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DOWNTOWN LA | 5-OH (ex Park Fifth) | 255ft | 24 fl | 7 fl | T/O

112501 Views 474 Replies 81 Participants Last post by  pesto


After years of languishing on the boards, the original Park Fifth development which called for 76 and 43 story towers has been scrapped in favor of a significantly downsized project.

Previously as Park Fifth:

These Towers, going in across Pershing Square, where the empty lot currently sits will be at 76 stories (820 feet), 43 14 and 14. Groundbreaking, end of 2007 - early 2008.


High-profile L.A. residential tower unveiled
By Roger Vincent, Times Staff Writer
2:02 PM PDT, May 7, 2007

Plans for a $1 billion twin tower condominium complex overlooking Pershing Square park in downtown Los Angeles were unveiled Monday by developers who expect to build the tallest residential building west of Chicago.

At 76 stories, the taller of the two towers would dramatically alter the city's skyline and rival in height the U.S. Bank office skyscraper. The project, named Park Fifth, also calls for a 14-story five-star hotel, fronting on the park across from the historic Biltmore Hotel.

The project joins several other massive downtown developments planned from Staples Center to Bunker Hill. The two blue-green glass condo towers would rise above the hotel, with the shorter tower reaching 43 stories.

"This is the first time in 30 years that all the stars have lined up" enough to start building Park Fifth, said Los Angeles developer David Houk, who began acquiring the land in the 1970s.

The project already has its supporters and its doubters.

Los Angeles City Councilwoman Jan Perry, who supports Park Fifth, says the building will be a boost for downtown.

"It has the great potential of becoming this iconic structure that is high-profile enough" to redefine the city's skyline, she said, and the location is appropriate for dense development.

"It's right smack dab in the midst of places where people work -- the Jewelry Mart, central business district and Bunker Hill," she said. "There's a lots of jobs within a 15-minute walk."

The project would stand at 5th and Olive streets on the site of the former Philharmonic Auditorium, which was razed in the 1980s to make way for an office and hotel complex. The demand for offices collapsed in the early 1990s and downtown has been burdened by an oversupply ever since.

But a burst of residential development in recent years has added thousands of apartments and condominiums downtown and billions of dollars worth of entertainment, shopping and hotel construction is underway or scheduled to start this year. After decades of blacklisting the area, lenders are again making loans for downtown developments.

Houk says he now has committed financial partners, most of the required development permits and has begun work on a new environmental impact report. Construction could start as soon as early 2008 and the smaller tower including the hotel could be open by 2010, he said.

The property would have six floors of underground parking to serve residents and hotel guests.

The project is drawing its doubters from people who wonder where there is a market for another huge new housing complex downtown.

Adding new downtown housing is a risk, market observers said. "There is a huge supply that far exceeds demand" at the moment, said real estate broker Stephen May of Downtown Residential Real Estate, who estimates more than 400 units are for sale.

Prices are holding level, he said, but may come down in future months as more new units hit the market and create competition.

"People wonder if this is the right time" to announce a large housing development, said economist Jack Kyser of the Los Angeles County Economic Development Corp. "Downtown is overbuilt and some other projects are grinding to a halt."

But the housing market could be thriving again by 2010, he said, and the Park Fifth gamble could pay off. A project of that size -- 732 condos and 218 hotel rooms -- "would pull the center of gravity downtown a little further to the east" and boost the appeal of the blocks around long-suffering Pershing Square, Kyser said.

The city's oldest park has long been a draw for the homeless and its walled setting above an underground garage sets it apart from the streets that surround it. Park Fifth's developers hope to help pay for improvements to Pershing Square, said Rich Marr of Brentwood-based Namco Capital Group Inc., one of Houk's financial partners.

"We are laying the groundwork" for possible upgrades to the square, said Perry.

The complex would also be connected directly with the underground Pershing Square subway station. As designed by New York architecture firm Kohn Pedersen Fox, it would wrap around the Title Guarantee Building, a 12-story art deco style office tower completed in 1930 and now being converted to apartments.

Park Fifth would also have a 15th floor garden with two outdoor swimming pools. At street level there would be restaurants and stores. Although the taller tower would have more floors than the 72-story U.S. Bank Tower two blocks away, it would be shorter in height because residential stories are not as high as office stories.

A spokeswoman for Maguire Properties Inc., owner of U.S. Bank Tower, said the company "welcomes the addition to the downtown skyline" and that Park Fifth would "bring critical mass and further enhance the central business district."

Park Fifth developers promise to bring what could be the third five-star hotel for downtown, which hasn't had a top-class hostelry for decades. No operator has been selected for the hotel in Park Fifth, but Mandarin Oriental has agreed to be part of the $2 billion Grand Avenue project, set to break ground this year, and Ritz Carlton will manage a hotel at the $2.5 billion L.A. Live project under construction near Staples Center.

Houk, the Park Fifth developer, is a former owner of the Pasadena Playhouse and bought the Variety Arts Center on South Figueroa Street in downtown Los Angeles last year with the intention of restoring the historic theater and reopening it as an entertainment venue.

Investor Namco Capital Group owns commercial and residential property in Southern California, including the Marriott Los Angeles Downtown hotel. Also investing in the project is Africa Israel Investments Ltd., a publicly traded development company based in Israel.
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If this thing gets built along with Grand Ave. I will get a sex change.
boy or girl :)

Look's like I was a bit right. Well that's if they build 5 and 7 still. I want to revise my list to not include park fifth and Grand ave. I have a bad feeling about those two now. If this thing gets built along with Grand Ave. I will get a sex change.

Please build my list. Someone...
I noticed yesterday that they have cordoned off the parking lot across from Linda Lea theater where the 41 story St Vibiana lofts are to go up. I think this one is underway is it not?
I noticed yesterday that they have cordoned off the parking lot across from Linda Lea theater where the 41 story St Vibiana lofts are to go up. I think this one is underway is it not?
Are you sure that's not for the motorcade parking for the new Police Station? The former Linda Lea is now the new Asian cinemas and I'm for sure that's where the Police parking station will be.
Just got an e-mail from Park Fifth. Looks like they're having an event. Hope someone here can attend.

You're invited to a spectacular

at the exceptional model homes
of Park Fifth.
Come and experience the
elevated lifestyle at downtown's
premier residential address.

Thursday, April 3
5:30 – 7:30 p.m.

Park Fifth Sales Center
555 W. Fifth Street, Lobby Level
Los Angeles, California

(Entrance at 5th & Olive)

RSVP to Theresa Cushing
[email protected]

Parking available at 5th & Olive (Joe's lot)

Soaring to over 850 feet at the
corner of Fifth and Olive Streets,
brand-new Park Fifth brings a
unique combination of urban
sophistication and relaxed
California living to the vibrant
city scene. The tallest luxury
condominium high-rise ever built
in Downtown Los Angeles,
stunning Park Fifth overlooks the
permanent open space of Pershing
Square and includes 755 residences
of varying sizes, plus a five-star
hotel to be operated by one of the
leading names in luxury hospitality.

World-class amenities include:
• exhilarating rooftop pools
• fully-equipped fitness centers
• fine dining
• lush gardens
• enormous balconies
• attentive concierge services
• convenient dog walk
• and more.

Prices begin in the $500,000s for
homes of all sizes and reservations
are ongoing. For more information,
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^^ I love that day...:lol:
Love the site! There's me again with yet another chick on my arm :)
Me change my mind. Park 5th has a great location :)
Park Fifth Quietly Moves Forward
By Eric Richardson
Published: Wednesday, April 02, 2008, at 12:25PM

Dave Bullock

A model of the Park Fifth development stands in the project's Sales Center.
While quiet lately, the massive Park Fifth development slated to rise north of Pershing Square continues to make forward progress. The project submitted its Supplemental Final Environmental Impact Report (EIR) to the Community Redevelopment Agency on March 31st.

A certified EIR would be a major milestone in the process of accumulating the approvals needed to commence construction. Two weeks previous the project also filed Vesting Tentative Tract and Zone Variance applications with the city's Planning Department.

The project Sales Center, located in the neighboring Gas Company Tower, is holding a reception Thursday evening and has extended an invite to Downtown readers.

The reception is Thursday, April 3rd, and runs from 5:30pm - 7:30pm. Enter the building via the corner of 5th and Olive. RSVP's are requested to Theresa Cushing, but I have a suspicion they won't be checking names at the door.
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^^ I really hope they start construction this year. Well..found some other pics ( all courtesy of "Dave Bullock / eecue" )

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i wonder if they would sell me that model of park fifth LOL
No parking structure?
It is said that this tower goes 6 levels below grade, the entire site,......... I'd say" lot's of parking..!!!!!

When i was working at the Subway terminal rehab project a few years back, the entire area of the park fifth site was a surface parking lot, and there had to be at least 300 cars on it... times 6,..... 1800... at least...!!!!
That building really looks wonderful...:)
i wonder if they would sell me that model of park fifth LOL
I always thought it'd be fun to Godzilla one of those. That one would be perfect. You could even climb it.
^^ Maybe will be in some movies in the future...:)
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