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Old August 20th, 2006, 08:10 AM   #341
FROM LOS ANGELES
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Where exactly is 1247 West Seventh Street? And it was obviously foreshadowed that the Fig Central site wouldn't remain untouched by the claws of developers.
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Old August 20th, 2006, 05:31 PM   #342
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Very nice buildings!
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Old August 22nd, 2006, 07:56 PM   #343
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Plans Build for Downtown L.A.
Moinian Group expects to put up two condo towers, restaurants and shops on a four-acre parcel by Staples Center.
By Roger Vincent, Times Staff Writer
August 22, 2006


Efforts to make the Staples Center area of downtown Los Angeles a hub for housing, retail and entertainment got a boost Monday when a New York developer announced plans to build two condominium towers, shops and restaurants across the street from the arena.

Moinian Group, one of the country's largest privately held real estate firms, said it paid $80 million for four acres at the corner of 11th and Figueroa streets and plans two residential towers of 45 stories and 33 stories with more than 700 units combined. The land, sold by Staples owner Anschutz Entertainment Group, was previously slated to be developed as housing by KB Home and Lennar Corp. It is across the street diagonally from the $2.5-billion LA Live development under construction north of Staples.

"We have a great deal of faith in the redevelopment of downtown Los Angeles and we think we can add to what is happening in a significant way," said Oskar Brecher, director of development at Moinian, which has major luxury high-rise residential and hotel projects in New York.

The company expects to break ground in 2007 and complete the nearly 2 million-square-foot project within three years. It was founded in 1990 by Joseph Moinian, who leveraged his earnings in the fashion industry to acquire loft buildings in Manhattan. Today, the company owns and manages more than $8 billion in residential, retail and hotel properties including the former Downtown Athletic Club in New York, home of the Heisman Trophy.

KB and Lennar's planned project unraveled after KB withdrew to instead form a partnership with AEG to develop a hotel and condo tower at L.A. Live.

Moinian's residential towers would house three types of units: lofts that could include condominiums, penthouses and so-called live-work units that could house small businesses. The target buyers are young professionals who work downtown. Prices are likely to range from $500,000 to $2 million.

At street level would be 250,000 square feet of retail space earmarked for a specialty grocery store, health club, shops and restaurants.

Several buyers bid on the property, said broker Rich Mayo of O'Donnell/Atkins, who represented Moinian in the deal.

"It demonstrates there is a lot of confidence in downtown," Mayo said, even as residential builders have been pulling back in other regions.

Moinian also plans to develop condominiums and perhaps a small hotel at a nearby site it recently acquired at 808 S. Olive St., Brecher said. That project would include 250 to 300 condos and cost as much as $100 million.

Partnering with Moinian on the Los Angeles projects is investor Henry Shahery, a partner at Miami-based Cabi Developers, which is a subsidiary of GICSA of Mexico City. Other downtown projects are being considered by the team, Shahery said.

"It's a growing market and we see opportunity," he said.

AEG, the developer of Staples Center and L.A. Live, has been selling land in the area with the intent that it be used for upscale housing. Developers have completed one condominium tower and have three more under construction on former AEG property.

AEG is the sports and entertainment subsidiary of the Anschutz Co., which is owned by Denver billionaire Philip Anschutz. Among AEG's properties are Home Depot Center in Carson and Nokia Theatre in Grand Prairie, Texas. It is developing arenas in London, Berlin and Kansas City and owns the Los Angeles Kings hockey team and four Major League soccer franchises.

The company also has increased the housing component it is building at L.A. Live to about 2,000 apartments and condos by reducing planned office space and other uses, bringing the total number of housing units planned around the arena to about 3,000.

The strategy, said AEG Vice President Ted Tanner, "is to build a vibrant residential community — and add a lot more patrons for our restaurants, clubs and other venues" at L.A. Live.

The tourist-oriented "sports-entertainment" hub is slated to have a 54-story hotel and condo tower, 7,100-seat live performance theater, broadcast facilities, a 14-screen movie theater and nearly a dozen restaurants and clubs.

Excavation of the L.A. Live site is underway and completion is expected in phases starting in fall 2007. Tanner said AEG hoped to start work next year with co-developer KB Home on the hotel and condo portion of the project that is expected to house a JW Marriott and a Ritz-Carlton with a combined total of 1,000 rooms.
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Old August 22nd, 2006, 08:30 PM   #344
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Quote:
Originally Posted by FROM LOS ANGELES
Where exactly is 1247 West Seventh Street?
It's on the northeast corner of 7th and Wilshire in City West, about 3 blocks west of the 110.
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Old August 22nd, 2006, 09:25 PM   #345
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Quote:
Originally Posted by vicecityguy
Plans Build for Downtown L.A.
Moinian Group expects to put up two condo towers, restaurants and shops on a four-acre parcel by Staples Center.
By Roger Vincent, Times Staff Writer
August 22, 2006


Efforts to make the Staples Center area of downtown Los Angeles a hub for housing, retail and entertainment got a boost Monday when a New York developer announced plans to build two condominium towers, shops and restaurants across the street from the arena.

Moinian Group, one of the country's largest privately held real estate firms, said it paid $80 million for four acres at the corner of 11th and Figueroa streets and plans two residential towers of 45 stories and 33 stories with more than 700 units combined. The land, sold by Staples owner Anschutz Entertainment Group, was previously slated to be developed as housing by KB Home and Lennar Corp. It is across the street diagonally from the $2.5-billion LA Live development under construction north of Staples.

"We have a great deal of faith in the redevelopment of downtown Los Angeles and we think we can add to what is happening in a significant way,"
said Oskar Brecher, director of development at Moinian, which has major luxury high-rise residential and hotel projects in New York.

The company expects to break ground in 2007 and complete the nearly 2 million-square-foot project within three years. It was founded in 1990 by Joseph Moinian, who leveraged his earnings in the fashion industry to acquire loft buildings in Manhattan. Today, the company owns and manages more than $8 billion in residential, retail and hotel properties including the former Downtown Athletic Club in New York, home of the Heisman Trophy.

KB and Lennar's planned project unraveled after KB withdrew to instead form a partnership with AEG to develop a hotel and condo tower at L.A. Live.

Moinian's residential towers would house three types of units: lofts that could include condominiums, penthouses and so-called live-work units that could house small businesses. The target buyers are young professionals who work downtown. Prices are likely to range from $500,000 to $2 million.

At street level would be 250,000 square feet of retail space earmarked for a specialty grocery store, health club, shops and restaurants.

Several buyers bid on the property, said broker Rich Mayo of O'Donnell/Atkins, who represented Moinian in the deal.

"It demonstrates there is a lot of confidence in downtown," Mayo said, even as residential builders have been pulling back in other regions
.

Moinian also plans to develop condominiums and perhaps a small hotel at a nearby site it recently acquired at 808 S. Olive St., Brecher said. That project would include 250 to 300 condos and cost as much as $100 million.

Partnering with Moinian on the Los Angeles projects is investor Henry Shahery, a partner at Miami-based Cabi Developers, which is a subsidiary of GICSA of Mexico City. Other downtown projects are being considered by the team, Shahery said.

"It's a growing market and we see opportunity," he said.

AEG, the developer of Staples Center and L.A. Live, has been selling land in the area with the intent that it be used for upscale housing. Developers have completed one condominium tower and have three more under construction on former AEG property.

AEG is the sports and entertainment subsidiary of the Anschutz Co., which is owned by Denver billionaire Philip Anschutz. Among AEG's properties are Home Depot Center in Carson and Nokia Theatre in Grand Prairie, Texas. It is developing arenas in London, Berlin and Kansas City and owns the Los Angeles Kings hockey team and four Major League soccer franchises.

The company also has increased the housing component it is building at L.A. Live to about 2,000 apartments and condos by reducing planned office space and other uses, bringing the total number of housing units planned around the arena to about 3,000.

The strategy, said AEG Vice President Ted Tanner, "is to build a vibrant residential community — and add a lot more patrons for our restaurants, clubs and other venues" at L.A. Live.

The tourist-oriented "sports-entertainment" hub is slated to have a 54-story hotel and condo tower, 7,100-seat live performance theater, broadcast facilities, a 14-screen movie theater and nearly a dozen restaurants and clubs.

Excavation of the L.A. Live site is underway and completion is expected in phases starting in fall 2007. Tanner said AEG hoped to start work next year with co-developer KB Home on the hotel and condo portion of the project that is expected to house a JW Marriott and a Ritz-Carlton with a combined total of 1,000 rooms.

i bolded a few other important features of this article. it looks like Moinian has BIG plans for DT LA!!
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Old August 23rd, 2006, 12:23 AM   #346
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Here is a close up picture, I noticed that Moinian Group is calling this project LA Central:

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Old August 23rd, 2006, 12:28 AM   #347
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Old August 23rd, 2006, 12:42 AM   #348
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Also, don't forget CIM's 8th and Hope project.
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Old August 23rd, 2006, 12:52 AM   #349
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This project has been known for a while... lots of people just looked passed it, i'm surprised it is getting attention now, I guess people are realizing the location, etc. I like this project and will help complete the Market Lofts/Gas Company Lofts city block!
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Old August 23rd, 2006, 12:58 AM   #350
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Quote:
Originally Posted by vicecityguy
This project has been known for a while... lots of people just looked passed it, i'm surprised it is getting attention now, I guess people are realizing the location, etc. I like this project and will help complete the Market Lofts/Gas Company Lofts city block!
But I don't think we ever had a rendering for it. Also for the front page, we should replace Fig Central with LA Central and Grand Hope Park Lofts to Park Tower.
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Old August 23rd, 2006, 01:29 AM   #351
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Yes, that rendering has been around for a while... its actually called the iHope tower and I have had the rendering on the first page in the LA Thread, I can't update the first page of this thread.

http://skyscrapercity.com/showthread.php?t=147965
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Old August 23rd, 2006, 01:39 AM   #352
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Is it the Hope Street Condominiums? Are you talking about this?

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Old August 23rd, 2006, 01:50 AM   #353
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Nope... I'm talking about iHope condos which will be right next to the Gas Company Lofts and right behind the Market Lofts.
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Old August 23rd, 2006, 01:53 AM   #354
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I'm so confused. I knew about the project but I don't ever recall seeing a rendering. Is this rendering new or has it always been there and just no one posted it?
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Old August 23rd, 2006, 03:59 AM   #355
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It's nice to know that LA Central will have some sort of grocerie store. Nice going dt LA!
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Old August 23rd, 2006, 05:31 AM   #356
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Not in downtown, but...

6753 Hollywood Mixed Use Project.... looks good!!!

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Old August 23rd, 2006, 05:55 AM   #357
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its a very nice project. its actually finished and i like it.
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Old August 23rd, 2006, 06:15 AM   #358
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Wow, great find! Liven up Hollywood Blvd. for sure!
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Old August 23rd, 2006, 06:38 AM   #359
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Okay, so that project is already up.
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Old August 23rd, 2006, 10:08 PM   #360
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$700 Million Mixed-Use Project Planned Near LA Staples Center
August 22, 2006
By Tonie Auer, Southwest Correspondent

Acquiring four acres of land in the redeveloping region of Downtown Los Angeles near the STAPLES Center and L.A. Live projects, The Moinian Group anticipate a $700 million mixed-use development (pictured) to connect residential and retail with the sports and central district of Downtown.



The Moinian Group acquired the parcel valued at $80 million in early August from AEG. The land was back on the market after a voided contract.

"Our ability to perform and finish the due diligence in this time frame was key to The Moinian Group ending up with this piece of land," Oskar Brecher, director of development for The Moinian Group told CPN.

The Moinian Group will add two million square feet of residential and retail in two high-rise towers at the corner of 11th and Figueroa Streets and across the street from the STAPLES Center and the L.A. Live project, which is being developed by AEG.

"This will be the residential and retail core of the L.A. sports and central district. Each property has a different function and this will make up the biggest residential component and the main retail component," he said. "We have a great deal of faith and interest in Downtown Los Angeles and believe it will take off and see this as a great opportunity to be a part of that."

The Moinian Group has proposed a mix of residential formats including lofts, condominiums, townhouses and luxury penthouse units within two high-rise towers of 45 and 33 stories. Additionally, the plan, designed by international architecture firm, RTKL, calls for an array of retail amenities and services including lifestyle shops, a gourmet food store, luxury retail, new restaurant concepts, a health and fitness club as well as other hospitality/entertainment endeavors.

The master site-plan may include a boutique hotel to complete the nearly 2 million-square-foot development. Total cost of the project is estimated at more than $700 million, including site acquisition. Construction will start in 2007 and will take about three years to complete, he sais.
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