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Old November 2nd, 2007, 08:32 AM   #101
Westsidelife
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Yeah, it's unforunate news. But until we receive further information regarding Park Fifth's financial state, I'm assuming this to be nothing more than a rumor.
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Old November 2nd, 2007, 08:34 AM   #102
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This was released just a few days ago...

Affluent Asians set up house in downtown L.A.

By Kemp Powers
October 28, 2007

LOS ANGELES (Reuters) -

...

PARK FIFTH GOING QUICKLY

...

The anticipated growth has recently sparked some eye-opening projects. The largest is Park Fifth, a 890-foot (270-metre), $1 billion high-rise condominium that will house 726 residential units ranging in price from $400,000 to $5 million.

The building, to be completed in 2010, has been in presales for just over two months and 50 percent of the units have been sold, according to developers.

Cipolloni recalled a gathering hosted by a Korean agent that resulted in 40 people each putting down $10,000 deposits to reserve units in Park Fifth.

...

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Source: Reuters
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Old November 2nd, 2007, 11:20 PM   #103
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From SSP:

Quote:
Originally Posted by logandankr View Post
I heard from someone inside the project that park fifth is indeed dead. They sent a letter out to their partners (construction, design firm...) that the project is done. Also heard that the building was not even close to half reserved. Hopefully whatever reservations were secured will move on to other projects...evo, ritz.
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Old November 2nd, 2007, 11:26 PM   #104
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Hmm..........bummer.
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Old November 2nd, 2007, 11:31 PM   #105
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We should wait for some sort of official announcement before we jump the gun and declare it dead.
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Old November 2nd, 2007, 11:55 PM   #106
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Park Fifth Responds to Curbed's Reports of Its (Funding) Demise

Yesterday Curbed posted a rumor that the Park Fifth project had lost its main investor and fired its sales staff and marketing director. While aspects of the post were true -- the project is restructuring some of its financing -- the fundamentals were simply incorrect. Park Fifth Project Director Rich Marr sent a reply over to Curbed rebutting their information and attempting to instill a little accuracy in what's out there. A copy of that response found its way into the blogdowntown mailbox as well.

I try not to mix work and this site, but Cartifact is providing an interactive map kiosk in the Park Fifth sales center (which I might add is really impressive). Last week I was over with VP of Marketing Erika Nelson doing some final testing. I can assure you that she's still gainfully employed and about to be moving her office into the sales center.

Bottom-line: The project's construction schedule remains unaltered and there's lots of interest in both buying and in investing.

Rich Marr's full response after the jump...

Q&A with Rich Marr Regarding Status of Park Fifth

Q: What is the status of Park Fifth?

A: Park Fifth is progressing on schedule. Over the last few months, we have seen significant progress in the development of Park Fifth. We have achieved major milestones in the areas of permitting, pre-construction planning and sales center development. Tremendous excitement and momentum have been created for Park Fifth, resulting in 348 reservations to date - even before we open our sales center.

As we enter real estate’s traditionally quiet fourth quarter, we have begun a short phase where we are restructuring internal operations in order to move forward in an effective manner and continue to progress on target. This internal restructuring will better poise us as we move forward into the construction phase. We will continue to focus on securing all necessary permits and approvals and completing the EIR process.

The design of the project, groundbreaking and completion will not be affected by the restructuring. Groundbreaking is still scheduled for the first half of 2008 and completion of the first tower is set for 2010.

Q: Is it true that Park Fifth lost its main investor?

A: No, Park Fifth’s main investors remain involved in the project and are currently focused on securing finals permits and completing the EIR process.

Q: Is Park Fifth looking for new investors?

A: Internal restructuring could include the addition of a new investor or a potential change of ownership, but this would not affect the design or timing of the project.

Q: Will the internal restructuring affect the timing of the project?

A: No, Park Fifth is progressing on schedule. Completion of the first tower is set for 2010, while the second tower will be completed in 2011. Our process of internal restructuring will not affect our progress or timing of the project.

Q: Are you still accepting new reservations?

A: Yes, Park Fifth is accepting new reservations.

Q: Will the Sales Center still open?

A: Yes, the Sales Center will be complete within the next few weeks. We are putting the final touches on what will be a truly spectacular representation of what living at Park Fifth will be like. The Sales Center will include two complete model homes, virtual tours of both towers and many interactive features to help prospective buyers visualize the home they are interested in purchasing.

Q: What is the status of Park Fifth’s sales team?

A: The Park Fifth sales and marketing team remains active and in place. The team will complete its move into the Sales Center by mid-November and will begin offering tours shortly after that. The team can be reached at 213-629-0000 or via email at [email protected].


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Source: blogdowntown
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Last edited by Westsidelife; November 3rd, 2007 at 01:17 AM.
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Old November 10th, 2007, 09:07 AM   #107
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Park Fifth Denies Investor Turmoil

News Brief

Despite recent speculation by several Downtown sources that the mega residential development known as Park Fifth is facing an investor shakeup, project officials said the tower is moving forward. According to a written statement by Park Fifth Project Manager Rich Marr, the original investors remain Africa Israel, Namco Capital Group, Inc. and Houk Development Company. "As we enter real estate's traditionally quiet fourth quarter, we have begun a short phase where we are restructuring internal operations in order to move forward in an effective manner and continue to progress on target," Marr said. "Internal restructuring could include the addition of a new investor, but this would not affect the design or timing of the project." Speculation was heightened recently when several sales and marketing positions were eliminated. Marr said the project was simply overstaffed. To date, officials said 348 reservations have been taken for the condo project fronting Pershing Square at Fifth and Olive streets, and the $5 million sales center was set to open last week in the Gas Company Tower. Groundbreaking is still anticipated for the first half of 2008, and completion of the first tower is set for 2010. At 76 stories, the project is expected to have the tallest residential tower in the West.

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Source: Los Angeles Downtown News
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Old November 11th, 2007, 01:08 AM   #108
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Nice building. Unique design by any standards, but would love for L.A. to join in the booms going round the US.
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Old November 11th, 2007, 02:01 AM   #109
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vvery nice looking building
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Old November 11th, 2007, 05:21 AM   #110
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very nice!
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Old November 11th, 2007, 02:45 PM   #111
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stunning!!!!!
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Old January 31st, 2008, 03:12 AM   #112
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Park Fifth Not Breaking Ground As Planned, After All

January 30, 2008

After all of the controversy, guesswork and rebuttals surrounding Park Fifth and its funding status last year, Houk Development Company still contended that their 76-story Phase I residential skyscraper was set to break ground in the first quarter of 2008.

Since that time, a breathtaking $5 million sales center has opened, over 300 reservations have been signed, and progress has been made with permitting and planning.

Things are “looking up,” right?

Well maybe, but not for a while. Stephanie Holbrook, a spokesperson for the Park Fifth project, tells us today that groundbreaking has been pushed back to the third quarter of 2008.

Even with the significant delay, Holbrook asserts that the first tower is still on track to meet its 2010 completion.

Our experience tells us otherwise. Though, the developers’ continued broadcasting of the luxury development over an extensive marketing campaign is positive sign of their dedication to see it off the ground.

Park Fifth is the latest in a growing list of Downtown projects that have experienced setbacks due to rising construction costs, an unsteady housing market, and problems with financing: LA Central, 1027 Wilshire, South Figueroa, and the Grand Avenue Project are some of the more notable ones.

We’re waiting to hear back from Holbrook about the cause of the delay and will keep our fingers crossed for a third-quarter groundbreaking. The last thing we want to see is this iconic vision reincarnated in five years as a twin 15-story dud.

The project’s second phase, a 43-story tower that will be home to an unnamed five-star hotel, has no construction date set.

-$3 Billion Predicament: Grand Avenue Project Delayed
-South Figueroa (Formerly Jardin) Pushed Back a Year
-A Peek Inside the Park Fifth Sales Center (Blogdowntown)
-Rumor Mill: Park Fifth Project in Trouble? (Curbed)

image hosted on flickr


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Source: angelenic
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Old January 31st, 2008, 06:30 AM   #113
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That sucks. Its the times though like the article said. So by summer or summers end we will get to see ground breaking? The design, I like especially the suttle greyish-green glass facade. The fact that its green is cool and a significant height but maybe they will make a few minor adjustments. Only on the cube at the top. Correct me if I am wrong but isn't the helipad infront of it?
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Old January 31st, 2008, 07:34 AM   #114
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Posts 101 and 102 typify the tabloidish nature of SSC. One says 50% sold and the next 'project is dead.' Looks like its just delayed. Also, what about the 'City House' res tower project? PLease don't just say 'it's dead' b/c you haven't heard anything much and you didn't like it to begin with! I hate it when people do that. I want a printed source.
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Old January 31st, 2008, 07:29 PM   #115
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Holy crap I forgot all about city house.
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Old January 31st, 2008, 07:43 PM   #116
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http://www.skyscrapercity.com/showth...ght=City+House
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Old February 1st, 2008, 11:43 AM   #117
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Quote:
Originally Posted by Colonel Cadillac View Post
Posts 101 and 102 typify the tabloidish nature of SSC. One says 50% sold and the next 'project is dead.' Looks like its just delayed. Also, what about the 'City House' res tower project? PLease don't just say 'it's dead' b/c you haven't heard anything much and you didn't like it to begin with! I hate it when people do that. I want a printed source.
I don't go with "anything" i hear unless a printed source is shown.

However i can say that construction in Los Angeles is nothing like Chicago or New York City, (as i wish it were) I've been involved in four building booms, over 3 decades, starting in 1979, and i could put it like this to give you an example of how things work out here, if 40 proposed projects come to the city, 10 will for some reason or the other, have to be revised, 30 will get approval, and maybe 10 will actually get built, nothing is built on speculation, not even office towers, developers out here are of the no risk type, (i use the term "scared") and won't build anything unless leasing is well above 50%, no other west coast city operates like this, and i don't fully understand why.

But i do know that in some cases the city simply asks developers for far more concessions, (IE, traffic, pedestrian, and even non project related) than most developers are willing to give, meaning the price is higher to build in this city, i could name 20 to 30 projects in downtown alone, off the top of my head that were never built, and the Park Fifth project, is the 3rd plan in 30 years for this site.

Also, no project (that i know of) is ever delayed more than twice, and most that are (delayed twice, that is) aren't built......
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Old February 2nd, 2008, 09:17 AM   #118
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disgusting
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Old February 2nd, 2008, 09:54 AM   #119
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Quote:
Originally Posted by nygirl View Post
That sucks. Its the times though like the article said. So by summer or summers end we will get to see ground breaking? The design, I like especially the suttle greyish-green glass facade. The fact that its green is cool and a significant height but maybe they will make a few minor adjustments. Only on the cube at the top. Correct me if I am wrong but isn't the helipad infront of it?
Actually, the helipad is on top of it. there are two (2) additional floors above the "roofline" that most likely house tenent amenitys, and the cube is a 6 story mechanical room, and i don't know for sure, but it may also contain a tuned mass damper.
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Old February 2nd, 2008, 07:43 PM   #120
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Does cityhall have a helipad? You could still do something with a building's crown even while accomodating room for a helipad. I'm thinking more like 601 South Figueroa st., the Gas Company Tower, 2 Cal plaza, and Library Tower. I'd like to think something can be done in the meantime with the design of the top of the building. The mechanical cube just doesn't do the rest of the building any justice. Despite the cube it is a really great looking proposal.
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