Quote:
Originally Posted by LosAngelesSportsFan
I truly hope the 5th and olive project doesnt get built. Its such a monumental waste that id be willing to wait for the right project there. I hope Macfarlane comes to their senses and sells the damn thing to someone with vision and money
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you have far more patience than I do, lasf, since I can't stand the thought of that huge gap at 5th & olive remaining a gap for even one yr longer. It's already been a parking lot going on for something like 30 yrs....ever since the old philharmonic auditorium bldg that once stood along 5th st was torn down in the 1980s.
While the new devlpt planned for that site is a far cry from that of the parkfifth proj, the midrise part of it along 5th st seems decent enough. The short wood framed part of it will be so wedged in between...& sort of concealed by.... the old subway terminal bldg to the north & the title guarantee bldg to the south, that I don't think most ppl will be disappointed by it, even more so when they won't have to look at a hideous parking lot.
I'm also concerned that if the 5th & olive proj doesn't manage to get into the construction queue by sometime this yr, it will get caught up in the moment when all the competing apt projs now underway have opened. At that time there very well could be lots of talk of dt being overbuilt....at least for awhile. That will put a big chill on investors. There's also growing talk of a major recession, similar to what happened in 2008 & 2009, striking in the next 2 yrs.
so if 5th & olive misses out on the current go round, it very well might be sitting vacant for another 30 yrs.
guests on the north side of the biltmore hotel now have this lovely view of the site that is being discussed....
tripadvisor.com
I don't know if any major city in the world that has a version of a public square like Pershing on one side & a classic old time hotel like the biltmore on the other has also been stuck with a big gap like at 5th & olive for decades on end.