LA Central | 575ft | 54 fl | 455ft | 40 fl | App

[milquetoast]

"double bag" ... hmmpf ...

[vidgms]

Do you know what double bag means?

If you do then this is for those that don't.

Double bagging means that I should wear a bag on my head, in case the bag on yours falls off, so I don't have to see your face, lol.

Its all in playful fun milque, i'm sure people are enjoying this. And I was down at West Baseline the other day, the new gutter is looking pretty good.

Back to the topic at hand, hows the parking lot looking these days?

[milquetoast]

About as good as that gutter

[ryebreadraz]

Can we just about call this project dead now? It was Moinian's project and with it being foreclosed on, someone else will buy it and the odds are 10000000/1 that they keep this project. Something will go up there, but it will almost assuredly be nothing like the current plan. Hopefully it includes plenty of retail though because South Park needs it.

[VZN]

New Life for L.A. Central: Moinian Extends Financing, Parking Returns

After nine months fenced off and vacant, an $80 million piece of land across the street from Staples Center has been buzzing with life this week. Parking operations returned to the site over the weekend, and crews have been busy working to clear weeds, trim landscaping and patch cracked asphalt.

The four-acre site, to be developed into a project known as "L.A. Central," has spent the last two years embroiled in lawsuits, but property owner Moinian Group said today that it has extended the project's financing. That will allow it to move forward on what may end up to be a scaled-back version of the development.

"This is a major step forward in ultimately developing the site," said Oskar Brecher, Moinian's director of development. The property occupies the entire block bounded by Figueroa, 11th, Flower and 12th streets.

Original plans called for two towers 53 and 37 stories, 860 market-rate units, a 222 room hotel and 250,000 square feet of retail. While the firm is working to extend those entitlements, what gets built will "straddle between the very ambitious project we had designed for the site and what the current possibilities happen to be," Brecher said.

In November, Wachovia declared Moinian to be in default on a $55 million loan it had given the company for the property. More recently it filed a lawsuit against founder Joseph Moinian and developer Henry Shahery, claiming that the two were liable for the amount under a personal guaranty they had signed.

That suit was withdrawn last week, and Brecher said that Moinian has "extended the financing on the property for several years."

The site was fenced off in June of 2009 after an injunction was issued forbidding Moinian from operating parking. AEG, who sold Moinian the property in 2006, had filed a suit claiming that the sale agreement gave it the exclusive right to parking operation. That case has now been settled.

"We have an agreement with AEG to jointly operate the parking on the property," Brecher said. "That, I think, is in everybody's interest. Now we have worked it out so that we're both happy."

Still unresolved are several smaller cases related to services provided in project design and entitlement. One of those was filed by architecture firm RTKL, who alleges that it is owed $3.6 million on a $14 million design contract. That case is scheduled to go to trial in April, but settlement talks are underway.

"We made some progress, but we need to come to an understanding all around," Brecher said. "It's not entirely clear right now whether we can do that without being adversarial."

[pesto]

Park 5th, Grand Ave, L. A. Central, etc.

I feel like I'm in a zombie movie. There are noises and vague stirrings in the cemetary but I'm not sure if anything is actually alive. Mostly dead bodies staggering around trying to figure out where there is blood to drink.

[Mr.Hollywood]

its back on?

[ArchiTennis]

Originally Posted by pesto

Park 5th, Grand Ave, L. A. Central, etc.

I feel like I'm in a zombie movie. There are noises and vague stirrings in the cemetary but I'm not sure if anything is actually alive. Mostly dead bodies staggering around trying to figure out where there is blood to drink.

good analogy.

[Westsidelife]

Can this project die already?

[Cardinal-Biggles]

sorry for reviving this thread, but I have a large rendering of the project. Sorry for the bad pixelation, but I got it from a PDF file. I'm using the Figueroa Central site for my Senior Thesis, and I found this while researching. Would anyone else have more renderings of this?

[milquetoast]

SOUPS?

[Illithid Dude]

Originally Posted by Cardinal-Biggles

sorry for reviving this thread, but I have a large rendering of the project. Sorry for the bad pixelation, but I got it from a PDF file. I'm using the Figueroa Central site for my Senior Thesis, and I found this while researching. Would anyone else have more renderings of this?

I would! Can you just post the link you got them from, though? Thanks.

[Cardinal-Biggles]

Originally Posted by Illithid Dude

I would! Can you just post the link you got them from, though? Thanks.

it was in RTKL's website...page 17 of the PDF brochure

http://www.rtkl.com/Publications/doc...the_market.pdf

[Illithid Dude]

Originally Posted by Cardinal-Biggles

it was in RTKL's website...page 17 of the PDF brochure

http://www.rtkl.com/Publications/doc...the_market.pdf

Thanks! Interesting that they refer to one of the towers as the 'W Residences'...

[LosAngelesSportsFan]

i really want this project to be built. I hope we hear something positive in the very near future since there is so much action near this lot.

[slipperydog]

Originally Posted by LosAngelesSportsFan

i really want this project to be built. I hope we hear something positive in the very near future since there is so much action near this lot.

It's arguably the most important parcel to downtown right now. We need a seamless transition from Staples/convention center to the Blue Line to the modern lofts and historical buildings of South Park and finally over to the Fashion District. As soon as your train surfaces from underground and you get off at the Pico stop, you should not be greeted with a view of Staples Center across a large parking lot, but rather a sense of density filled with apartments/condos/retail/restaurants.

[pesto]

Originally Posted by slipperydog

It's arguably the most important parcel to downtown right now. We need a seamless transition from Staples/convention center to the Blue Line to the modern lofts and historical buildings of South Park and finally over to the Fashion District. As soon as your train surfaces from underground and you get off at the Pico stop, you should not be greeted with a view of Staples Center across a large parking lot, but rather a sense of density filled with apartments/condos/retail/restaurants.

A really good point, especially for visitors. I have seen tourists get excited about seeing Staples and shouting out "Lakers" when they see it. But having an urban environment rather than parking lots has to create a better impression.

[LosAngelesSportsFan]

Both good posts. i would like to add that the retail portion of this project will also be a major game changer for downtown. This will bring in known names and will really complete the initial vision of LA Live / LA Central. i also like the open plaza area fronting Figueroa.

[Mojeda101]

If this project were ever to get revived, it would most definitely be shrunk if anything. Worse case scenario, one tower, but would at the very least still be 30+ floors. Whatever the case, I'd welcome it with open arms. Just as long as it doesn't turn into a whole block of a small 7 floor apartment complex. I want retail along Figueroa right across the street from LA Live. Farmers Field will need something like this to kill time before and after games. When you get off of the Pico station, you honestly have to walk past parking lots to get to LA live. Once the stadium is underway, that will be unacceptable. More people will be using the station in order to get to the stadium for the games, and that will bring demand to the area, thus giving reason for this to be built. I'm sure by the time we achieve a team and everything is in motion, dozens of projects in the area will be revisited.

[SeattleRedhawk86]

Nice looking building.