I would clarify that by saying that higher end condos might be selling well, but smaller, older condos, like mine near Skid Row take months and months to sell.

That's not surprising. Fortunately, most downtown homes aren't Skid Row-adjacent.

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The new owners will probably sit on it for years until interest rates come down :shrug:

The ULA tax on a $434MM sale would be $23.9MM... wonder how that gets paid.

I hope not. I think it's fair to say that this should be completed by the '28 Olympics.

Yeah that's still four years away so there's a good chance it gets completed by then. Physically it can be done in a few months but borrowing costs remain the biggest hurdle as with any other project. I'm just tempering expectations.

Two Towers @ 11th and Olive
 

There are two towers mentioned on urbanize.la that are located at 11th and Olive. It’s by Mack Real Estate. I don’t know if anyone has information on it…that site requires an account.

Not much to report except that it's "moving forward."

https://la.urbanize.city/post/heres-...and-olive-dtla

https://la.urbanize.city/sites/defau...?itok=g7BJzGqO

https://la.urbanize.city/sites/defau...?itok=VYAsVAb_

As exciting as that is, I can't count how many times LA projects "moved forward" only for nothing to happen.

Fingers crossed though. I'll remain cautiously optimistic.

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"Interest far greater than we expected".

"we have multiple offers significantly higher than that".

"I want our city to come off in its best light in 2028".

For those who prefer text to YouTube videos, here are some interesting things included on the NBC LA website regarding the sale of Oceanwide:

“We have multiple offers significantly higher than that and it could possibly trade for more than a billion dollars,” Tischer said. “All bidders will be invited, and I have no doubt that we will have interest from typical developers all the way through and including sovereign wealth funds from different countries.”

“Our process is a methodical and fair process,” Tischer said. “A lot of the process will be qualifying the bidders, making sure they have the resources to finish it because what we don’t want is another false start.”

The Colliers team believes a new buyer will be announced and work will re-start by the end of the year.

They hope the new owner will complete the project in time for the 2028 Olympics.

“I want our city to come off in our best light in 2028, and this is the lynch pin to having that happen,” Tarczynski said. “We live here, and it’s important to us that it gets into the right hands and that it gets finished.”

Most apartments aren't but maybe more condos than you think. I think that a lot of homes were bought 10-15 years ago on Main, Spring, in the Toy District and in Little Tokyo when skid row was shrinking, but it became bigger than ever after court rulings.

Normally I would be cautiously optimistic as well except for the fact that this developer; Mack Urban Real Estate, purchased all 6 of these lots together and created a master plan which has already completed the 36 story AVEN apartment tower next door and the 362 unit WREN mid rise apartments a block south. The Aven has leased its apartments well and the retail at the bottom is fully leased out. The open-to-the-public pocket park they built adjacent to the tower is clutch for this area and by design is adjacent to their proposed 50 story tower. This developer knows the market and has experience in building here. These proposed towers only strengthen their position of the existing developments.

This is very true. If any of you get a chance to walk this area…it’s a drastic difference to the rest of DTLA….other than maybe near the Disney Hall. Though that area has more of a tourist feeling.

Onni proj at Olympic & Hill St...

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That's cool, good to know. LA could definitely use more 6-700 foot buildings downtown. I don't see a timeframe mentioned though.

That would be close to the planned 1045 Olive (Crescent Height's 800 footer). That'd be amazing if they could all rise together.

I didn't think about that...that would be really cool.

South Park feels like the South Loop in Chicago to me. Not as many towers of course but the feel is really similar.

I expect no less than five youtube videos of local news reports on the subject.

Anyway, hopefully some deep-pocketed developer buys the property and finishes it in a timely manner.