with it's little balls pulled out of the project? Look how that turned out! L.A Live already is the shit and it's only 25% complete. KB homes must be kicking itself, or at least will be soon once L.A live comes on line.

This project will get off the ground, already to much has been invested and committed to turn back- like when you have a kid and your not married yet. YOUR Committed even if you don't want to be!



NOW I have said it again and I will say it again! As for all those other projects that are still in proposal or even approved -and have not yet set forth an immediate construction date are toast. They WILL NOT get off the ground until many years from now. 2015 and on. The housing market is about to implode and downtown will not be immune. Trust me Friends when I tell you that from this boom you will net the following projects.

1.anything that was built in South Park recently. (Evo-Hanover
2. 717 tower
3. L.A live
4. The Ritz 54floor (l.A. Live)
5. The grand Ave project (towers)
6. Concierto
7. and Park Fifth

8.La Central maybe after L.A live fully opens.

That's what the boom of the 2000's will have given this city after the dust settles. All the other projects will just be toast.

DTLA is NOT Immune regardless of how good it did. It will fell the crunch. Prices will soon go down the drain.

But this project WILL get off the ground that you can count on.

Remember the last big boom? How many big projects did we net from that? This will be similar.:sly:
Amigos! TRUST me this thing will get built.

TO MUCH SPENT AT ALL LEVELS.

We need not worry!:banana::banana::banana:

CurbedLA just posted that Park Fifth is still going ahead as planned, just some internal restructuring going on. Boo CurbedLA for posting bogus news earlier!

I hereby withdraw my :badnews:

^^It wasn't bogus news, something is going on, but this project will not die.

Me feels better already, and yes I have balls- and they feel better too. :cheers:

^ Good for you.

This is why I never believe a 3rd party source. If there is a status change in a project, I would feel much more comfortable hearing news from someone involved (and by involved I mean someone throughly involved) with the project.

Does anyone know the source, where Curbed LA found that info?

Does anyone know the source, where Curbed LA found that info?

Most of me tells me they pulled it out of their asses! Now, do you blame them? If that was a rumor then usually there is some truth to it. My dad always said where there is smoke there is fire! I am glad they reported the rumor, even if was just to have the Park Fifth people clear it up. I mean they had SOOOOOOMMMEEEE weeee bit of truth to it. Homeboy at park fifth-I forgot his name- said "we are restructuring!" I am sure that was code for "some Mutherfu@!'s got fired and some other mutherf%^'s are about to get fired."

I don't blame them. O:banana:n the contrary I commend them.

Does anyone know the source, where Curbed LA found that info?

Who cares, as long as it was bull$#@%, its not important.......!!!

Who cares, as long as it was bull$#@%, its not important.......!!!

well if we know the source, we'll know not believe them again.

well if we know the source, we'll know not believe them again.

True, that...!!!

Park Fifth Denies Investor Turmoil

News Brief

Despite recent speculation by several Downtown sources that the mega residential development known as Park Fifth is facing an investor shakeup, project officials said the tower is moving forward. According to a written statement by Park Fifth Project Manager Rich Marr, the original investors remain Africa Israel, Namco Capital Group, Inc. and Houk Development Company. "As we enter real estate's traditionally quiet fourth quarter, we have begun a short phase where we are restructuring internal operations in order to move forward in an effective manner and continue to progress on target," Marr said. "Internal restructuring could include the addition of a new investor, but this would not affect the design or timing of the project." Speculation was heightened recently when several sales and marketing positions were eliminated. Marr said the project was simply overstaffed. To date, officials said 348 reservations have been taken for the condo project fronting Pershing Square at Fifth and Olive streets, and the $5 million sales center was set to open last week in the Gas Company Tower. Groundbreaking is still anticipated for the first half of 2008, and completion of the first tower is set for 2010. At 76 stories, the project is expected to have the tallest residential tower in the West.

--------------------------------------------------------------------------
Source: Los Angeles Downtown News (http://www.downtownnews.com/articles/2007/11/12/news/news_briefs/at05.txt)

thats good to hear

BUILD THIS DAMN THING!!

New sales center opening!!!!

http://la.curbed.com/archives/2007/11/news_flash_park.php#reader_comments

^ Excellent News* :righton: Now if only the damn lotto would choose my #'s!

^ Yeah ok.

Anyway, Park Fifth's sales center had a sneak peek today. All pics by David Bullock (eecue.com)

http://farm3.static.flickr.com/2036/2074159223_70a56454a7.jpg?v=0
http://farm3.static.flickr.com/2356/2074952100_f477969ae9.jpg?v=0
http://farm3.static.flickr.com/2407/2074157183_7999ce8a4b.jpg?v=0
http://farm3.static.flickr.com/2352/2074951616_91acdd9207.jpg?v=0
http://farm3.static.flickr.com/2117/2074156761_fad61cf114.jpg?v=0
http://farm3.static.flickr.com/2298/2074952486_1980d5f6fe.jpg?v=0
http://farm3.static.flickr.com/2206/2074953644_3fe59d6310.jpg?v=0
http://farm3.static.flickr.com/2002/2074953946_ee804b25aa.jpg?v=0
http://farm3.static.flickr.com/2283/2074954650_2511f65135.jpg?v=0
http://farm3.static.flickr.com/2198/2074955102_85f6b28658.jpg?v=0
http://farm3.static.flickr.com/2141/2074163293_b08a779a89.jpg?v=0
http://farm3.static.flickr.com/2226/2074956656_ff5477bc9f.jpg?v=0
http://farm3.static.flickr.com/2089/2074955750_e2b4ff5bec.jpg?v=0
http://farm3.static.flickr.com/2257/2074955470_b5bf0ceba9.jpg?v=0

It's like staying at a hotel.

It's all about the balconies!!:) Great pics soup!

If that was the view from my window... I'd never leave my house.

those are some awsome views. Its like living in the hills. I like how the balconys and tower blend , Its not like those condo towers in miami or HK.

http://i13.photobucket.com/albums/a278/Imyurdada/1-2.jpg

http://i13.photobucket.com/albums/a278/Imyurdada/2.gif

These renderings show that the complex will be built around the Title Guaranty Building, which has 74 residential units.

^ Just under the buzzer.

Aww, look! In the rendering they made Pershing an actual park, beautiful!:):)

I was looking up some stuff on wikipedia when I came across this under the
entry "Subway Terminal Building":

"As of 2007, the Subway Terminal Building has been renovated as 'Metro 417', a luxury apartment building. The historic Florentine exterior is being threatened by the construction of a 76 story skyscraper, Park Fifth."

How much space is going to be set off between the two buildings? Is there going to be some sort of alleyway? I don't really remember what it looks like at the moment.

They'll drape something on the facade of the older building to save the details.:)

I was looking up some stuff on wikipedia when I came across this under the
entry "Subway Terminal Building":

"As of 2007, the Subway Terminal Building has been renovated as 'Metro 417', a luxury apartment building. The historic Florentine exterior is being threatened by the construction of a 76 story skyscraper, Park Fifth."

How much space is going to be set off between the two buildings? Is there going to be some sort of alleyway? I don't really remember what it looks like at the moment.


The Wikiperson who wrote this article makes it sound like its coming down, but if he re-words it a little diffrent, im sure he could prove his point. Same as this sentence over at the Park Fifth Article, "Also the site is directly blocking the historic Subway Terminal Building, the original home of the Los Angeles Red Cars."

IMO, i thing Park Fifth will compliment the building.

There is a little space between the buildings, but the nice facade on that side will be blocked. Too bad for that building, but ultimately much better for LA for Park Fifth to be built and its not like the parking lot was exactly complimenting the Terminal building.

Angelenic Blog is reporting Park Fifth groundbreaking has been pushed back from Q1 '08 to Q3 '08. More details to come...

Park Fifth Not Breaking Ground As Planned, After All

January 30, 2008

After all of the controversy (http://la.curbed.com/archives/2007/11/park_fifth_rumo.php), guesswork and rebuttals (http://blogdowntown.com/blog/2939) surrounding Park Fifth (http://www.parkfifth.com/) and its funding status last year, Houk Development Company still contended that their 76-story Phase I residential skyscraper was set to break ground in the first quarter of 2008 (http://www.downtownnews.com/articles/2007/09/17/development/estate05.txt).

Since that time, a breathtaking $5 million sales center has opened, over 300 reservations have been signed, and progress has been made with permitting and planning.

Things are “looking up (http://forum.skyscraperpage.com/showpost.php?p=3010185&postcount=1423),” right?

Well maybe, but not for a while. Stephanie Holbrook, a spokesperson for the Park Fifth project, tells us today that groundbreaking has been pushed back to the third quarter of 2008.

Even with the significant delay, Holbrook asserts that the first tower is still on track to meet its 2010 completion.

Our experience tells us otherwise. Though, the developers’ continued broadcasting of the luxury development over an extensive marketing campaign is positive sign of their dedication to see it off the ground.

Park Fifth is the latest in a growing list of Downtown projects that have experienced setbacks due to rising construction costs, an unsteady housing market, and problems with financing: LA Central, 1027 Wilshire (http://www.angelenic.com/1027-wilshire-developers-remain-optimistic-but-need-financing/), South Figueroa (http://www.angelenic.com/south-figueroa-formerly-jardin-pushed-back-a-year/), and the Grand Avenue Project (http://www.angelenic.com/3-billion-predicament-grand-avenue-project-delayed/) are some of the more notable ones.

We’re waiting to hear back from Holbrook about the cause of the delay and will keep our fingers crossed for a third-quarter groundbreaking. The last thing we want to see is this iconic vision reincarnated in five years as a twin 15-story dud.

The project’s second phase, a 43-story tower that will be home to an unnamed five-star hotel, has no construction date set.

-$3 Billion Predicament: Grand Avenue Project Delayed (http://www.angelenic.com/3-billion-predicament-grand-avenue-project-delayed/)
-South Figueroa (Formerly Jardin) Pushed Back a Year (http://www.angelenic.com/south-figueroa-formerly-jardin-pushed-back-a-year/)
-A Peek Inside the Park Fifth Sales Center (http://blogdowntown.com/blog/2977) (Blogdowntown)
-Rumor Mill: Park Fifth Project in Trouble? (http://la.curbed.com/archives/2007/11/park_fifth_rumo.php) (Curbed)

http://farm3.static.flickr.com/2263/2064232772_e68c53dc6d_b.jpg

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Source: angelenic (http://www.angelenic.com/park-fifth-not-breaking-ground-as-planned-after-all/)