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Old November 21st, 2006, 08:14 AM   #481
LosAngelesSportsFan
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the muruelo project site across from Ralphs (37 - 40 story tower) now has a couple bulldozers and earth moving equipment on the lot!!
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Old November 21st, 2006, 08:17 AM   #482
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Maruelo is actually moving forward, right on. Do we have any pix by any chance? Great News before the Holidays!!!!!!
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Old November 21st, 2006, 08:18 AM   #483
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FINALLY

So history has been made. This is the tallest building under construction in downtown LA right now.

A tall tower. Woo..

Now..what does it look like? Lol.
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Old November 21st, 2006, 08:23 AM   #484
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I hope he also starts construction on the two 50 stories tower @ Sci~arc. I hope it's spelled correctly.....
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Old November 21st, 2006, 08:59 AM   #485
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The City House and the Olympic are around the corner hopefully.
Was there an official groundbraking for Maruelo's tower?
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Old November 21st, 2006, 10:23 AM   #486
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more good news...

Green light for Grand
But project is behind schedule, over budget
BY TROY ANDERSON, Staff Writer
Article Last Updated:11/20/2006 09:58:25 PM PST

Despite concerns it will clog downtown streets, widen the gap between rich and poor and spread police too thin, the over-budget and behind-schedule Grand Avenue project scaled a key hurdle Monday.

Touting the development as a world-class project that will benefit all - including the creation of 5,000 permanent jobs - the Grand Avenue Authority voted 5-0 to proceed with the $2.05 billion revitalization plan.

"Not only will our skyline be transformed, but our economy will be transformed too," Grand Avenue Committee chairman and billionaire Eli Broad said after the authority's vote.

The plan now needs a green light from the Los Angeles Community Redevelopment Agency, the City Council and the Board of Supervisors. All of the bodies need to sign off on the environmental impact report, the development agreement and leases of four city-owned and county-owned parcels to The Related Companies, developer of the project.

But before the city votes, it must complete negotiations with The Related Companies over parking and hotel tax rebates.

The Related Companies has threatened to pull the plug on the project unless the city provides the rebates, saying the project is economically unfeasible without
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them.

But despite these snags, officials said they wanted to assure the public that tax revenues generated by the project will pay the cost of the public investments and the project will go forward.

"This is not about creating a profit for the developer," Authority chairwoman and county Supervisor Gloria Molina said. "That's not our interest. This is a win-win for everybody."

But Tony Bell, spokesman for Supervisor Michael D. Antonovich, said committee documents released last week and other estimates reveal the total taxpayer subsidy for the project now ranges from $157 million to $210 million. Those figures refute earlier pronouncements that little or no taxpayer money was needed.

"As the numbers pan out, it looks like taxpayers will be subsidizing the majority of this boondoggle," Bell said. "It appears it's been a shell game with taxpayer money."

The project - 2,600 condos and apartments, 400,000 square feet of retail space, a 275-room hotel and a 50-story glass tower designed by architect Frank Gehry - would be the centerpiece of $10 billion worth of development proposed for downtown Los Angeles.

Kris Vosburgh, executive director of the Howard Jarvis Taxpayers Association, said the amount of taxpayer subsidies the developers are asking for is a "vast sum."

Authority documents released late last week said the projected cost of the project has risen from $1.8 billion to $2 billion due to increased construction costs. And the start of construction has been postponed from December to October 2007.

Public investment needed for the project includes: $100,000-$200,000 for each of the up to 532 affordable-housing units, $2 million for Grand Avenue street improvements and $12 million for public-space improvements.

Paul Novak, Antonovich's planning deputy, estimated the parking and hotel tax rebates at nearly $85 million over two decades.

"While supporters are touting the $50 million contribution to the park, the public subsidies to the developer are two to three times that amount," Novak said.

But Related California President Bill Witte said the tax rebates have been estimated at $30 million-$40 million and the first phase of the project will only require $24 million in other subsidies, including $10 million for 100 affordable-housing rentals for low-income people.

"The first phase is going to cost upwards of $750 million," Witte said. "I think it's safe to say over $700 million will be private dollars. For phases two and three, the only (public) commitments are for affordable housing."

The authority documents also noted that the project is expected to generate $615 million in revenues annually, generate up to 29,000 construction jobs, 5,000 permanent jobs and an estimated $105 million in annual tax revenues.

And despite the increased construction costs, Witte said the company is committed to moving "full speed ahead" with the project.

"I think the testimony (Monday) explained how this can benefit the city in multiple ways, ranging from thousands of jobs to ongoing sources of tax revenues from sites that've been vacant for 40 years and the most significant community benefits package the city has ever negotiated," Witte said.

The project is expected to link together the city's architectural icons - the Walt Disney Concert Hall, the Cathedral of Our Lady of the Angels and City Hall.

The environmental impact report found that the project would exacerbate traffic, further pressure police resources and widen the gap between the rich and poor downtown.

"Our position is that this project, because it surrounds luxury with poverty, is more Third World than it is world-class," said Benjamin S. Beach, an attorney at the Legal Aid Foundation of Los Angeles.

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Old November 21st, 2006, 09:22 PM   #487
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Best rendering I could find.

717 West 9th Street Tower
717 W 9th Street
Los Angeles, CA (Under Construction)

The 35 story residential tower being planned on nearly 2/3 of an acre in the South Park district of downtown will offer 214 residential loft style units, approximately 6,800 SF of ground floor retail, and 322 parking stalls. Heading the design team is Mambo Architecture. Construction is expected to commence in 2006, with completion in May 2009.

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Last edited by soup or man; November 21st, 2006 at 09:29 PM.
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Old November 21st, 2006, 09:28 PM   #488
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Double post
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Old November 21st, 2006, 10:13 PM   #489
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Yeah, that's the current rendering on Meruelo's website. I'm hoping for another one soon.
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Old November 22nd, 2006, 05:48 AM   #490
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Going back to the Grand Av. article. It was said that they planned to go full speed even thought the construction cost soar ever higher. But does this 'full speed ahead' still mean that construction is to start in October '07, instead of next month?
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Old November 22nd, 2006, 05:50 AM   #491
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It'll start whenever it starts. That'll be the clue to let you know that it's started.

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Old November 22nd, 2006, 06:53 AM   #492
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it is very nice ~!
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Old November 23rd, 2006, 03:33 AM   #493
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Isn't the FIDM Tower supposed to break ground in early 07?
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Old November 23rd, 2006, 03:48 AM   #494
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Well in LA time that means late '07.
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Old November 23rd, 2006, 03:49 AM   #495
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I hope they modify the design of the tower.
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Old November 23rd, 2006, 03:51 AM   #496
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I like the design*
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Old November 23rd, 2006, 03:52 AM   #497
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I don't. I hate architecture that "tries to be cool".
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Old November 23rd, 2006, 03:53 AM   #498
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At least it will look 1,000,000,000,00,000,00 better than its east neighbor.
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Old November 23rd, 2006, 03:54 AM   #499
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And which building would that be?
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Old November 23rd, 2006, 06:33 AM   #500
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Who cares really?

Keep the design of FIDM exactly the way it is. DTLA needs more daring designs.

Welp..time for 3.0.
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