$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.
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.