[ThreeHundred]

How do you know that Park Fifth won't make it this year? There is a very good chance that it will break ground this year.

Regarding 1027 Wilshire:

As the story goes, ground-breaking has been pushed back until the third quarter of 2008 and funding is still up in the air. However, when asked whether they were confident to find a financial backer, we were told “absolutely.”

Now back to the Park Fifth channel.

[pablosan]

I hope that this project gets built.

[RuFFy]

JDCrash, the not so smart kid...

If I'm not mistaken, you are trying to reference one of the forumers in the downtown thread that mentioned he felt 1027 had a good chance of being built because the developer, until recently, worked with the city ushering projects along. Being that the developer knows the system well, I think the forumer was saying that the project should move along smoothly, and as a result, he felt this project has a better, if not one of the best, chances of being built. I agree with that forumer as well.

[JDRCRASH]

Apologies, I guess people are divided on it.

[colemonkee]

Looks like Park Fifth is still fightin' the good fight. They're not going down just yet. I got this in my inbox this morning...

http://img266.imageshack.us/img266/3042/parkfifthinvitekl6.jpg

[LosAngelesSportsFan]

Park Fifth Quietly Moves Forward
By Eric Richardson
Published: Wednesday, April 02, 2008, at 12:25PM
Park 5th Model 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.

[colemonkee]

I really, really want this project to move forward. It will do wonders for that area, and might be the impetus that moves the owners of the Clark Hotel to do something, anything with that property.

[ThreeHundred]

I hope I hope I hope...

[JDRCRASH]

I really, really want this project to move forward. It will do wonders for that area, and might be the impetus that moves the owners of the Clark Hotel to do something, anything with that property.

Believe me, we ALL do.:fingerscrossed:

[RuFFy]

:fingerscrossed:

[JDRCRASH]

:fingerscrossed:

See?:yes:

[edluva]

man, i just don't see them selling in this kind of a market.

[JDRCRASH]

man, i just don't see them selling in this kind of a market.

You realize that these units are high-end, right?

[Downtown Los Angeles]

they should stack the 76 floor building on top of the 43 floor building and we easliy have the 2nd tallest building in the U.S.

[Downtown Los Angeles]

(making it 391 meters tall)

[edluva]

You realize that these units are high-end, right?

and?

[Dale]

and?

Maybe he was trying to say that gazillionaries are recession-proof.

[JDRCRASH]

Maybe he was trying to say that gazillionaries are recession-proof.

Exactly.;)

[chicagopride]

this project looks sick. i really dig the greenery they've got spaced throughout the building. i hope more buildings in the US can move towards rooftop gardens.

[JDRCRASH]

I believe the Mayor is in support of that ChicagoPride, so you never know.

[Westsidelife]

Park Fifth Secures CRA Approval

News Brief

The Community Redevelopment Agency on Thursday, April 17, granted key approvals to developers of the proposed Park Fifth project north of Pershing Square. The proposed development - to include a 76-story tower and a 44-floor tower connected by a 15-story residential building, a 212-room hotel and retail and restaurant space - is the first major project to utilize the city's Transfer of Floor Area Rights Ordinance. The TFAR ordinance, adopted last year, allows Downtown developers to purchase "unused" space above the Convention Center to build taller, denser buildings than zoning restrictions currently allow. Money generated from the sales goes to local nonprofits and a public benefits fund. The transfer plan approved by the CRA included a description of the developer's public benefit obligations, which include a total of $14 million in payments to, among others, the Downtown Women's Center, the Skid Row Housing Trust and the Department of Recreation and Parks for improvements to Pershing Square. The development team, led by David Houk, will also build community benefits into the project, such as a pedestrian connection to the nearby Metro Red Line station and two major public art displays in collaboration with the Museum of Contemporary Art. The CRA Thursday also approved the project's Environmental Impact Report and related elements. Houk said that the approval marks a significant milestone. "It's absolutely necessary. It's a big target and a big goal," he said. The project is expected to go before the City Council on May 7, and if approved will then go to Mayor Antonio Villaraigosa. Houk said he expects to break ground by the fourth quarter of this year.

--------------------------------------------------------------------------
Source: Los Angeles Downtown News (http://www.downtownnews.com/articles/2008/04/21/news/news_briefs/at01.txt)

[Westsidelife]

Council Approves Park Fifth (http://www.downtownnews.com/articles/2008/05/19/news/news_briefs/at05.txt)

News Brief

The City Council on Tuesday, May 13, approved the 76-story Park Fifth project. The $1.3 billion complex, which is being developed by a team led by David Houk, would include a 76-story tower and a 44-floor tower housing a hotel and condominiums, connected by a 15-story residential building, plus retail and restaurant space. It would rise on a lot north of Pershing Square. Park Fifth is the first major development to utilize the city's Transfer of Air Rights Ordinance, a measure adopted last year that allows Downtown developers to purchase "unused" space above the Convention Center to build taller, denser buildings than zoning restrictions currently allow. "In my mind, it's been entitled all along," said Houk, "but it's a relief to have it formalized." Houk has said he expects to break ground by the fourth quarter of this year.

[BigDan35]

^^ So what is the next step now?

[Downtown Los Angeles]

FINALLY!!!!!!!:yes:

[colemonkee]

^^ So what is the next step now?
The next steps would be to draw up construction documents, submit them to the city and get a construction permit. Oh, and that tricky process of locking down financing.

Construction documents for a building of this size take a long time to draw up and a long time to review, and financing isn't a breeze right now. That's probably why they're predicting a Q4 start. And I'd bet even that is an aggressive estimate, but who knows, maybe they really have their shit together.

[Westsidelife]

^ I believe they already have their financing in place.

[LosAngelesSportsFan]

yes, thats what i thought too! they have a lot of capital so that should def help.

[colemonkee]

^ If you take what they say as the gospel, then yes. They claim to have "secured a commitment" for a $800 million construction loan, but no formal announcement has been made by the developer or lender. But they do have significant capital from Africa Israel and Namco Capital, which is allowing them to market and pay for construction documents, etc. It might even be enough to start excavation and foundation work.

[Downtown Los Angeles]

so is it safe to say it's gonna get built for sure?

[JDRCRASH]

No, it's not safe to say. We don't know how the Buyers market, or even the renters market is going to be in the next 6 months, so regardless if it was Approved or not, it doesn't mean shit if things don't improve.

[LosAngeles]

i hope it will get build
but i agree with JDRCRASH there are so much skyscrapers approved in LA(i think 1 is approved more than 10 years dont know exactly) which are still not built so we have to wait.....
oh man LA needs more skyscrapers in my opinion and park fifth is a perfect add to the LA skyline
LA deserves a better skyline :(

[NDPhilly]

Reminds me of the NY Times tower, but this one looks good... yea and it doesnt have any 300 ft. spire that makes it over 1000ft instead of 750ft

[Westsidelife]

BREAKING: Unstoppable Park Fifth Gets Entitled, Loan Commitment (http://la.curbed.com/archives/2008/06/breaking_unstop.php)

By jwilliams
June 26, 2008

It's a tiny step for mankind, and a huge leap for Downtown. The attached presser (after the jump) announces that Park Fifth (http://www.parkfifth.com/) has received its entitlements and has a construction loan commitment from Beijing Construction Engineering Group (God bless you Chinese people). We know, we know. We can hardly believe it either. The 76-story mixed use project (http://la.curbed.com/archives/2007/05/really_big_towe.php) grows ever closer to actually breaking ground, at which point our head will spin around and fly off our body leading to our untimely death and burial under the building's cornerstone.

June 26, 2008


Dear Curbed,

Today is truly a RED LETTER DAY for Park Fifth. This is the day that ALL of our formal approvals from the City of Los Angeles are absolutely FINAL. Over the past three years, we have been through an extensive process that involved obtaining approvals from the Community Redevelopment Agency, Planning Department, City Council and Mayor Antonio Villaraigosa.

Many of these actions had appeal periods associated with them, but as of today, ALL of those appeal periods have expired. That makes it official: Park Fifth is FULLY ENTITLED and ready to move forward.

Approvals Bring Good News
These actions also finalize some very important aspects of Park Fifth:

1. We will fund almost $10 million toward the renovation and improvement of Pershing Square. This park is our front yard and we are committed to making it an attractive, open and friendly environment for the entire neighborhood.

2. From the outset, we have committed to making Park Fifth an environmentally sensitive project. As part of our approvals, Park Fifth will achieve the LEED Silver standard for Green Building or better.

3. Park Fifth will have a direct connection into an MTA station on the Red Line, which will provide our residents with access to the station without going outside.

Construction Lender

Park Fifth is pleased to announce that it has secured a construction loan commitment from Beijing Construction Engineering Group (BCEG). This international firm has an extensive background in large projects, having built many of the venues that you will soon see on TV for the upcoming Olympics. Most recently, they have come to the United States and are in the process of funding two large projects in Chicago, both of which involve hotels and residential condominium homes. That makes them the perfect fit for Park Fifth and their involvement will allow us to move forward with groundbreaking later this year. We will be working through all the details over the next several months and we are very pleased to have them on board.

As always, please feel free to call our Sales Office or make an appointment to visit so that we may answer any questions you may have.

Sincerely,

Rich Marr
Project Manager

[Downtown Los Angeles]

Whats going on with this thing?

[JDRCRASH]

Not much....sadly....

Park Fifth Investor Not Very Popular in Beverly Hills

Monday, December 8, 2008, by Dakota


The Los Angeles Business Journal profiles the very shady-sounding Ezri Namvar, a Brentwood businessman who has failed to repay investors (most are Beverly Hills' Persian Jews, and the lawsuits allege investments between $200,000-$18 million). Notably, Nomvar is the guy currently trying to sell his stake in downtown condo project Park Fifth, but he also backed the failed Security Pacific Bank, as well as numerous Arizona properties. About 300-400 investors are owed money by Namvar; some of the investors may have been older residents "who are much older and also not as familiar with sophisticated investing," according to one lawyer involved in the matter. In June 2006, Park Fifth developer David Houk brought on Namvar as a partner. At this point, Houk says that he is trying to buy back Namvar's and Africa Israel Investments Ltd.'s shares in the company, and that he doesn't want to sell the project. Via the LABJ: "Houk acknowledged that it is even possible the entire Park Fifth project could be sold, but that’s something he wants to avoid. 'I don’t want to sell, I’d like to stay and finish what I’ve spent the last 30 years working on,' he said." Meanwhile, there's this great visual regarding all those angry investors: "..on more than one occasion, sources said, Namvar has been threatened by irate investors who’ve stormed his Namco offices at Wilshire Bundy Plaza."

[Martinx07]

I have a feeling it won't be built. That sucks.

[Downtown Los Angeles]

I have a feeling it won't be built. That sucks.c'mon....think positive!

[JDRCRASH]

^ Believe me, we're all trying, but if Houk said there is a possibility of it being sold, then it probably will be; or IOW, it will probably be cancelled.

[Downtown Los Angeles]

:( what a heart breaker.

[JDRCRASH]

Yea but I can't imagine the developer not returning after the Market Rebounds in the future.

[Martinx07]

This is depressing, any recent news?

[Downtown Los Angeles]

This is depressing, any recent news?
sorry, just give up hope man

[JDRCRASH]

This is depressing, any recent news?

NOTHING. Absolutely NOTHING.....

[Roaming]

This one look like an exciting project. So bad is not moving forward.

[JDRCRASH]

For now, its probably On-Hold, not Cancelled.

[Downtown Los Angeles]

I will build it!

[edluva]

it's as good as cancelled, unless your timeframe's in terms of decades. throw grand ave into this as well. real estate has gone to hell. LA was already halfway there before the run-up. oh well

[JDRCRASH]

^ You bring valid points. But really now, you're better than that, Edluva.

Decades? That is more than enough time to fill the 3.6 Million excess inventory in the housing market several times over.

[edluva]

well, it's not that crazy to see this bust drawing out for a decade is it? the last one took 6-7 years to bottom and this one is going to be much much deeper.

we're talking about lux highrise residential in LA, not 3.6m units of nationwide inventory.

[JDRCRASH]

well, it's not that crazy to see this bust drawing out for a decade is it? the last one took 6-7 years to bottom and this one is going to be much much deeper.

?! The last bust housing downturn took 4 years to decline...


we're talking about lux highrise residential in LA, not 3.6m units of nationwide inventory.

Yeah I do agree that the prices on these condos are overinflated (maybe 30%), even with the location and amenities.

[Rory]

I think this has a very good chance of going up. Despite the slump in housing NOW, that can all change in 2 and a half years.
How wrong you were !

Although no one could of predicted this mess !!!! :cool:

[Downtown Los Angeles]

this project is dead as my cats baby kitten that died this morning.:(

[JDRCRASH]

^ I'm sorry for your loss.:(

[Downtown Los Angeles]

^ I'm sorry for your loss.:(hahaha thanks

[JDRCRASH]

^ It can be painful to lose a pet.

[Downtown Los Angeles]

^ It can be painful to lose a pet.it can also be painful to have projects like this cancelled.:(

[ThreeHundred]

Ok Romulus and Reamus. Until anyone says anything, the project isn't cancelled.

A dead cat has nothing to do with Park Fifth so try and stay on topic?

[JDRCRASH]

^ I never considered Park Fifth cancelled. I think it's more on-hold.

[Downtown Los Angeles]

Ok Romulus and Reamus. Until anyone says anything, the project isn't cancelled.

A dead cat has nothing to do with Park Fifth so try and stay on topic?oh man i hate when i bother people about staying on topic im sorry for mentioning my cat.

[edluva]

^ I never considered Park Fifth cancelled. I think it's more on-hold.

yeah. on-hold like metropolis :haha:

[JDRCRASH]

^ Yeah, that one has taken F-O-R-E-V-E-R!:slob:

[XLucky4LifeX]

Who's problem is it?
Omg, why are there so many problems in LA... just to build something >.<
I mean, I don't even see Chicago or NY having ANY problems -_-"
*Sigh*

[JSsocal]

^^^Chicago and New York have they're problems...
Chicago Spire, Waterview Tower, Tower Verre, Hudson Yards, Atlantic Yards...:(

[sopas ej]

Who's problem is it?
Omg, why are there so many problems in LA... just to build something >.<
I mean, I don't even see Chicago or NY having ANY problems -_-"
*Sigh*

At least our construction cranes don't collapse.

[JDRCRASH]

^^^Chicago and New York have they're problems...
Chicago Spire, Waterview Tower, Tower Verre, Hudson Yards, Atlantic Yards...:(

You forgot the most slowed and delayed project of all: New WTC.

[XLucky4LifeX]

Sigh....
I guess I was wrong.
So Park Fifth is on hold? O.o

[colemonkee]

Some not-so-good, but not end-of-the-world developments, from the Los Angeles Business Journal (http://www.labusinessjournal.com/article.asp?aID=95885892.8152682.1799499.2535783.7711065.158&aID2=138414).


Is Anybody Willing To Take the ‘Fifth’?
REAL ESTATE: The towering Park Fifth project goes up for sale.
By DANIEL MILLER
Los Angeles Business Journal Staff

It is still possible that Park Fifth, the long-stalled 76-story mixed-use project across from Pershing Square in downtown Los Angeles, will get built. But its current ownership group won’t be involved.

Park Fifth LLC, the venture led by Israeli investment company Africa Israel Investments Ltd. that also includes bankrupt local investment company Namco Capital Group Inc. and local developer Houk Development Co., put the property up for sale this month. The nearly 99,000-square-foot property at 427 W. Fifth St. currently operates as a surface parking lot but has entitlements for hundreds of condos, a hotel and retail space.

If built as planned, Park Fifth would be the tallest residential tower west of Chicago and one of the biggest developments in L.A. history.

Jona Rechnitz, director of acquisitions and dispositions for the U.S. arm of Africa Israel, said in an e-mail interview that the property is being marketed by brokerage Cushman & Wakefield Inc. without an asking price. Given the recession and the frozen state of capital markets, it’s unclear what the property might fetch.

But Carl Muhlstein, the executive vice president of Cushman & Wakefield who is spearheading the sale effort, said the site’s development approvals, which were granted by the city last summer, differentiate it from other projects being shopped.

“It’s got to be one of the finest residential and mixed-use sites in the Western United States,” said Muhlstein, who was to begin marketing the property on June 29. “It bridges Pershing Square with Bunker Hill and is served by mass transit and has great access. It will be unique in that area.”

Ever since the project was announced in spring 2007, Namco’s involvement has raised eyebrows. The company, which is the main business of bankrupt Brentwood businessman Ezri Namvar, had never previously been involved in such a high-profile development.

While Namvar had a local real estate empire valued at $2.43 billion last summer, his various businesses began collapsing in the last half of 2008 amid the real estate downturn. He’s since been accused of stealing money from investors and running a Ponzi scheme to prop up his failing ventures. According to bankruptcy filings, Namco owes more than a half-billion dollars to 464 creditors. Namvar’s attorneys did not return calls seeking comment.

In December, David Houk, who heads his namesake development company, told the Business Journal that Namco’s stake in the project was being shopped because the company was no longer able to fulfill its role in the venture – supplying capital and financing.

In 2006, Houk, who has owned the site for about 30 years, brought in equity partners Namco and Africa Israel, which is headed by international billionaire Lev Leviev and has interests in construction, real estate and other businesses.

While Rechnitz said that Namvar’s financial troubles are unrelated to the decision to sell, Houk said that Namvar’s problems are part of the reason, though he would not elaborate.

“I have nothing but good things to say about Ezri,” Houk said. “He helped us a lot until he ran into trouble.”

The 1.29 million-square-foot project has approvals for 790 residences, a 212-room hotel with 10,485 square feet of hotel function and meeting rooms, and 19,035 square feet of retail space. It would cost $1.3 billion.

For comparison’s sake, Park Fifth would be bigger and much more expensive than the $350 million W Hollywood Hotel & Residences project, which will have 143 condos and 305 hotel rooms plus retail space and nightlife options. It is slated to open in December. But Park Fifth would be smaller and much less expensive than the $2.5 billion L.A. Live project, which when completed next year, will include a 1,001-room, two-hotel tower, 224 condos, and shops and restaurants, along with a 14-screen movie theater.

But unlike those two projects, Park Fifth’s construction has not gotten started. It was slated to break ground in October 2007, but was delayed several times when the owners had troubled obtaining construction financing. In the current recession, it has become very difficult to finance large construction projects, a problem that has also delayed the planned Grand Avenue development, just blocks from the Park Fifth site.

Like the $3 billion Grand Avenue project from developer Related Cos. of New York, Park Fifth had widely been viewed as a key part of the downtown renaissance, which has stumbled during the recession.

“It is right in the center of downtown Los Angeles and it is a prime site and has been a parking lot. I love parking lots but it has been a parking lot for too long,” said Carol Schatz, president of the Central City Association, a downtown and business advocacy group. “So hopefully somebody who is positioned to develop this can be ready to come out of the ground when things turn around.”

Renderings of Park Fifth as designed by executive architect Chris Dikeakos Architects Inc. of Vancouver, Canada, show a sleek twin-tower development connected by a bridge section that includes swimming pools on and under the bridge along with landscaped outdoor space. The 76-story tower would house condos while the 41-story building would contain the luxury hotel and more residences.

Prior to his efforts with Africa Israel and Namco, Houk made an attempt at developing the property in the late 1980s and early 1990s. In 1990, he secured city approval to build a similarly sized office tower, but the project never materialized when the downtown office market collapsed amid another deep recession.

Houk said that he has a right of refusal that allows him to match or better an accepted offer to purchase the property. He hopes to stay involved in a future version of the project if possible.

“We will work with Cushman & Wakefield and whoever they bring to the table to see if there is some way to accomplish that,” Houk said.

The value

In terms of making a sale, both local and international buyers are being targeted, Rechnitz said. While Muhlstein wouldn’t discuss what he thought the property would fetch, he did say that despite the recession, real estate deals are still getting done, albeit in a market far different from the boom years.

“There are deals coming together, they are just at new economics and new expectations,” he said.

A November list of Namvar holdings created by Namvar and/or his company as part of an attempted out-of-court settlement with his creditors valued Park Fifth at $80 million. However, commercial broker Mark Tarczynski, a downtown expert, said the property is worth “far less,” but noted that its value is unclear.

“At the end of the day it’s impossible to value because there is no market for development land today,” he said.

Muhlstein said the project’s approved status should make it enticing to prospective buyers, noting that nearby at Wilshire Boulevard and Figueroa Street, Thomas Properties Group Inc. and Korean Air Lines Co. Ltd. are “starting from scratch” in getting approvals for their $1 billion mixed-use project at the current site of the Wilshire Grand Hotel. That should take about two years. Meanwhile, the Park Fifth site is ready to go.

[Easy]

End thread.

Even if built it won't be the same project.

[BigDan35]

Wow what a surprise. I saw this coming a long time ago. Seems like nothing in LA sticks. Always seems like 95% of "serious" "this will definitely be built" proposals always get canned. This is so stupid.

[YSL]

This will never be built.

Lock thread.

[SFView]

This will never be built.

Lock thread.

I would rather see this thread moved to the "Never Built" section instead, but then only if the complete end of this project is declared official.

[Downtown Los Angeles]

sure i wouldnt have minded if this was built, but u have to admit this building would have been pretty dam ugly am i right?

[()_T]

sure i wouldnt have minded if this was built, but u have to admit this building would have been pretty dam ugly am i right?

Wrong.

[Downtown Los Angeles]

Wrong.
well i think so

[Dylan Leblanc]

Wikipedia says this development is cancelled - http://en.wikipedia.org/wiki/Park_Fifth_Towers
June 29, 2009, The project had officially been killed since the majority, and last remaining, investor pulled out of the project. Africa Israel Investments put the property up for sale in an attempt to recoup at least part of its investment. [9] Lack of public interest, investors, poor management, and inexperience ultimately doomed Park Fifth.

Though the website for the development is still online - http://www.parkfifth.com/

[JDRCRASH]

Shit. :(

[colemonkee]

Wikipedia may be a bit premature. From the Downtown News (http://www.ladowntownnews.com/articles/2010/01/28/news/doc4b620a14c951a394526611.txt):


Park Fifth May Get New Investor
Oil Company Could Revive $1.3 Billion Project, Though Deal Not Yet Done
by Anna Scott, Staff Writer
Published: Thursday, January 28, 2010

DOWNTOWN LOS ANGELES - Developer David Houk is close to securing a new investor for his proposed $1.3 billion Park Fifth project, he said this week.

“We have agreements, but nothing has happened yet,” said Houk. “It’s in process.”

The potential partner, Gabriel Hertzberg of the Triangle International Oil Company, said that he plans to take over for Park Fifth’s financially troubled former capital partners, Africa-Israel Investments and the Brentwood-based investment company Namco Capital Group. Hertzberg also said that he would purchase the site and provide a construction loan for the project.

This would mark Hertzbergs’s first real estate development. He refused to disclose the loan amount, but said that it would amount to hundreds of millions of dollars.

“We own oil in the Middle East and have the funding to get this project,” he said. “I will probably be the owner of the whole thing.”

Hertzberg said he is in the process of transferring money to U.S. accounts and expects the deal to be finalized within a few weeks.

He added that plans for the fully entitled development, to rise on a parking lot at Olive and Fifth streets north of Pershing Square, have not changed.

Those plans call for a 76-story building that would be the tallest residential structure west of Chicago, a 44-story tower and a 15-story residential building. Altogether the project would contain 790 condominiums, a 212-room hotel, retail and restaurants.

The new interest does not mean that the development will come online any time soon. Hertzberg said that he would like to break ground within six months if the deal comes to fruition, but real estate observers say it could be years before the economy can support large-scale development projects hinged on selling high-end condominiums.

Construction, Hertzberg said, would take at least three years.

Houk put the project up for sale in the summer of 2009. He would remain involved in developing Park Fifth if Hertzberg comes on board in financing it.

For years, the proposed development was marked by a large sign on the site with the project’s name, a telephone number and the slogan “Downtown Is Looking Up.” Yet the sign was not maintained, and was splattered with large blotches of colorful paint. Houk had the sign painted over late last year.

Contact Anna Scott at anna@downtownnews.com.

[Busy Bee]

Awesome news!!! Fingers crossed from Chicago!!!

[plinko]

It would be fascinating to see somebody actually self-finance this thing. Incredible in fact.

Imagine this thing coming on-line right in time as the market rebounds (at least to some extent). The price points won't be as high...

...who knows?

*BTW, I realize this is just a pipe dream, but it's nice to see people are still working on this type of stuff behind closed doors*

[Steve2726]

Wikipedia may be a bit premature. From the Downtown News (http://www.ladowntownnews.com/articles/2010/01/28/news/doc4b620a14c951a394526611.txt):


The potential partner, Gabriel Hertzberg of the Triangle International Oil Company, said that he plans to take over for Park Fifth’s financially troubled former capital partners.

This would mark Hertzbergs’s first real estate development. He refused to disclose the loan amount, but said that it would amount to hundreds of millions of dollars.

“We own oil in the Middle East and have the funding to get this project,” he said. “I will probably be the owner of the whole thing.”

Hertzberg said he is in the process of transferring money to U.S. accounts and expects the deal to be finalized within a few weeks.




A quick poke around the internet via Google doesn't turn up anything on Triangle International Oil Co. or Gabriel Hertzberg. Lets hope this guy's not full of proverbial poop.
:koko:

[colemonkee]

^ Good call, Steve. BlogDowntown (http://blogdowntown.com/2010/01/5058-park-fifth-announces-new-money-but-is-it) weighs in on exactly the same thought...


http://farm3.static.flickr.com/2219/2074159617_40082aff80.jpg

Park Fifth Announces New Money, But Is It Real?
By ERIC RICHARDSON
Published: Friday, January 29, 2010

One of Downtown's mega-projects seemingly rose from the dead yesterday, as developer David Houk told the Downtown News that his $1.3 billion plan to build two towers across the street from Pershing Square was on the verge of receiving new financing. The Park Fifth project would include both 76-story and 44-story towers, nearly 800 condos and a high-end hotel.

But is the project's new investor real? Real estate professionals that blogdowntown spoke to on Friday had mixed opinions on whether the leaked deal was legitimate and were skeptical of potential new investor Gabriel Hertzberg and his Triangle Investment Oil Company.

Hertzberg's quotes to the Downtown News aroused suspicion.

“We own oil in the Middle East and have the funding to get this project,” Hertzberg told the paper. “I will probably be the owner of the whole thing.”

He told the paper that he was currently transferring funds to U.S. accounts, and that the deal would be finalized in the next few weeks.

The oil company that Hertzberg runs was registered as a California LLC in January of last year. The address on record with the state points to a warehouse next to the Van Nuys airport, where either Hertzberg or a relative by the same name runs a company called Mobile Cardiac Imaging. The other contact address listed in state records is Hertzberg's home, located in the southern part of Beverly Hills.

Both the oil company and Hertzberg are almost non-existent online. The only mention of Triangle is on Petrofinder, a site that offers free profile listings. Neither Hertzberg nor the company show up in a search of Proquest's newspaper databases.

Even if Hertzberg does not have the money to fund the project himself, it is possible that he could be acting as a front for other investors. One source blogdowntown spoke to thought that unlikely, instead believing that Houk was trying to drum up interest in the parcel.

As for Houk, he declined to comment to blogdowntown on the potential deal, saying that it was "in the works," but "it's not real yet."

The project's last major news came in June of 2008, when it announced that it had completed entitlement and received a construction loan commitment from Beijing Construction Engineering Group. Just a few months later, though, news reports surfaced that major partner Namco Capital Group Inc. and its founder Ezri Namvar owed investors approximately $400 million. Namvar was accused of running a ponzi scheme as part of his investment business.

Even that wasn't the first time the project was dogged by funding questions. In November of 2007 the project denied reports that it had lost its main investor, and said that things remained on track.

While news of the project's restart would be welcomed in such a tough economic climate, Thursday's announcement serves to raise more questions than answers.

[Steve2726]

LOL, I was bound to have an accurate post eventually. Here's hoping the guy is legit but I'm not holding my breath.

:cheers:

[pesto]

Anybody should be skeptical about this, but coming a few days after talk of putting the Broad gallery about 3 blocks away in the Grand Ave. Project (which was equally dead) makes me think this is some kind of PR play to see what kind of interest there might be in the property. No deal and no money and no timeline at this point.

He's a first time land developer land and he goes with a very upscale residential high-rise in a marginal area? I know you get rich by taking chances but this seems odd.

[ThreeHundred]

Anybody should be skeptical about this, but coming a few days after talk of putting the Broad gallery about 3 blocks away in the Grand Ave. Project (which was equally dead) makes me think this is some kind of PR play to see what kind of interest there might be in the property. No deal and no money and no timeline at this point.

He's a first time land developer land and he goes with a very upscale residential high-rise in a marginal area? I know you get rich by taking chances but this seems odd.

Maybe Broad slipped Park Fifth a penny? Hm?

[JDRCRASH]

At least there is still hope, however small it may be.:)

[yeah215]

I hope this true, but maybe there is room for a slight revision in the plans.

I would like to see entrance vehicle entrance to the parking structure under Pershing Square integrated into the Park 5th project. Down the line, if feasible with the Metro tunnel, a second vehicle entrance could even be incorporated into the development on Hill next to the Metro entrance.

This would allow a remodel of Pershing Square without the ramps. The park would then be much more accessible and could be reoriented and perhaps include a cafe and pavilion for a rotating art exhibit connected to one of the local museums (maybe an small exhibition space for the Broad Gallery?) The key to all of this though, is getting rid of those ramps because they totally cut off the square from the urban fabric of the neighborhood.

[ethereal_reality]

It's amazing how small the Title Guarantee Building looks in that model.
It used to be one of the tallest in L.A.


http://img683.imageshack.us/img683/9113/la1119titleguaranteebld.jpg
ucla archive

[CRE8IVEDESTRUCTION]

I REALLY hope this gets built! I'm not a big fan of the design though, however I feel like it might grow on me once it's built. I think it'll give a smooth transition from bunker hill to the historic core.

[JDRCRASH]

^ I really like your avatar!

[SD_Phil]

I hope this is a case of any kind of publicity being good publicity for this project. This, more so than the Grand Ave project, would re-energize the entire hood. But yeah...I don't put much faith in a single guy out of nowhere coming in to finance this thing.

[Busy Bee]

All it takes is one guy with a billion dollar line of credit. Who are we to judge?:)

[CRE8IVEDESTRUCTION]

^ I really like your avatar!

Thanx! I try n keep it G...lol. Plus I got a lot of love for my city...213 for life!

[Downtown Los Angeles]

soo uhhhhh yeaaa....poor proposal never had a chance:(

[ThreeHundred]

And here I thought someone had actual news on this thing.