daily menu » rate the banner | guess the city | one on oneforums map | privacy policy (aug.2, 2013) | DMCA policy | flipboard magazine

Go Back   SkyscraperCity > Continental Forums > North American Skyscrapers Forum > Metropolis & States > Los Angeles > Los Angeles forums > Projects > Development News



Reply

 
Thread Tools
Old January 11th, 2005, 12:17 AM   #41
LosAngelesSportsFan
Moderator
 
LosAngelesSportsFan's Avatar
 
Join Date: Oct 2004
Location: Los Angeles
Posts: 3,235
Likes (Received): 107

Good news

When fashion designer Linya Rothschild moved downtown five months ago from a leafy Westwood neighborhood, she traded a bucolic tree-lined street for a concrete jungle.

What she didn’t leave behind were sky-high home prices. On a square-footage basis, Rothschild, who has decided to buy a penthouse in the Grand Street lofts, is paying $491 a foot for her new condominium.

That’s more expensive than condos in her former Westwood neighborhood and – except for five exclusive Westside neighborhoods – higher than the median per foot price of condos in every ZIP Code in L.A. County.

“It’s going to be a great investment,” she said. “If it was going to stay the way it is I would still think seriously about buying here. But with all this development going on I think prices are only going to keep going and going and going.”

Rothschild is among the growing number of L.A. homebuyers who are betting big on downtown’s revival. Buyers and developers alike have flooded into the market, banking on a Manhattan-like ending to a story that began with some abandoned bank buildings.

There remain some uncertainties, such as the upward movement of interest rates and pending city approval of a retail and entertainment complex surrounding Staples Center that involves a public financing package totaling $150 million. Still, the area is already priced as if success were a slam-dunk.

Resale asking prices at the Flower Street Lofts near Staples Center are higher on a per-foot basis than the median prices for condos in Brentwood’s 90049, Beverly Hills’ 90210 or Marina del Rey’s 90012. Only beach cities such as Manhattan Beach, Hermosa Beach, Malibu and Santa Monica’s 90403, along with Century City’s 90067, are priced higher, according to DataQuick Information Systems.

“Are these prices sustainable? I don’t know how to answer that,” said Kevin Ratner, a senior vice president with Forest City West, a division of Cleveland-based developer Forest City Enterprises Inc. “The desire to live downtown will only continue to grow as it becomes more of a neighborhood and a viable place to live in people’s minds.”

Transformation

Until seven years ago, Rothschild’s South Park neighborhood was a grimy industrial landscape of parking lots, warehouses and the underused Los Angeles Convention Center.

That began to change when Staples Center opened. Restaurants followed and two years ago condo developer Lee Group Inc. and partner CIM Group Inc. sold out their 91-unit Flower Street Lofts across from the arena, proving people would pay in the $400,000 range to live downtown.

Now it is a construction zone. There are close to 3,000 condos and apartment units being built or planned in South Park alone, much of them ringing the proposed $1 billion sports and entertainment district that will be built on the surface parking lots flanking Staples Center.

Demand for condos in the neighborhood has been so strong that developers of a 164-unit condominium building at 1111 S. Grand Ave. recently pre-sold 80 percent of their project 14 hours after their sales office began accepting reservations.“We’ve been extremely optimistic,” said Mike Pfeiffer, one of the project’s developers, “but we’re floored at this response.” He said prices varied throughout the building, ranging from $300,000 to $1 million.

Resales are another indication of demand. Several of the original buyers of Flower Street Lofts have flipped their units and reaped huge gains in a little over a year. One owner who bought a two-bedroom unit for $458,000 has the property under contract to be sold for $699,000 – a profit of $241,000.

Another owner of a ground-floor, two-story condo with two bedrooms has the 1,560-square-foot unit listed on the market for $749,000, which would represent a gain of $289,000.

In a few years, Rothschild – who is paying about $750,000 for her loft – believes the 1,527-square-foot unit will be worth more than $1 million. “These prices are going to appreciate immensely once everything gets built,” she said.

Developers, initially cautious in pricing new units, have become more aggressive.

The 66 two-bedroom units in the Grand Lofts at 330 W. 11th St. will start in the mid-$500,000 range and be priced between $380 and $500 a foot, said Jeff Lee, president of Lee Group.

Lee was able to take into account Flower Street resale prices and how much units at 1111 S. Grand Ave. fetched when setting rates for Grand Lofts.

“When we sold Flower we were really pioneering but we’re not pioneering so much anymore,” he said. “It’s not a perfect science yet but we have some better information available to us.”

Developing market

Developer Tom Gilmore believes rates will eventually level out between $450 and $500 a foot and only increase marginally afterwards.

Like other builders, Gilmore – who is converting the former El Dorado hotel on Spring Street into a 66-unit condo building with partners Goodwin Gaw’s Downtown Properties Holdings LLC and Morgan Stanley – said that over the next three years prices will begin to differentiate themselves by neighborhood and building.

“The variation isn’t there yet because we’re still establishing a market,” he said. “In the next two or three years we’re going to see multimillion-dollar apartments but we’ll also have places selling for $350,000. That will be an expression of a healthy market.”

With more than 10,000 downtown apartment and condominium units coming online in the next three years – from the Staples Center and the Fashion District through the historic core and Bunker Hill – the other concern is the depth of the market.

As the supply increases, prices are expected to begin leveling off as prospective buyers have more options. “It’s like musical chairs,” said Ratner, whose firm is converting 1100 Wilshire Blvd. into 230 condos. “You have to hope your project is done before the music stops.”

Developers say they are most worried about speculators who either rent out their units or flip the properties quickly. Both can have a detrimental effect on a new community.

“As a condo developer, you have to always be aware of speculative buyers,” Ratner said. “What you want to create is an environment that people who own the units will enjoy. You want to get people in there who invest in the community and care about it.”

To ensure buyers of its Grand Lofts were the right fit, the Lee Group interviewed potential purchasers and took them on weekend “hard hat” tours of the site while it was under construction.

Rothschild went through one of the interviews before buying her unit. “They want people who live and work downtown,” she said. “(They) want to create a sense of community.”
LosAngelesSportsFan no está en línea   Reply With Quote

Sponsored Links
 
Old January 13th, 2005, 01:50 AM   #42
chrisyoung
Guest
 
Posts: n/a
Likes (Received):

thanks for pics .i have been in los angeles for 3 years.L.A is a beautiful city.just like a graceful lady.even though.my friend from L.A always said that i was out of my mind.'cause he felt that L.A .is not so clean as long time ago.now.he has moved to BEIJING.CHINA.married a chinese lady.enjoying his own life with happiness.but i still like Los angeles.just as the feeling what my hometown gave me .
  Reply With Quote
Old January 21st, 2005, 06:43 PM   #43
spicytimothy
...::HK.:.:.:.LA::...
 
Join Date: Dec 2003
Location: Hong Kong / Los Angeles
Posts: 1,525
Likes (Received): 5

wow... I'm absolutely blown away... to be honest I've never seen a downtown as dismal as the one we have here... Downtown is dead pretty much year round, except weekdays during rush hours... it's time to put some pedestrians there!

however hving said tht, I'm not too optimistic about the above projects... hving been here for 5 years, I realized that the rich and famous in LA is more powerful than u think... they ALWAYS find a way to block a project or downgrade it... my theory is LA is: Don't believe it until it's under construction!
spicytimothy no está en línea   Reply With Quote
Old January 21st, 2005, 07:36 PM   #44
soup or man
Diamondz...
 
soup or man's Avatar
 
Join Date: Nov 2004
Location: Chicago, Illinois
Posts: 3,440
Likes (Received): 168

^ Downtown LA wakes up ever 15 years or so. From 1989 to 1992, the US Bank Tower, Cal Plaza 1 and 2, and the Gas Company Tower were built (Actually, I think the US Bank Tower was finished in 89). All of which are significant buildings.

And people who have lived in LA almost all of their lives know what I'm talking about. It takes awhile for LA to get moving but when it does, it's a avalanche.
soup or man no está en línea   Reply With Quote
Old January 24th, 2005, 06:01 AM   #45
leftcoaster
Registered User
 
Join Date: Oct 2004
Location: LA--where Glitter & Gutter live side by side
Posts: 52
Likes (Received): 0

Quote:
Originally Posted by spicytimothy
wow... I'm absolutely blown away... to be honest I've never seen a downtown as dismal as the one we have here... Downtown is dead pretty much year round, except weekdays during rush hours... it's time to put some pedestrians there!

however hving said tht, I'm not too optimistic about the above projects... hving been here for 5 years, I realized that the rich and famous in LA is more powerful than u think... they ALWAYS find a way to block a project or downgrade it... my theory is LA is: Don't believe it until it's under construction!
I could not disagree more with the first part of this statement. I find DTLA thriving. It has a workday population base larger than any CBD in the US other than Manhattan and Chicago. Staples, lots of restaurants, MOCA, Music Center, Disney Hall, Broadway, Chinatown...need I go on? Walk down Broadway any day of the week...any pedestrians there? This old saw about "dismal Downtown LA" is lame, tired, not based in reality. Guess people are inclined to see what they want or what east coast writers tell them to see rather than look for the truth.
leftcoaster no está en línea   Reply With Quote
Old February 1st, 2005, 08:08 AM   #46
LosAngelesSportsFan
Moderator
 
LosAngelesSportsFan's Avatar
 
Join Date: Oct 2004
Location: Los Angeles
Posts: 3,235
Likes (Received): 107

Everyone interested in the Downtown LA Loft boom should check out this months Los Angeles Magazine, which has a 50 page spread on all the buildings that will open this year. Very very cool, with a page dedicated to each building.
LosAngelesSportsFan no está en línea   Reply With Quote
Old February 1st, 2005, 10:17 PM   #47
vicecityguy
Registered User
 
Join Date: Nov 2003
Location: Los Angeles
Posts: 275
Likes (Received): 0

26 Story Hanover Residential Tower





Client: Hanover
Lead Agency: City of Los Angeles
Date Completed: In Progress

Northeast corner of W. Olympic Boulevard and S. Figueroa Street



The project site occupies an approximately 0.5-acre property at the northeast corner of W. Olympic Boulevard and S. Figueroa Street, in the downtown area of the City of Los Angeles. The project site is located within the Central City Community Plan Area as well as the City Center Redevelopment Project Area. The project site is part of the South Park Area, a mixed-use community with a significant concentration of housing. The project site also falls within the Los Angeles Sports and Entertainment District Specific Plan (LASED) EIR Project Area. The project site, located at the northeast corner of Olympic Boulevard and Figueroa Street, occupies approximately 37% of the LASED Figueroa North Properties lot.

The proposed project includes the demolition/removal of all existing surface parking operations occupying the project site and the construction of a 26-floor mixed-use tower providing residential, ground-floor commercial, and parking uses. The base of the tower would consist of a seven-level parking structure, providing parking within one subterranean level and six above-grade levels, for a total of approximately 257 parking stalls. The ground floor level would provide commercial floor area for general commercial uses such as a restaurant or retail shops, as well as a residential lobby providing street access for residential tenants. Above the parking structure would be a 19-floor, 156-unit residential tower, providing approximately 122 one-bedroom units, and 34 two-bedroom units. The amenity deck on the eight floor of the structure would provide a more formal residential lobby area (for residents entering from one of the parking levels), as well as an outdoor pool, residential lounge, fitness room, and landscaped deck/lawn open space area. In total, the proposed project would include approximately 172,026 sf of residential floor area and 7,499 sf of ground floor commercial floor area, for a total building floor area of 179,525 sf.
vicecityguy no está en línea   Reply With Quote
Old February 1st, 2005, 10:50 PM   #48
LosAngelesSportsFan
Moderator
 
LosAngelesSportsFan's Avatar
 
Join Date: Oct 2004
Location: Los Angeles
Posts: 3,235
Likes (Received): 107

Nice. when was this announced? looks good for south park. It replaces my parking lot for Lakers and Kings games. Also, do you know the timetable for this project?
LosAngelesSportsFan no está en línea   Reply With Quote
Old February 1st, 2005, 10:52 PM   #49
vicecityguy
Registered User
 
Join Date: Nov 2003
Location: Los Angeles
Posts: 275
Likes (Received): 0

Sorry, I don't know the time table... but hopefully it will break ground soon!
vicecityguy no está en línea   Reply With Quote
Old February 2nd, 2005, 03:43 AM   #50
cooley21
Registered User
 
Join Date: Sep 2004
Posts: 5
Likes (Received): 0

info-info

Glad to see development like this occur downtown. Where did you obtain this info from?
cooley21 no está en línea   Reply With Quote
Old February 2nd, 2005, 06:13 PM   #51
vicecityguy
Registered User
 
Join Date: Nov 2003
Location: Los Angeles
Posts: 275
Likes (Received): 0

Quote:
Originally Posted by cooley21
Glad to see development like this occur downtown. Where did you obtain this info from?
http://www.cajaeir.com
vicecityguy no está en línea   Reply With Quote
Old February 5th, 2005, 03:07 AM   #52
LosAngelesSportsFan
Moderator
 
LosAngelesSportsFan's Avatar
 
Join Date: Oct 2004
Location: Los Angeles
Posts: 3,235
Likes (Received): 107

Vice, can you add the renderings for the Pacific Stock Exchange Building on this thread? we should really keep it going. there are so many new pojects, that we need a thread like this to keep everyone up to date. The drawings are on LA DOWNTOWN NEWS online. Thanks
LosAngelesSportsFan no está en línea   Reply With Quote
Old February 5th, 2005, 05:27 AM   #53
vicecityguy
Registered User
 
Join Date: Nov 2003
Location: Los Angeles
Posts: 275
Likes (Received): 0

Done!
vicecityguy no está en línea   Reply With Quote
Old February 5th, 2005, 02:48 PM   #54
LosAngelesSportsFan
Moderator
 
LosAngelesSportsFan's Avatar
 
Join Date: Oct 2004
Location: Los Angeles
Posts: 3,235
Likes (Received): 107

Thanks
LosAngelesSportsFan no está en línea   Reply With Quote
Old February 5th, 2005, 04:51 PM   #55
Vlad the Great
Registered User
 
Join Date: Jul 2004
Location: Troy NY
Posts: 386
Likes (Received): 0

Great thread.

I've got one like this, except it's on NY and is nowhere near complete. Great job, and these projects are great, hopefully it's only the tip of the iceberg! Keep us posted!
__________________
Rebuild the Twin Towers! http://www.makenynyagain.com
Vlad the Great no está en línea   Reply With Quote
Old February 10th, 2005, 01:38 AM   #56
ProdigalLASon
Bad News Brown
 
ProdigalLASon's Avatar
 
Join Date: Feb 2005
Location: Los Angeles
Posts: 23
Likes (Received): 0

You know, aside from all these great buildings, the Grand Ave. Project also calls for the completion of a "civic park" described as the "front lawn" for city hall. It's supposed to be 16 acres...not much, but it seems like it could be that central meeting area that L.A. has lacked all these years...
ProdigalLASon no está en línea   Reply With Quote
Old February 10th, 2005, 04:09 AM   #57
LosAngelesSportsFan
Moderator
 
LosAngelesSportsFan's Avatar
 
Join Date: Oct 2004
Location: Los Angeles
Posts: 3,235
Likes (Received): 107

yup that is a very important part of the project. what is also important is for them to relocate the county buildings on either side of the proposed park and it looks as thought the developer has listened to the masses and will push to have those relocated.
LosAngelesSportsFan no está en línea   Reply With Quote
Old February 10th, 2005, 07:55 AM   #58
vicecityguy
Registered User
 
Join Date: Nov 2003
Location: Los Angeles
Posts: 275
Likes (Received): 0

Yeah, how much bigger will the park be if those county buildings are removed? I'm guessing it will jump from 16 acres to 25?
vicecityguy no está en línea   Reply With Quote
Old February 10th, 2005, 08:02 AM   #59
ProdigalLASon
Bad News Brown
 
ProdigalLASon's Avatar
 
Join Date: Feb 2005
Location: Los Angeles
Posts: 23
Likes (Received): 0

Wow, that's great! I'm sure you guys are aware of these projects, but I just found out about another park area that the city is trying to complete in the old railyard fields just northeast of DTLA, on the edge of Chinatown. Known as the Cornfield and Taylor Yard, the two areas combined would be more than 130 acres!!! Plus, the Cornfield actually contains the old aqueduct that used to supply the original Pueblo of Los Angeles! How could would that be to have all these skyscrapers go up PLUS some open space within walking distance....I hope it happens....
ProdigalLASon no está en línea   Reply With Quote
Old February 10th, 2005, 08:40 AM   #60
LosAngelesSportsFan
Moderator
 
LosAngelesSportsFan's Avatar
 
Join Date: Oct 2004
Location: Los Angeles
Posts: 3,235
Likes (Received): 107

^ ya those are very important to the area. They need to be completed soon.
LosAngelesSportsFan no está en línea   Reply With Quote


Reply

Tags
development, development summary, los angeles

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT +2. The time now is 04:16 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Feedback Buttons provided by Advanced Post Thanks / Like v3.2.5 (Pro) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu