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Old February 5th, 2005, 03:00 AM   #1
LosAngelesSportsFan
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More downtown housing , two 30 story towers!!

Trading Spaces

Plans Call for 850 Housing Units on Pacific Exchange Plot

by Chris Coates

A company with ties to several projects in the Historic Core has announced plans for a mammoth residential development centered on the Pacific Exchange building. Through a combination of adaptive reuse and ground-up construction, the firm hopes to create 850 rental and for-sale units in three City West structures.
A developer hopes to create 850 housing units in City West by renovating the Pacific Exchange structure and building two new 30-story towers. Rendering courtesy of Golden Hills Properties.

However the developer, Golden Hills Properties, has yet to file permits with the city or secure funding, both potentially challenging and time-consuming endeavors. Company General Manager Michael Delijani said he hopes to break ground on the projected 1 million-square-foot development by early 2006.

"The view is amazing," Delijani said. "Everything about this project is unique."

The only existing structure in the development is the 150,000-square-foot Pacific Exchange building, a 10-story edifice bounded by Second and Miramar streets, Beaudry Avenue and Huntley Drive. Golden Hills Properties purchased the boxy white building in the late 1990s, Delijani said. The structure housed the Pacific Exchange, a regional trading exchange that consolidated its San Francisco and Los Angeles operations in 2001.

Initial plans call for a pair of 30-story glass and steel towers to rise on two 100,000-square-foot asphalt parking lots adjacent to the existing building. Preliminary renderings have been created by Nadel Architects, which has worked on designs for the Hall of Justice in the Civic Center and 1100 Grand, a loft development at 11th Street and Grand Avenue.

The majority of the current eight-floor structure is a parking garage; the office space and former equities trading floor are confined to the top two stories. The unusual layout means some of the windowless parking garage will be converted into housing, Delijani said. The top two floors will hold about 150,000 square feet of residential space.

The property's office space has been rented since the stock exchange closed in May 2001. Delijani said the developers have bought out the handful of existing leaseholders.

Costly Endeavors


Delijani said the new high-rises would total about 850,000 square feet and likely house condominium units. Early plans for amenities call for wireless Internet access, tennis courts and a pool. Proposals also include ground floor retail and possibly a rooftop restaurant, Delijani said.

Herb Nadel, a principal with Nadel Architects, cautioned that plans are in the early stage. He said the developers are exploring a number of options, including turning some of the main building's parking elements into offices.

"The market is there," Nadel said. "There are wonderful opportunities from this piece of property."

Delijani said the project includes three phases of construction, with the first scheduled to get underway by early 2006. While Delijani would not disclose an expected completion date or an overall cost, construction of similar-sized Downtown projects have building schedules lasting three years or more and price tags that can soar well beyond $100 million.

For example, MJW Investments' three-phase Santee Court in the Fashion District envisions 578 units in a $130 million project. The CIM Group's four-phase, 1,200-unit South Village development (which includes a Ralph's supermarket) is priced at $220 million. In Little Tokyo, developer Trammell Crowe Residential is building the three-phase 868-unit Alexan Savoy complex; construction is expected to last 39 months.

Historic Core Activity


The project's timing could be complicated by the current lack of secured funding. Delijani said he has verbal agreements with lenders, though he would not name them.

Hamid Behdad, the director of the city's adaptive reuse program, said no permits for the project have been filed with the city. He said there is not a typical timetable for the approval process. "It depends how fast the architects will put together a submittal package," he said.

The endeavor marks Golden Hills Properties' first residential project Downtown. Delijani, however, has been involved in Downtown development for the past two decades. He serves on the Historic Core Business Improvement District and the Downtown Los Angeles Neighborhood Council. He has helped in the revitalization and refurbishment of the Palace and Los Angeles theaters on Broadway.

Delijani said the Pacific Exchange piqued his interest because of its panoramic views and central location. "I know how difficult it is during the rush hour," he said. "Getting in and out of this building is a piece of cake."

City West has seen several large-scale developments in recent years. Near Crown Hill, Westwood-based developer Meta Housing is building two mixed-income projects, Northwest Gateway and Emerald Terrace apartments, with a total of about 360 units. Along Third Street, crews are working on the 2,000-seat Central L.A. High School. At Third and Bixel streets, developer GH Palmer Associates is spending $46 million to build the 297-unit Visconti, scheduled for completion this spring.
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Old February 5th, 2005, 04:31 AM   #2
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City West the next hot area? Sweet!
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Old February 5th, 2005, 04:39 AM   #3
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^ oh definitley. that place has some land and potential. i could really see a xommunity of 30 - 40 story buildings making that area a link between Downtown Proper and the McArthur park area.
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Old February 5th, 2005, 04:49 AM   #4
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Quote:
Originally Posted by LosAngelesSportsFan
^ oh definitley. that place has some land and potential. i could really see a xommunity of 30 - 40 story buildings making that area a link between Downtown Proper and the McArthur park area.
Are you interesting to live in MacArthur Park area?
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Old February 5th, 2005, 05:30 AM   #5
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February 4, 2005 – LA Retail Owner Strikes It Rich in $9 Mil Sale
Article Date: 02/04/05

Full Story:
San Pedro-based Rich Development Co has acquired a 32k sf infill shopping center near LA’s MacArthur Park in a deal that came in close to the $9.1 mil ($284/sf) asking price. The property is located at 420 S. Alvarado St, west of the 110 Fwy between 3rd and 6th Streets, in an area with a heavily Latino population.

Commenting on his company’s acquisition, Joe Rich, general partner for Rich Development, said “We viewed this property for its value-added potential, as well as an opportunity to provide a service that is lacking in this area. Our plans include cosmetic upgrades, a new roof, landscaping improvements, and complete renovation of the interior for a new retailer. We are currently negotiating a new lease with a national retailer for the entire 28k sf of available space.”

Rob Fuelling, marketing director for Los Angeles-based IDS, and Richard Rizika of CB Richard Ellis represented both Rich Development Co and 420 S. Alvarado St. LLC, the sellers.

Fuelling added “This was one of the few available retail investment opportunities in established Latino neighborhoods of Los Angeles. National retailers without a presence in this market have few options, and the demographics of this center are outstanding, including substantial foot traffic.”

Rich Development is a family-owned business established in the late 1930s that focuses on “value-added” redevelopment and new construction of retail properties ranging from single-tenant to power centers throughout the United States. The company currently owns and manages approximately 1 msf of retail space and is in various stages of developing over $100 mil worth of retail developments.
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Old February 5th, 2005, 02:49 PM   #6
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Quote:
Originally Posted by Blink182
Are you interesting to live in MacArthur Park area?

Not really, i rather live in the downtown area, either around the pegasus or south park area.
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Old February 5th, 2005, 02:51 PM   #7
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Quote:
Originally Posted by LosAngelesSportsFan
Not really, i rather live in the downtown area, either around the pegasus or south park area.
Does have any problem in MacArthur Park like crime ridden or other something?
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Old February 5th, 2005, 10:32 PM   #8
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Quote:
Originally Posted by LosAngelesSportsFan
^ oh definitley. that place has some land and potential. i could really see a xommunity of 30 - 40 story buildings making that area a link between Downtown Proper and the McArthur park area.
Agreed! Don't know about zoning there but I'm positive the market could support a Wilshire-Corridor level of high-rise development! Viva the 213!
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Old February 6th, 2005, 11:05 AM   #9
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LA could have supported 5 times the number of high rises it currently has if it weren't for those damn state requirments hindering development.
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Old February 6th, 2005, 03:35 PM   #10
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Quote:
Originally Posted by LAuniverse
LA could have supported 5 times the number of high rises it currently has if it weren't for those damn state requirments hindering development.

Does have any problem in MacArthur Park like crime ridden or other something?
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Old February 6th, 2005, 07:12 PM   #11
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Quote:
Originally Posted by Blink182
Does have any problem in MacArthur Park like crime ridden or other something?
MacArtur Park is well known for being a haven for drug dealers.
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Old February 6th, 2005, 07:17 PM   #12
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Quote:
Originally Posted by Threehundred
MacArtur Park is well known for being a haven for drug dealers.
Wow, Does have alot of murder in MacArthur Park? or it is average or low murder?
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Old February 6th, 2005, 08:42 PM   #13
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Quote:
Originally Posted by Blink182
Wow, Does have alot of murder in MacArthur Park? or it is average or low murder?
I'm not sure. MacArthur PArk is right near downtown so there is always alot of people milling around. But it's nasty. Filled with homeless people, drug dealers, pimps, and hookers. It is also rumored that the bottom of the lake (Which is only 8 feet deep) is nothing but heroin needles.

I'd rather go to Pershing Square than MacArthur Park.
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Old February 6th, 2005, 09:33 PM   #14
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Quote:
Originally Posted by Threehundred
I'm not sure. MacArthur PArk is right near downtown so there is always alot of people milling around. But it's nasty. Filled with homeless people, drug dealers, pimps, and hookers. It is also rumored that the bottom of the lake (Which is only 8 feet deep) is nothing but heroin needles.

I'd rather go to Pershing Square than MacArthur Park.
What is pimps and hookers means?

What is people milling around means?

Does in MacArthur Park have alot of heroin needles?

Last edited by Blink182; February 6th, 2005 at 09:43 PM.
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Old February 6th, 2005, 10:27 PM   #15
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I thought I had read an article about how the drug activity had been much lessened in MacArthur park recently. I'm not sure how true it was, but that's what it said...
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Old February 7th, 2005, 12:39 AM   #16
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Mcarthur park as cleaned up a lot. Especially since the red line opened there many years ago. The amount of streetlife brought into the vicinity by the subway station is staggering, and has helped to deter drug activity. It's been a gradual but welcome process.
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Old February 7th, 2005, 01:03 AM   #17
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Thanks to LAuniverse.

I remembered so much, MacArthur Park is an violent city since late 1980s and early 1990s. The crime have been declined since 1995 then MacArthur Park became best park in near of Downtown LA. It was easy to bring here from brand new subway.
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Old February 7th, 2005, 01:03 AM   #18
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Thanks to LAuniverse.

I remembered so much, MacArthur Park is an violent city since late 1980s and early 1990s. The crime have been declined since 1995 then MacArthur Park became best park in near of Downtown LA. It was easy to bring here from brand new subway.
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Old February 7th, 2005, 02:36 AM   #19
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^ Seems as though you retyped LAU's post and just reworded it.

Pimp: Boss of hookers.

Hookers: Women who have sex for money.

Milling: Lotering.

How old are you?
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Old February 7th, 2005, 03:31 AM   #20
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Quote:
Originally Posted by Threehundred
^ Seems as though you retyped LAU's post and just reworded it.

Pimp: Boss of hookers.

Hookers: Women who have sex for money.

Milling: Lotering.

How old are you?
I'm 17 years old.

Lotering isn't official with spelling?
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