LOS ANGELES | Downtown Project Rundown 6.0

[SoCalKid]

Guys, lets be a little bit more respective of Hellen. This is a 93 year old man who escaped from Auschwitz as a teenager during the Haulocast.

From all accounts, his lack of progress on this project has been the result of trouble getting permits.

Also, I think people on this board need to understand that it's often not in the developer's control whether or not a project goes through. Developers need to attract equity partners and lenders, no easy feat (trust me, I'm on the equity side), to get a project started. If no equity or debt providers get on board, you don't have a choice.

[hughfb3]

Originally Posted by SoCalKid

Guys, lets be a little bit more respective of Hellen. This is a 93 year old man who escaped from Auschwitz as a teenager during the Haulocast.

From all accounts, his lack of progress on this project has been the result of trouble getting permits.

Also, I think people on this board need to understand that it's often not in the developer's control whether or not a project goes through. Developers need to attract equity partners and lenders, no easy feat (trust me, I'm on the equity side), to get a project started. If no equity or debt providers get on board, you don't have a choice.

Which is exactly why there is a movement to create the Public Bank of Los Angeles. As we have seen, major lenders are only giving to those already with money. Local people like Hellen or Astani; whose project was taken from him by no fault of his but because his lender went bankrupt, are getting less and less from major banks. In the 2007 boom, most new buildings in DTLA were owned and proposed by LA developers. This boom... Jamison services and CIM (barely). All their capital and projects taken away in the giant money swap to the rich that was the recession. Less and less smaller developers doing good work like South Group or Astani or TPG, McGuire and less and less local banks and lenders doing work FOR Los Angeles. Unlike the 1990's we have no major local banks, all gobbled up by the big 5. (Oh how I miss the "I" of the First Interstate bank on my library tower)

Come do something about it and join the movement.

http://publicbankla.com

[cesar90]

• Video Link

[black_crow]

Originally Posted by SoCalKid

From all accounts, his lack of progress on this project has been the result of trouble getting permits.

That was not the major issue here.

It was about project changes and money.

PS:

I find it wrong to bring his age up.
He isn't a senile old man.

[SoCalKid]

Originally Posted by black_crow

I find it wrong to bring his age up.
He is still a smart man.

I was not implying that his age in any way reduced his intelligence. I just think that a 93 year old Holocaust escapee deserves more respect than most.

[SoCalKid]

Originally Posted by hughfb3

Which is exactly why there is a movement to create the Public Bank of Los Angeles. As we have seen, major lenders are only giving to those already with money. Local people like Hellen or Astani; whose project was taken from him by no fault of his but because his lender went bankrupt, are getting less and less from major banks. In the 2007 boom, most new buildings in DTLA were owned and proposed by LA developers. This boom... Jamison services and CIM (barely). All their capital and projects taken away in the giant money swap to the rich that was the recession. Less and less smaller developers doing good work like South Group or Astani or TPG, McGuire and less and less local banks and lenders doing work FOR Los Angeles. Unlike the 1990's we have no major local banks, all gobbled up by the big 5. (Oh how I miss the "I" of the First Interstate bank on my library tower)

Come do something about it and join the movement.

http://publicbankla.com

I think this sort of bank would exclusively lend to affordable housing projects though, not your typical downtown development.

[black_crow]

Originally Posted by SoCalKid

I was not implying that his age in any way reduced his intelligence. I just think that a 93 year old Holocaust escapee deserves more respect than most.

Absolutely.

Not only that, but he invested a lot of his own money and income.
He is a business man and he knows this project isn't realistic (for a variety of reasons). Those renderings and "plans" can increase the property value or attract new investors.

"All talk and no action" sounds indeed a little harsh.

[hughfb3]

Originally Posted by SoCalKid

I think this sort of bank would exclusively lend to affordable housing projects though, not your typical downtown development.

That is all determined by the bank charter. This type of bank can lend money to who and whatever is written Which is why we are involved in the legislation of the charter. This bank can lend money to grow local businesses with sound financial plans, small startup banks, green energy, schools, transportation. Bank of N. Dakota is only public bank right now and is quite successful.

We can support our Hellens, our first interstates, our Astani's, our Maguire's, who could build us some new Library towers. Office vacancy in DTLA is stagnant. We are not a town of big business and fortune 500's like we used to be (could be a good thing). We have an opportunity to grow whatever we write into our charter.

And that's all I will say about that. Back to DTLA development.

[Spantik]

Please sweet baby Jesus let it get built.

[caligrad]

Originally Posted by SoCalKid

Guys, lets be a little bit more respective of Hellen. This is a 93 year old man who escaped from Auschwitz as a teenager during the Haulocast.

From all accounts, his lack of progress on this project has been the result of trouble getting permits.

Also, I think people on this board need to understand that it's often not in the developer's control whether or not a project goes through. Developers need to attract equity partners and lenders, no easy feat (trust me, I'm on the equity side), to get a project started. If no equity or debt providers get on board, you don't have a choice.

I get what you're saying and the HOLOcaUst was tragic. But that being said. It doesn't mean he gets a pass. Many people from all shapes, sizes and ethnic backgrounds that are currently residing in the USA have been through a lot as well, some not nearly as tragic and some just as tragic, using their past as a justification just wont do, especially in a country like the USA where the attitude here is pretty much MOVE ON AND GET IT DONE, NO EXCUSES.

You're right, there are sooooo many things developers have to do to get their projects off the ground, including getting partners and lenders to come through..... That being said though. That has been Hellens excuse for the last 40 years..... Seeing LA, from downtown, to the valley to the west side, to Long Beach and crossing county lines to the OC being dotted with tower cranes left and right, where ever you look..... It still sounds like another excuse.....Especially since as of currently, banking regulations have been eased and banks are being loose with their money to almost pre recession levels. If a bank doesn't trust your profile and portfolio to lend to you even in our current conditions. Throw in the towel and sell your properties to the highest bidder and call it a day because now they just seem like hoarders....the worst kind...Hoarding dozens of downtown properties/ dead zones.

[Wilcal]

Originally Posted by caligrad

I get what you're saying and the HOLOcaUst was tragic. But that being said. It doesn't mean he gets a pass. Many people from all shapes, sizes and ethnic backgrounds that are currently residing in the USA have been through a lot as well, some not nearly as tragic and some just as tragic, using their past as a justification just wont do, especially in a country like the USA where the attitude here is pretty much MOVE ON AND GET IT DONE, NO EXCUSES.

You're right, there are sooooo many things developers have to do to get their projects off the ground, including getting partners and lenders to come through..... That being said though. That has been Hellens excuse for the last 40 years..... Seeing LA, from downtown, to the valley to the west side, to Long Beach and crossing county lines to the OC being dotted with tower cranes left and right, where ever you look..... It still sounds like another excuse.....Especially since as of currently, banking regulations have been eased and banks are being loose with their money to almost pre recession levels. If a bank doesn't trust your profile and portfolio to lend to you even in our current conditions. Throw in the towel and sell your properties to the highest bidder and call it a day because now they just seem like hoarders....the worst kind...Hoarding dozens of downtown properties/ dead zones.

And don't forget that these hoarders let their property decay and fall into disrepair; basically, they are slumlords. They wait for the other guy to make the investment and then when the time is right either follow suit or sell when their property has appreciated in value. Exiibit A: the newly renovated May Co. building and the sale of the Grant building across the street to new developers. Being such a a very run down property, it is obvious that the owner didn't give a damn and just waited for the now occurring incremental improvements of Broadway. He essentially waited out for the market to eventually improve. Makes me wonder how much profit he made for doing nothing.

[CaliNative]

Originally Posted by hughfb3

Which is exactly why there is a movement to create the Public Bank of Los Angeles. As we have seen, major lenders are only giving to those already with money. Local people like Hellen or Astani; whose project was taken from him by no fault of his but because his lender went bankrupt, are getting less and less from major banks. In the 2007 boom, most new buildings in DTLA were owned and proposed by LA developers. This boom... Jamison services and CIM (barely). All their capital and projects taken away in the giant money swap to the rich that was the recession. Less and less smaller developers doing good work like South Group or Astani or TPG, McGuire and less and less local banks and lenders doing work FOR Los Angeles. Unlike the 1990's we have no major local banks, all gobbled up by the big 5. (Oh how I miss the "I" of the First Interstate bank on my library tower)

Come do something about it and join the movement.

http://publicbankla.com

Before the 1990s, L.A. was headquarters of several large banks, including Security Pacific, 1st Interstate (earlier United California bank), Union Bank etc. as well as the huge Home Savings, Great Western Savings and California Federal Savings. These banks built some of the major skyscrapers in L.A.--e.g. "Aon Tower" (1st headquarters of UCB/1st Interstate), Bank of America tower (former HQ of Security Pacific), Library Tower (U.S. Bank), 2nd HQ of 1st Interstate. Starting in the 1990s, recessions and real estate depressions led to the failure & merger of these institutions. I am all in favor of L.A. once again having large banks with headquarters here. DTLA has also lost oil giants ARCO & Unocal. Having HQs here fills buildings and increases charitable contibutions. ARCO especially was a huge donor to local charities, and built ARCO Center with 52 story twins.

[LosAngelesBeauty]

Posh New Boutique Opens at 11th and Hope in South Park, Downtown LA

http://brighamyen.com/2017/08/04/le-...r-downtown-la/

[bhunsberger]

Took this photo tonight just to show the progress of the skyline. Taken at Old Temple Hospital, where there is supposed to be a new development in the works. (Pinnacle 360) What are your thoughts on this? The views here are great!











Article: https://urbanize.la/post/first-look-...60-development

Photo Credit: UrbanizeLA

[Blesha13]

That view never disappoints. I grew up in that neighborhood from 1999-2007 on Hyans St and I would ride my scooter up the hill just to catch a glimpse of the skyline.

[Bwin517]

Originally Posted by bhunsberger

Took this photo tonight just to show the progress of the skyline. Taken at Old Temple Hospital, where there is supposed to be a new development in the works. (Pinnacle 360) What are your thoughts on this? The views here are great!











Article: https://urbanize.la/post/first-look-...60-development

Photo Credit: UrbanizeLA

Views look great! But why do the Circa towers look so small? They seem to be 1/3rd the height of the Ritz in that pic

[jgacis]

Originally Posted by Wilcal

...Makes me wonder how much profit he made for doing nothing.

That's the part of human nature. It's like a person not wanting to make any more mortgage payments (in this case, improvements) on a property that will be eventually foreclosed by the bank (in this case, sold to the highest bidder). This happens all the time, nothing new here. The value is more in the land, not the improvement...

[Pauliemac100]

A few photos of Apex II and 888 S Hope Street yesterday.

http://www.flickr.com/photos/1487271...tetaken-public

http://www.flickr.com/photos/1487271...tetaken-public

http://www.flickr.com/photos/1487271...tetaken-public

[citywatch]

“Rising construction costs and a slowdown in the luxury rental market may accomplish what neighborhood opposition could not: put the brakes on a 44-story apartment tower in Boston’s West End. Developer Equity Residential is taking a wait-and-see attitude on development sites in coastal markets, CEO David Neithercut said.”

“‘We’ve got some sites that we currently have in L.A. and in the Bay Area and in Boston that we could do something on but we’re not going to pursue those very aggressively at the current time,’ Neithercut told analysts this week during a conference call to discuss the company’s second-quarter quarter earnings. ‘The teams continue to work on them, but we’ll just sort of see how things play out.’”

ladowntownnews.com

BEACON ON HILL
Los Angeles, California

CLIENT EQUITY RESIDENTIAL
COMPLETION DATE 2020
UNITS 428

This 33 story apartment tower is located at the intersection of 4th and Hill in downtown Los Angeles. There are four districts that converge at this site: Bunker Hill, the Financial District, the Jewelry District, and the Historic Core District. The project is also directly adjacent to the entrance to one of DTLA’s main transportation arteries Pershing Square Metro Station, which is one of the busiest metro stations in the area. Containing 428 luxury apartment homes, the tower is envisioned to be a beacon for the community. Through design and programming, the base of the building is proposed to not only ground the beaconing tower, but also to activate the currently lackluster Metro station corner.

.

[scania]

Originally Posted by Pauliemac100

A few photos of Apex II and 888 S Hope Street yesterday.

http://www.flickr.com/photos/1487271...tetaken-public

http://www.flickr.com/photos/1487271...tetaken-public

http://www.flickr.com/photos/1487271...tetaken-public

Nice pics.