[LAMetroGuy]

This Alexandria conversion probably wouldn't have happened without CRA (public) money. The developers aren't being "forced" into anything, they're doing it voluntarily, and other developers will build workforce housing voluntarily with some CRA cash available.

Yes, that is why I said that "I'm okay with this project because both parties were interested in this type of development."


:tup:

[LAMetroGuy]

I remember voicing concerns over LA Live, and I might have railed against giving money for sports venues, but other than that I'm not sure what you're referring to.

That's exactly what I'm referring to :haha: :haha: :haha:

It is obvious that you work for a politician... you and your long winded PC soliloquies. :lmao:

[citywatch]

No matter how one sees this type of issue, one way or the other, it doesn't take too much, or too many obstacles, before devlprs pull the plug on a proj. That's obvious when it was only about 5 yrs ago that Tom Gilmore & GH Palmer were flying solo in building new housing in the hood, & much of the devlpt industry thought they were crazy.

It's now past mid 2006 & the Medallion proj has been put on hold (or delayed) for several months, the devplr of the Hanover says that even though they'll be charging the highest rents in DT when their apt bldg opens next yr, their proj still wouldn't pencil out today, & there's recent talk that the hood now has more lofts than buyers.

The amt of construction of new housing in DTLA (& DTLB too) was just about zero for yrs & yrs, & if things get dicey all over again, it's very likely that we'll be right back to square one.

[MapGoulet]

^ Unfortunately, this is likely true.

[PeterJ]

i don't know that DTLA goes back to the square one of five years ago. i think that's a rather severe assesment, one that ignores the progress that has been made in the past five years. how many buildings have been/are being converted and built since that point? 20? 30? how many new residents have moved to DTLA? thousands? how many more will come when evo, hanover, concerto, la live are finished? the answer is lots and lots. we won't be going back to square one. i prefer to think of it as being briefly stuck on square four.

the way i see it, we've just finished the first building wave of the new DTLA. the climate has cooled and it's unlikely we're going to get more big, new projects for a little while. that doesn't mean DTLA is going down the drain. far from it. the next big step for DTLA is the wave of move ins. we have all these massive projects under construction but few are finished and the real changes and real progress in DTLA are not going to be made by the buildings themselves but rather by the people who live in them. residents are trickling into DTLA now, but in a couple years, i predict we will see a huge transformation.

it's at that point, in two or three years, when 10,000 new residents call DTLA their home and the neighborhoods have evolved to accomodate them with more shops, stores, dry cleaners, restaurants, bars, etc., that we may see a second wave of developments come and the second wave will only be possible because of the progress made by the first.

so i don't think we're going back to square one, too much progress has been made.

[colemonkee]

^ Great point. Also, don't underestimate the effect that Ralph's will have in making downtown a "livable" neighborhood. That effect will be rather significant.

[Wright Concept]

Exactly, now it's up to the city to make an strong effort to do the little things in the communities/neighborhodds during those downtimes, such as street lighting, street furniture, trash cans by bus stops, a street tree or two or two thousand, police on foot/bike patrol.

That Ralphs market will have a tremendous effect to bring more developers interested in building housing around the area. It's funny to me because I care more about this project than LA Live or Grand Avenue because it's a simple amenity that will make the difference in stabilizing and keeping the existing residents in the 'hood and stimulates more growth.

[RAlossi]

a street tree or two or two thousand

How about a million?

http://www.milliontreesla.org/

[Wright Concept]

I wonder where the million trees are going?

[PeterJ]

i think the ralphs is huge. no doubt. a lot of people have a hard time taking a place seriously if it doesn't have a supermarket. it was defintely a huge consideration when i decided that i wanted to live in the Eastern Columbia building. For me, LA LIVE will be a nice addition, as well, primarily for the movie theatres. i really hope the gansevoort hotel happens. to me, that's an important piece of the puzzle. LA being the kind of town it is, DT needs a hip scene, a place where people who don't live in DT will want to come, have a drink and people watch. the standard does this a little bit, but gansevoort would really step it up.

[LongBeachUrbanist]

we won't be going back to square one. i prefer to think of it as being briefly stuck on square four.

Yes, because the fundamentals of DTLA have changed for the better. The two big shifts were (1) adding thousands of middle-class residents to the area, and (2) making Downtown the focal point of the regional transit network.

In the past there were too few residents, so the market for retail and restaurant space was totally dependent on the office market. As office vacancies went up, stores and restaurants went out of business. Now, Downtown is diversified, so that even as office vacancies fluctuate, there will still be residents around to patronize these stores and restaurants. Plus, these residents live there 24 hours a day, as opposed to office workers who leave at 5pm. So there's a sense of ownership of the streets and the neighborhood that wasn't there before.

Second, the confluence of transit options through Downtown is a selling point that no other location in L.A. can boast. This has without a doubt been a critical factor in the launch of certain projects, such as Staples Center and LA Live. The Blue, Red and Gold Lines all end Downtown, and soon the Eastside and Expo Lines will as well. Whatever the public thinks of L.A. public transit, to a developer that's a huge deal. And it is now becoming highly likely that the Downtown Connector, DTLA's second subway, will be built in the next 6-10 years, since it ranks so high on the MTA's cost-effectiveness scale.

A lull in the residential market is inevitable, the question is how well Downtown will weather this lull. I think it is in a much better position than before, and it may actually come out ahead, even when the market gets tough.

[LongBeachUrbanist]

BTW, if the Nisei Week and Tofu Festival were any indication of the health of Downtown, I think DTLA is doing very well. This past weekend, I saw more people in Little Tokyo than I have ever seen there.

[Wright Concept]

Not only that, the Daily Grill is picking up more weekend customers, like myself. But the street life of Little Tokyo is very pleasant and one of the reasons, I feel they need to build the Connector ASAP because it really transform public perceptions of Downtown and LA in general. Personally I'm glad that it's back on the Long Range Plans, 4 years of persistent letter writing is paying off now on to the next civic/transit project; A network of parks and open spaces and a 405 and Vermont Corridor rail lines.

BTW, The Grand Avenue Park plan is being presented on Saturday in the Little Tokyo area.

[LosAngelesSportsFan]

Exactly, now it's up to the city to make an strong effort to do the little things in the communities/neighborhodds during those downtimes, such as street lighting, street furniture, trash cans by bus stops, a street tree or two or two thousand, police on foot/bike patrol.

That Ralphs market will have a tremendous effect to bring more developers interested in building housing around the area. It's funny to me because I care more about this project than LA Live or Grand Avenue because it's a simple amenity that will make the difference in stabilizing and keeping the existing residents in the 'hood and stimulates more growth.

that first paragraph is on the money. We dont nearly have enough of all those services in LA. We fix things up and then have no maintenance, such as all the murals that were cleaned up and then a week later, losers tag them up and thats that. all tha word down the drain. We need a serious reform in LA services and i wish i could be the manager. It would be so simple. Coordiante with other offices, so that you can forst under ground the telephone lines, replace the sewer lines, repave the street and fix the sidewalks and then Land scape and add street furniture such as decorative lighting, trees, and Bus benches and Trash cans. AHH so easy damn it.

[LosAngelesSportsFan]

here is an update from curbed on the Gansevort West. i dont know if its really a update, but i love the render!

http://i13.photobucket.com/albums/a278/Imyurdada/2006-08-Gansevoort-West.jpg

We have few new details to provide on the Gansevoort West Hotel going into the old Embassy Hotel at 9th and Grand. But as always facts and "details" just get in the way of lushly rendered aerials, as we provide here. Opening is still scheduled for late 2007. A basic rundown of the project after the jump.

Designed by Stephen B. Jacobs and Andi Pepper, Gansevoort West will include:

· 170 hotel rooms and suites furnished with old Hollywood panache
· Two grand suites and one penthouse
· 48-foot outdoor glass bottom rooftop pool, featuring underwater lights and music, stretching over one of two restaurants
· Tri-level, 1,800-seat theater for concerts and performances, filled with $25 million of Tiffany glass
· Two lushly landscaped rooftop lounges with spellbinding views of downtown LA
· Rooftop restaurant and lounge in the building's signature illuminated copper Baroque dome
· 6,500-square-foot spa and fitness center

[Wright Concept]

that first paragraph is on the money. We dont nearly have enough of all those services in LA. We fix things up and then have no maintenance, such as all the murals that were cleaned up and then a week later, losers tag them up and thats that. all tha word down the drain. We need a serious reform in LA services and i wish i could be the manager. It would be so simple. Coordiante with other offices, so that you can forst under ground the telephone lines, replace the sewer lines, repave the street and fix the sidewalks and then Land scape and add street furniture such as decorative lighting, trees, and Bus benches and Trash cans. AHH so easy damn it.

Precisely! That was my point in a different forum regarding my now Councilman Reyes and McArthur Park, he needs to fight for more of the simple things for his district such as Maintenance, it's good that MacArthur Park got rid of it's crime element, but the streets a block away from it may suggest otherwise.

For example- I'll try to post picutres next week when I get a new camera- around 6th/Union, a bustling area, Good signage, active pedestrians but littered streets. The one thing that it's lacking. Eureka! Trash cans!:yes: A simple thing like that doesn't need the neighborhood to be gentrified in order to get that, the neighborhood have the pieces already their and will make the look and feel of the area a lot better.

[bobcat]

Wow, do you guys still bother reading Citywatch's posts? (j/k Citywatch! :D )

I agree, though. The only way DTLA will be back to square one is if everything under construction gets canceled and everything that has already been built gets destroyed. And don't forget that much of this development was never even anticipated until after LA Live and Grand Ave were built, so consider a lot of the current boom to be an unexpectedly pleasant surprise.

The housing boom will certainly subside and likely take a breather for a few years. Prices will come down and condos will be converted to rentals. In the meantime, other things DTLA can look forward to within the next 5 years besides the Ralphs:


The long awaited convention center hotel, including the area's first 5 star hotel.
Other premiere hotels including the Gaansevoort and the one at the Grand Ave project.
New live entertainment venues including the Nokia Theatre, the Conga Room, the Gaansevoort theater, renovated Broadway theaters, and the auditorium at the performing arts HS under construction.
A new ESPN West Coast studio which will broadcast live daily with views overlooking DTLA
A permanent location for an outdoor New Years Eve celebration around the Nokia Plaza.
Another iconic structure designed by Frank Gehry.
A new, improved, civic park which will hopefully serve as a public gathering place.
Dozens of new restaurants and shops, offering unique experiences to patrons of all income levels.
The new Colburn Conservatory which will be the most prestigious school for the performing arts in the Western US.
New transit lines to East LA and Culver City.


I'm sure I missed a lot of things, but that's still plenty to look forward to after the housing boom is over.

[BrighamYen]

I will know Downtown LA has reached a turning point (critical mass of development) when not only do I see people on the street at all hours of the day, but when citywatch says he's got nothing to complain about! haha

[danparker276]

New glass around the pool deck at 1100. There goes the bet we had on who was gonna get drunk and fall off the deck 1st. They also got LED lighting going down the corners of the building (You can see it now, but it's supposed to look complete after labor day). Also rope light around the pool deck.

http://webcor.com/auto_images/large/1100wilshire21155681809.jpg

[ThreeHundred]

^ Have a 1100 night pic?

[BrighamYen]

^ It's not the best lighting design in the world. I think it adds a bit of "something" to the skyline, but it's not like it'll attract anyone's attention who doesn't know about 1100 Wilshire.

I hope it looks more eye catching after Labor Day.

[citywatch]

but when citywatch says he's got nothing to complain about! hahaThat will be a day I'm certainly looking forward to! ;)

And by "square one", I mean the times when a hood or city is seeing very little or no new projs under actual construction or even being proposed, such as what happened in DT for several yrs from around the mid 1990s til work finally began on Staples Ctr & Disney Hall.

Another thing is that even a hood with the $$ & traditional momentum of manhattan in NYC will go through a downturn. So much so that during the 1970s & 80s that area lost a lot of its sheen. It became infamous for squeegee ppl & muggers, subway cars with graffitti plastered sidings, & big corporations moving out to the burbs. I still remember seeing an article where a tourist described manhattan as being a grand "has been." IOW, if even a hood like that is vulnerable to a downturn, then areas with only a fraction as much $$ & momentum are even more exposed to tanking on certain occasions.

[BrighamYen]

^ Very true, I was in Manhattan in 1995 and it was NOTHING like what it is today. Times Square was seedy and had a fraction of the amount of electronic billboards as it does today. We were told to "watch out" while walking around.

It is strange how today, that old image has been completely erased and now NY is the "best city in the world" (as if it always was or something). I realized that people don't conclude whether they like a city based on the past or future, but rather at the moment.

Pasadena and Santa Monica are similar examples akin to Manhattan. They were both seedy, run-down areas decades ago, but today, most people love those two areas. They have "forgotten" the days of tattoo parlors and hookers. Hence, when Downtown LA is revitalized like Pasadena, Santa Monica, and Manhattan, people will judge it for what it is. In fact, Downtown LA will probably get extra "cookie points" because ppl will inevitably compare its prosperity (of the future) with the disgusting past.

Then newcomers will just love the area, just like what's happening in Hollywood as well.

[bjornson]

here is an update from curbed on the Gansevort West. i dont know if its really a update, but i love the render!

http://i13.photobucket.com/albums/a278/Imyurdada/2006-08-Gansevoort-West.jpg


I like the rendering as well, however, look at all of those parking lots! Horrible!!! To the back and another huge one in the back. One huge one in the front. Ugh. I can't complain too much though. Alright, back onto the discussion.

[MapGoulet]

According to the Citywatch Unabridged Dictionary, those parking lots are indeed:


DEADZONES

[BrighamYen]

^ Lol

[LosAngelesSportsFan]

I like the rendering as well, however, look at all of those parking lots! Horrible!!! To the back and another huge one in the back. One huge one in the front. Ugh. I can't complain too much though. Alright, back onto the discussion.


all three lots have projects for them, 8th and grand, CIM 41 story tower and im not sure of the other one, but someone else mentioned it another post.

[citywatch]

According to the Citywatch Unabridged Dictionary, those parking lots are indeed:

DEADZONES

Pls say it louder:

DEADZONES!!!

Maybe if enough ppl in the hood, esp owners of such parking lots, get the message, they'll speed up plans to devlp such spaces. Or in the meantime, at least install a landscaped strip around them, as was the case with the parking lot that once sat directly north of the Palm restaurant, or where the Metlofts apt bldg is now located.

[danparker276]

Nothing in that area is a deadzone.

Can't wait for that pool deck. I doubt that will be ready by 2007 though.

[MapGoulet]

Nothing in that area is a deadzone.

Can't wait for that pool deck. I doubt that will be ready by 2007 though.

IMO, any surface lot in a CBD is a deadzone. It is antithetical to urban life.

[Wright Concept]

So is a bad design.

[edluva]

But isn't a badly designed building better than a DEADZONE???

[Wright Concept]

Not neccesarily. Case in point, Look at the Westin Bonaventure and the buildings in Bunker Hill. Aren't they deadzones? And buildings are located there.

[citywatch]

Case in point, Look at the Westin Bonaventure and the buildings in Bunker Hill. Aren't they deadzones?
To some ppl, perhaps. But not to the degree of places like this...

http://static.flickr.com/22/32093111_7f94806cd9.jpg?v=0

http://static.flickr.com/29/44401372_e376b546ef.jpg?v=0

...or areas where far more ppl will yell:

"This is a dump!! Get me outta here, NOW!!!"

[edluva]

Yeah!!! Psha! What a dump!!!

[yakumoto]

To some ppl, perhaps. But not to the degree of places like this...

http://static.flickr.com/29/44401372_e376b546ef.jpg?v=0


If those places were open, the corner wouldn't look half bad...

[DJM19]

well the corner would look just as bad, you just would see less of it cuz people would be walking past it, blocking views.

[Wright Concept]

Now imagine a street tree shading that view.

[LongBeachUrbanist]

The Bonaventure is literally a deadzone because you rarely see any living beings (drug zombies are excluded) around there.

As much as I hate seeing downtown lots being used for surface parking, at least they aren't as dead as a concrete soul-sucker like the Bonaventure. At least, once a day people walk to the surface lot to get in their cars and drive home. Walking by the Bonaventure, on the other hand, is so unpleasant that you'd be hard-pressed to find more than one or two people walking around there (most likely lost tourists) at any time of day.

Another thing. With a surface lot there is potential for something better. With the Bonaventure, we're stuck with it for the foreseeable future, as it continues to decay ungracefully into old age.

[Wright Concept]

Precisely my point!

With a parking lot, the possibilities are endless and even a touch of a decorative fence or a small sod berm around the parking lot can make it seem less of a monstrousity. A bad design can be just as bad or worse than nothing at all, because the neighborhood, especially a young neighborhood can suffer since nothing can relate to the surrounding buildings.

I noticed in that picture that citywatch posted that there's the Reagan Office Building, note that there is nothing inviting along that facade, it's closed off and distant. I would say if something happended at the ground level of that building the rest of the area would be better. But instead it's the suburban bunker/gated mindset in the middle of an urban playground.

[LosAngelesSportsFan]

Another thing. With a surface lot there is potential for something better. With the Bonaventure, we're stuck with it for the foreseeable future, as it continues to decay ungracefully into old age.


exactly! i was in downtown last night, doing some scouting cause im planning on moving into the Roosevelt when it opens in mid 2007, and i came to a couple of conclusions. First, were making great strides here and its really going to be a great place to live (Downtown), second, we need more and more places open at night, and i know that comes with time, Third, there were a few places (and Buildings) that really need attention that can turn a whole area around. Examples include getting a few mixed use projects at 4th and Broadway, olympic and Broadway, cleaning the damn streets, More Lighting like the 7th street lighting, all over DTLA, and finally, a few buildings really need to go or be changed. Macys is cool, but i wish they had some more street front retail. it would make such a difference in the area. also, there is a glass building on 7th and Grand? that just doesnt fit with the rest of the buildings and the area. Kills all of it. it is such a good location for a 30 story mixed use with a nice stone finish. there were other things to, but in general its looking better and better. Even some people walking around at 9 o clock.

by the way, here is the Roosevelt Page www.rsvlt.com

[colemonkee]

exactly! i was in downtown last night, doing some scouting cause im planning on moving into the Roosevelt when it opens in mid 2007
Congrats, man! :cheers: Here's to another forumer moving downtown!

[Damien]

Speaking of downtown street cleanliness, I've always wondered if the city could impose a small tax (more or less a fee) on downtown businesses to steam-clean downtown sidewalks once a week. Is such a process even possible? Could they get the money from the CRA budget? Could a business association impose and collect the fee and provide the service?

And how do we kick into high gear the effort to add more trees and street furniture, and improve some pedestrian crossings?

Additionally, here's an idea that I'll explain with a picture of one of the streets in Cambridge, Massachusetts which is right next to Boston:

http://i79.photobucket.com/albums/j142/damienwg/DSCF0002.jpg

The brick lining really adds character to the sidewalk. In L.A. this might not necessarily be red bricks (maybe they're lighter and larger bricks), but the goal should be do provide a change up to the boring concrete slabs without increasing the city's water consumption.

Also, I love the extended sidewalks. It adds a parking space to every corner, space for street furniture and most importantly it visually shortens the distance pedestrians have to walk to cross the street.

Then again, as people have already stated in this thread, all these suggestions may just be academic, because until there is more street-facing retail and open spaces people won't have any reason to walk around. But it could be argued that building owners won't convert their ground floors to retail until more people start walking. It's the old chicken vs. the egg!

[LosAngelesSportsFan]

Congrats, man! :cheers: Here's to another forumer moving downtown!


thanks. its my motivation right now.

[ocman]

Next month Huell Howser is going to dedicate a whole week to downtown LA. So check your local listings.

[dktshb]

:previous: Great, I like Huell Howser and there is a lot to see downtown.

[LordUnum]

Next month Huell Howser is going to dedicate a whole week to downtown LA. So check your local listings.
Are you referring to the Downtown News article on Huell's new series? If so, I think he indicated 20-30 episodes, which should be enough for a months'-worth of segments at least. The more the better when it comes to Huell's shows. :yes:

Odd how it often it takes someone from out-of-state to expose and fully appreciate our city's and state's hidden treasures, the sort of stuff that'd (thankfully) never appear in Conde Nast or T&L.

[citywatch]

Are you referring to the Downtown News article on Huell's new series? If so, I think he indicated 20-30 episodes, which should be enough for a months'-worth of segments at least. The more the better when it comes to Huell's shows. Because his shows for awhile have become exceptionally esoteric, where he'll be spending all his time dealing with things like Joe Schmoe & his stamp collection, or pet hamsters or orange trees, I started bypassing them on the dial. Sounds like he'll now have some programs that once again will attract my interest.


If those places were open, the corner wouldn't look half bad...Makes me think of someone telling a 450 pound woman she'd no longer look so obese if she wore dark colored clothes.


As much as I hate seeing downtown lots being used for surface parking, at least they aren't as dead as a concrete soul-sucker like the Bonaventure.Makes me think of a 450 pound guy (who hasn't taken a shower for a month) worrying that his thinning hair is hurting his popularity with the women.

The Bonaventure from various vantage points at least adds to the skyline, & parts of its lobby, esp when a lot of the rms above it are booked solid & alot of guests are milling about, has a certain liveliness. And things like the bldg's rooftop restaurant at least add some value to the hood. OTOH, places like "bar costena" oir that parking lot look like hell 24/7 & are deadzones through & through.



Getting back to huell Howser, I'm sure alot of the ppl he described here:

"I think most people are somewhat hesitant to come Downtown because they have this stereotypical view that this is where so many problems are that they just don't want to come into contact with that. So they just stay away."

In a 2000 episode of "California's Gold," Howser visited Clifton's Cafeteria, a spot he delights in for its history, family story and outrageous decor. Unfortunately for some of the viewers who watched the episode and followed in his footsteps, it wasn't the kind of antiseptic experience they were hoping for. Some felt betrayed.

"It's one of the few programs that, every time we air it, we get negative emails on it. They're from people who go, 'Why didn't you tell us that in order to get to Clifton's you have to step over people,' or, 'I didn't want to get out of the car,'" Howser said. "I'm amazed by how many people there are who just don't like any encounters with any situation that's in the least bit rough around the edges."....aren't slamming the hood because of things like a hotel on Bunker Hill or sites immediately around it.

[Damien]

Next month Huell Howser is going to dedicate a whole week to downtown LA. So check your local listings.

Someone please put it on YouTube.

[danparker276]

8-19 Concerto
http://www.loftla.com/loftla/Handler.ashx?PhotoID=477&Size=L

http://www.loftla.com/loftla/Handler.ashx?PhotoID=478&Size=L

[danparker276]

I hope these floors are ramps for parking at hanover. Am I looking at these right?
You can buy a level for 2 bucks at homedepot.

http://www.loftla.com/loftla/Handler.ashx?PhotoID=479&Size=L

http://www.loftla.com/loftla/Handler.ashx?PhotoID=480&Size=L

http://www.loftla.com/loftla/Handler.ashx?PhotoID=481&Size=L

[danparker276]

Pool area at market lofts

http://www.loftla.com/loftla/Handler.ashx?PhotoID=482&Size=L

http://www.loftla.com/loftla/Handler.ashx?PhotoID=483&Size=L

Sorry for all the differnt posts. I'm waiting for someone to pick me up and I don't know how many I can get done

[colemonkee]

I hope these floors are ramps for parking at hanover. Am I looking at these right?
You can buy a level for 2 bucks at homedepot.

http://www.loftla.com/loftla/Handler.ashx?PhotoID=481&Size=L
Nice pics, sir. Yes, the first 7-8 floors are for parking.

[dragonsky]

Braving LA LA Land: A walking tour in Los Angeles
http://www.skyscrapercity.com/showthread.php?t=386272

[Wright Concept]

Delete.

[citywatch]

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.

[citywatch]

I hope these floors are ramps for parking at hanover. Am I looking at these right?
A refresher of what that proj will look like should be inserted here:

http://img.photobucket.com/albums/v600/rpulido/Models/2iqkxe.jpg

[Westsidelife]

Great news! I have high expectations for the project and hope the Moinian Group delivers given the fact that they have much experience developing in Manhattan and I happen to love all of their projects. And at 45 and 33 stories, those buildings will have a great impact on the skyline!

[bobcat]

I'm glad that Moinian took over this project because they are a big pockets developer with a diversified portfolio unlike that of LNR, which is far too overexposed in the bubbly condo markets. This is one of the few developments in downtown that I feel confident about even in a real estate slowdown because the location is just too good to leave as a parking lot. Interesting that the new design has increased the number of floors in the towers from 40/27 to 45/33. I wonder if the basic design is still the same or if that has been modified as well.

[BrighamYen]

^ I hope that the new design will be much more akin to CIM's proposed Park Tower, which is the Modernist style? Since they're from NY, it might be something they're more apt to go with. I liked LNR's original design as well though because it wasn't too "Vancouver-ish."

Looks like it'll remain the same with commercial retail space at about 250,000sf. I really hope they'll still focus on the Blue Line/Aqua Line station as a major source of traffic. I'm sure there will be plenty of parking to please the avid car driver too!

Let's hope that whatever the design is, that it'll continue with the same ENTERTAINMENT theme as LA Live. Specifically, the large LED screens and billboard signages. AND LOTSA SPOTLIGHTS AND LASERS would be nice too.

Can we say HK? :)

http://img96.imageshack.us/img96/9129/hongkong08mg3.jpg (http://imageshack.us)

[LAMetroGuy]

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.

[LosAngelesSportsFan]

There is a render in the Print Edition of the LA TIMES. someone needs to find it online!

[LAMetroGuy]

Hows the render? Similar to the old Fig Central or is the orientation of the towers different?

[LosAngelesSportsFan]

here is the scan

http://i13.photobucket.com/albums/a278/Imyurdada/scan0002.jpg

[LA420]

:D Here is the rendering from the LA Times sorry but its really poor qualtiy picture. But pretty much this is it black and white, I wish they had it in color. The bulding sort of look like the building on sunset and Vine but just bigger :yuck: but its still an early rendering so hopefully it will look better. Sorry again for the poor quality pic. ;)

[LAMetroGuy]

That looks very similar to the Lennar KB Urban Fig Central project... thanks for scanning this and posting!

[LA420]

hehehehehehe:haha: you beat me to it well at least your pic came out damn i dont know what happend with mine, hum put insert pic. oh well well at least we got a pic now :tup:

[LAMetroGuy]

Here is a close up picture, I noticed that Moinian Group is calling this project LA Central:

http://img.photobucket.com/albums/v600/rpulido/LA%20Central/LACentral.jpg

[Westsidelife]

Okay, now it's time for the Holiday Inn to go. It's literally surrounded by new projects and sits directly across from LA Live. Also I wonder what's planned for the parking lot next to the Holiday Inn. Both the Holiday Inn and the parking lot shouldn't sit there untouched for much longer.

[BrighamYen]

Yeah, it does look similar huh?

That's a good thing, since there is no need to reinvent the wheel. I do think that they should add more LED billboards though. Esp. on the side of the tallest tower to really give the area visual height. In Times Square, LED lights wrap entire buildings up to 40 stories tall. It makes you feel like you're totally immersed in that scene.

Now that Fig Central is catercorner to LA Live, we need to complete the area by building on that surface lot by Liberty Grill. Imagine a 30-something story tower with a vertical shopping center at the bottom. The facade would also have LED lights so that a person standing at the corner of Figueroa and 11th Street would be literally SURROUNDED by gleaming towers and lights!

[ocman]

From the looks of the initial pic, it looks SOOO much better and exciting in terms of urbanity than Anschutz's development.

[LAMetroGuy]

Yeah, it does look similar huh?

That's a good thing, since there is no need to reinvent the wheel. I do think that they should add more LED billboards though. Esp. on the side of the tallest tower to really give the area visual height. In Times Square, LED lights wrap entire buildings up to 40 stories tall. It makes you feel like you're totally immersed in that scene.

Now that Fig Central is catercorner to LA Live, we need to complete the area by building on that surface lot by Liberty Grill. Imagine a 30-something story tower with a vertical shopping center at the bottom. The facade would also have LED lights so that a person standing at the corner of Figueroa and 11th Street would be literally SURROUNDED by gleaming towers and lights!

I agree.... big time! Also, I think the new name is LA Central :cheers:

[RAlossi]

So if I've got this straight, "LA Central" is replacing the former "Figueroa Central" development; correct? I'm starting to get so damn confused with all of these new things!

Gotta keep track of the projects by Related, CIM, Moinian, AEG, Lennar, Astani, Meruelo Maddux, KB Urban...

Now, where is Concerto, again?

EDIT: nevermind... 9th and Fig.

[luckyeight]

Okay, now it's time for the Holiday Inn to go. It's literally surrounded by new projects and sits directly across from LA Live. Also I wonder what's planned for the parking lot next to the Holiday Inn. Both the Holiday Inn and the parking lot shouldn't sit there untouched for much longer.

HOLIDAY INN

could be bought out. concept done two years ago with expansion
on the existing south parking area. New hotel owner & operator?

We need a W hotel, Hardrock Hotel something really hip..........

:banana: :banana:

[Westsidelife]

There are plans for a W Hotel at the Grand Avenue Project.

[bjornson]

I thought that was speculation. The hotel was talking to the developers in 2005 after Four Seasons was no longer in the works. From then on I haven't heard anything since. Too bad. It would have been better situated if it was Mandarin Oriental or Shangri-La.

[danny1100]

Is the iconic tower of the grand ave project going to be a W hotel? Am I dreaming or is this a true? Can anyone out there confirm this info? There is a heaven.

D -


There are plans for a W Hotel at the Grand Avenue Project.

[citywatch]

I like hearing about new condo or apt projs, but more now than ever before I don't want to get too :banana: about any proposed devlpt until & unless I'm certain its funding is 100% guaranteed & til crews & equipment are actually showing up at the site where the proj is to be built. I say that because a lot of new construction in DT is dependent on builders being able to get X number of buyers paying X number of $ for a condo, or getting X number of tenants paying X number of $ in rent for an apt. So if both demand & prices start dropping alot in the future, many of the proposals mentioned here may no longer pencil out.

I know the devlpr of the Hanover apt bldg at Olympic & Fig said his proj no longer would make sense were it to be proposed today. I guess he meant that if they tried to recover the cost of construction & other expenses in today's climate, they'd have to charge rents way higher than most tenants could handle.

I saw this today & we're entering a time when everyone may need a rising level of patience & a willingness to be letdown:


Hasan Ikhrata, director of planning and policy at the Southern California Assn. of Governments, said redevelopment and urban in-fill building accounted for 40% of the housing growth in Los Angeles County in the last decade. The rest of the building, he said, consisted largely of single-family homes in the desert and canyons to the north.

"Some people say that there's an overbuilding in development downtown," Ikhrata said. "But we don't see it from the prices and the demand." "We see cooling in the market," he added, but not significant price reductions in downtown Los Angeles compared with what is occurring in San Diego, where prices in the so-called urban core have dropped about 2% so far this year.

Last month, Southern California home sales fell to their lowest level in nine years as price appreciation slowed. In July, 22,712 homes closed escrow in the six-county region, a 27% drop from a year earlier, and prices rose at their slowest rate in more than six years, gaining 4.9% to a median of $492,000, according to DataQuick.

Cynthia Kroll of UC Berkeley said she, too, sees Southern California builders producing fewer single-family homes and apartments and more condominiums. But she believes the region is at the end of an extraordinary housing boom.

[colemonkee]

^ citywatch, did you even read that article? the author was being positive on downtown development, acknowledging that their is a cooling, but rebutting claims of overbuilding.

You also have to consider that any project that starts in the next six months will not be ready for 2+ years, giving the market at least some time to level off then recover.

[colemonkee]

Is the iconic tower of the grand ave project going to be a W hotel? Am I dreaming or is this a true? Can anyone out there confirm this info? There is a heaven.

D -
Nothing has been confirmed on a W Hotel in the Grand Ave. project, so don't get too excited yet.

[LAMetroGuy]

$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.

http://img.photobucket.com/albums/v600/rpulido/LA%20Central/los_moinianproject.jpg

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.

[bobcat]

Was RTKL responsible for the Fig Central design as well? I know they did the LA Live and Hanover designs.

[citywatch]

the author was being positive on downtown development, acknowledging that their is a cooling, but rebutting claims of overbuilding.
It was the "cooling" part that made me sit up & wonder, because no one can be certain how far that trend will go. IOW, will the hood start showing signs of what's going on in SD, or will it not be as serious here because there's been less new construction in DTLA to begin with? And in order for the hood to not become overbuilt like in SD (or Miami), does that mean a lot of projs now on the drawing boards will have to be delayed for several yrs or even cancelled?

[luckyeight]

starts at mid 300K pre-sales begin in October 2006

www.verodowntown.com

just received an e-mail from Astaniliving.com

:banana: :banana:

[danparker276]

1050 wilshire (use to be wilshire court) now it's called glo. Got an email for them

the need to do something about their website name
http://www.globabyglo.com/


http://www.loftla.com/loftla/Handler.ashx?PhotoID=484&Size=L

Hello Dan,
So cool that you checked us out. You could be one of the fortunate few to call Glo 1050 Wilshire your home. We are still out there hammering and expect to have your place ready soon, you know great things take time.

Glo 1050 Wilshire is a downtown retreat like no other. While living here you will be able to hang out in the Surf and Sand Club Room, which is fully equipped with a billiard table, a game table, wireless internet, breakfast bar and lounge seating that opens to a pool and jacuzzi. The Fitness Facility includes state of the art cardio equipment, free weights and a mezzanine exercise area. The Screening Room features a 15 foot screen, Surround Sound and intimate seating. And the 5th Floor Lounge allows you to entertain your guests inside at the bar or outside, seated at the circle of fire.

Glo 1050 Wilshire can accommodate your apartment living needs with Studio, 1,2 or 3 bedroom floorplans, ranging from 600-1400 sq feet. All units include granite bar-tops, ebony stained maple cabinetry, and Whirlpool™ appliances, including full-sized washers and dryers. You may opt for a Premier unit, with stained concrete flooring or a Penthouse level suite with bamboo flooring and stainless steel appliances.

Your name has been added to our interest list so you will hear from us early Fall 2006 as floorplans and pricing information become available.

It’s a new way to live.
It’s a smart way to live.
It’s a great way to live.

It’s glo.
The new light in downtown living!

[colemonkee]

Was RTKL responsible for the Fig Central design as well? I know they did the LA Live and Hanover designs.
They also designed Market Lofts (Ralph's).

[citywatch]

This blogger gives a first hand account of her tour of the new Library Court condo proj (http://shainla.typepad.com/sha_in_la/2006/08/library_livin.html) on the south side of 6th St between Hope & Olive Sts.

[citywatch]

I saw this in the newspaper on Sunday. Tracking info like this is no less important than keeping a running total of all the new proposals for condo or apt bldgs in the hood. That's because the speed in which those projs move forward, or whether they'll even go beyond the proposal stage to begin with, depends alot on how confident devlprs are in consumer demand, & how many $$ they can get for each unit they build.

In downtown Los Angeles, recently one of the hottest Southland condo markets, there is a glut of units, said Stephen May, a veteran broker with Downtown Residential Real Estate. The broker's sales count through June of this year is half that of the same period last year, he said. Today, seven condo units are listed for every one that sells. Last year, the ratio was 1 to 1.

May recently represented a seller who had bought a condo last November for $385,000. She listed it in early July for $485,000, with a warning from May that she should be prepared to reduce the price. She quickly did, to $450,000, then $419,000, the price of five others for sale in the building. May urged her to drop the price to $395,000, which would set her apart from the others, but she refused and the sales contract expired. The condo no longer is listed.

"Her property isn't worth what she wanted it to be," May said. "It's hard to accept that prices are going down."

[yakumoto]

I never would have guessed...real estate speculation is...is...risky?

[LosAngelesSportsFan]

yes and that lady quoted was going for the jackpot. nice try. also, many more projects have come online this year compared to last.

[LongBeachUrbanist]

The woman buys a condo last November, then expects a 30% increase in value in nine months? She's smoking crack.

People like this deserve to get screwed. These people do nothing but make housing less affordable for everyone else. They contribute nothing to the neighborhood.

The smart investor would hold on to her property for several years. Downtown L.A. will be a very hot market once all the current projects get completed.

[pdxstreetcar]

The woman buys a condo last November, then expects a 30% increase in value in nine months? She's smoking crack.
we have people up here in Portland who come into the condo showroom and expect to buy an unbuilt condo and flip it 3 days later for 10-20% more. no joke. fortunately the condo salesmen try to avoid selling condos to these people.



I hate people who call themselves "new urbanists." Why do we need a new urbanism? The old one worked just fine.

new urbanism is a reintroduction of old urbanism that is updated for todays needs (i.e. the automobile). old urbanism was written off as dead in the mid-century but you cant just go back to building cities of the past and assume the auto or the last 60 years never happened. check out the Charter of the New Urbanism (http://www.cnu.org/aboutcnu/index.cfm?formAction=charter), you'll probably agree with 90+% of it.

[citywatch]

Standard Pacific Abandons Downtown L.A. Condo Deal

The 272 units, which failed to attract enough buyers, will be leased as apartments instead.

By Annette Haddad, Times Staff Writer
September 6, 2006

Suburban home builder Standard Pacific Corp. has opted out of an agreement to buy a major Los Angeles condominium project, another sign that downtown's once-sizzling condo market might be losing steam. The condo development, adjacent to Union Station, was behind schedule and was having trouble attracting buyers for the units priced in the $600,000 range. Instead of being sold as condos, the 272 units will be leased as apartments beginning today by the project's owner, Lincoln Property Co. of Dallas.

"The delays of getting buyers into the building, combined with the market softening, all conspired to cause us to reach the conclusion we did," Steven Ross, director of planning for Standard Pacific's Los Angeles division, said Tuesday.

Although prices in the downtown market — one of the last in the Southland to heat up and stay hot — continue to rise year over year, sales have slowed considerably while the supply of units continues to grow, creating what some analysts say is a condo glut. From January to June, sales of existing downtown condo and loft units plunged 25% compared with the year before. But developers have added 6,900 condo units and lofts in the last five years, with an additional 5,600 slated to be built in the next two years.

Condo developers downtown and elsewhere are starting to reevaluate their projects, particularly those who entered into deals at the height of the housing boom, as prices were driven higher with the help of short-term investors. Some projects slated to begin sales this year have been pushed back to 2007 or 2008, analysts say.

"Maybe downtown has gotten a little ahead of itself," said Jack Kyser, chief economist for the Los Angeles County Economic Development Corp. "Downtown is a young market, and we don't have that much history as to how it will perform in a true cycle."

Developers "have to take a hard look at the crucial combination of what they paid, what it will cost to build and deliver their units and what they will actually get," said Peter Dennehy, senior vice president of the Sullivan Group of Real Estate Advisors.

Some developers with projects well underway are devising strategies to adjust to the slowing downtown housing market. For instance, Kor Group, which is close to finishing its Eastern Columbia condos at 8th Street and South Broadway, presold nearly all of its 96 units. But the company purposely held off the market 10 of its highest-priced units: penthouses starting at more than $1 million each. "We made the decision to hold back and we don't regret it," Kor Group Senior Vice President Kate Bartolo said. "We now have a list of 40 people who are on hold and waiting."

In the meantime, the developer has upgraded the penthouses to better justify its asking prices. "What we're seeing is the quick-flip artists falling out and now we have a different type of buyer" who is more deliberative about making a purchase, Bartolo said.

Irvine-based Standard Pacific's decision to back out of the condo project stems largely from its position as a publicly traded builder with stockholders to please. Nationwide, building companies are recognizing that certain deals may no longer make business sense. Last week, Los Angeles-based KB Home sold its stake in a master-planned community under construction in Palmdale.

In the second quarter, Standard Pacific, which built close to 12,000 homes last year, making it the nation's 12th-largest builder by revenue, reported a 56% drop in new-home orders and a 40% cancellation rate among its Southern California communities. The company accounted for the cancellation of the downtown project in the second quarter, when it took a $16.3-million pretax charge related to write-offs on deposits and other costs of abandoned projects in Southern California.

Standard Pacific had sold 41 of the units at its downtown project, formerly called Axis at Union Station. In June, sales were suspended and buyers were told they would receive refunds on their deposits. Last week, Standard Pacific sent letters to buyers making clear that the company would no longer be acquiring Axis and that refunds were forthcoming. The four-story complex abutting Cesar Chavez Boulevard and Alameda Street will be renamed Mozaic. Leases will range from $1,400 to $3,000 a month, said Reg Delponte, senior vice president of Lincoln.

Lincoln started building the project in the spring of 2005 as an apartment complex. But as the downtown real estate market heated up and demand for for-sale housing gained steam, Standard Pacific made a deal with Lincoln to sell the apartment units as condos. The units went on sale this year as the market started to slow.

Rising condo prices have pushed many would-be buyers to the sidelines, prompting some to rent instead. But until recently, renters had fewer options. The mad dash to build for-sale condo units depleted downtown's rental stock as developers turned existing apartment buildings into so-called condo conversions. But that has started to change as more rental units are slated for construction in and around downtown, said Delores Conway, a USC professor and author of an annual report on Southern California's multifamily housing market.

From March 2005 to March 2006, more than 1,200 new apartment units became available, Conway said. After a brief drop in the downtown occupancy rate to 83% this year, as of June, downtown apartment buildings are 98% filled, Conway said. "There was a dip but it was reabsorbed very quickly," she said. "I'm sure developers are seeing this … and possibly rethinking their positions."

The average downtown rent is about $2,000 a month, according to Conway's research.

[LongBeachUrbanist]

Great news for renters. The residential market in DTLA was too heavily biased toward condos, IMO. I'm going to call today and see what's available.

[colemonkee]

The smart investor would hold on to her property for several years. Downtown L.A. will be a very hot market once all the current projects get completed.
Ding ding ding!!! That's exactly what I've been banking on for a year now. As for Axis, I simply think they were charging way too much to live in an area that's largely disconnected from the surronding neighborhoods (even though it's connected to the entire region by rail). I really don't think condos in South Park or the OBD will have as much of a problem selling in the coming two years.

I wouldn't be surprised to see more mixed-use residential - part lease, part for sale - especially in the multi-tower projects like LA Central, Grand Towers or Metropolis. That is if the rental market holds up...

[LA420]

Great news for renters. The residential market in DTLA was too heavily biased toward condos, IMO. I'm going to call today and see what's available.


:happypunk: I completely agree with you :tup: , There needs to be a balance and if you have majority of developments as condos and catering to people with more money and not your middle class (affordable) John doe then its not going to work. These developers need to think about both not just one because in the end there are going to screw themselves :whip: . I am glad this happened its a wake up call to include everyone not just one class. There needs to be a balance period :yes: I am for major developments but it has to be equaled out to include everyone not just the privileged. Diversity makes a great city and downtown. Que no? ;)

[citywatch]

That is if the rental market holds up...
No excuse if it doesn't, because when you add up all the ppl who've moved into either apts or condos in DT over the past few yrs, I believe there still wouldn't be enough of them to fill up Staples Ctr's 18,000+ seats, much less a stadium, like where the Dodgers play.

BTW, the DCBID's web site finally updated their pdf listings of condo (http://downtownla.com/pdfs/econ_residential/Completed_Condos.pdf) & apt (http://downtownla.com/pdfs/econ_residential/Completed_Apartments.pdf) bldgs in the hood. It's interesting that they show metro417 at 76% occupancy & its sister apt bldg, metlofts, at 64%. That sounds a lot more reassuring than the stats for them earlier this yr, esp since I thought the location of metro417, near Pershing Sq, would make it a tougher sell than the metlofts site several blocks to the south.

However, so far, it's the kitschy, euro-villa bldgs owned by GH Palmer that remain the only new apt projs to open in the hood with most of their units preleased by opening day.

Another thing: some SSPers in the DTLA thread in the Compilations forum were posting about new devlpt in the Inland Empire, with one saying that nothing much is going up there except a lot of tract housing. Like it or not, a lot of ppl, when they're getting ready to put down some dollars for a place to call home, still prefer a house with a yard around it instead of the more urbanized highrise loft locations in hoods like DTLA. That's true even if they're going to be forced into long commutes.

I think those ppl are crazy, & I think the distant burbs they're buying into are such a monotonous snooze that they're not worth the advantages of things like lower priced housing & safer streets. However, many ppl apparently see things differently.

[Wright Concept]

... I think those ppl are crazy, & I think the distant burbs they're buying into are such a monotonous snooze that they're not worth the advantages of things like lower priced housing & safer streets. However, many ppl apparently see things differently.

Do you think that if those apts where safer (i.e. A relative relationship of where their property tax $$$ is going) with a stronger police presence and some of those deadzone parking lots were parks and playgrounds then maybe that would turn folks towards living Downtown or staying in the City of LA?

Personally I'm very happy the condo market is topping out because that means it will make moving towards these developments more affordable and reasonable thus creating some stability that is needed to keep these things going.

[citywatch]

with a stronger police presence and some of those deadzone parking lots were parks and playgrounds then maybe that would turn folks towards living Downtown or staying in the City of LA?
I think a lot of ppl still get nervous dealing with many hoods in LA because they continue to see them as mostly rundown places that only poor ppl, college students or childless urban hipsters can tolerate on a daily basis.

And parks & playgrounds per se aren't going to be too helpful if they're like Pershing Sq, which often becomes the home away from home for a lot of homeless ppl or criminal types. But a lot more of a police presence would help areas throughout the hood. However, the situation in parts of DT is so unhinged, & legal & political challenges create so many roadblocks to dealing with thousands of drifters & the mentally ill, that simply pouring more $$ into the LAPD, or social services too, prob won't be enough.

It will be interesting if so called gentrification hits a wall in the next several yrs & burbanization becomes dominant all over again, or if the ppl on the other side of that "wall" (ppl in search of the lowest priced rents & housing) end up moving elsewhere, as what is happening in cities like NYC or SF, where more of those cities' residents today are better educated with higher incomes.

[danparker276]

Who would want to live next to the train station anyway?
Pay 600k to have the trains wake you up at 6am every morning?
I don't even think there are any restaurants within a 5 min walk from there.