LOS ANGELES | Downtown Project Rundown 6.0

[WestCoastSupertall]

Originally Posted by hughfb3

OMG!!!! I think the Pershing Square Jenga Tower secretly broke ground. Saw it this morning... There is serious fencing around the site and it’s already a dug down hole

https://www.google.com/amp/s/la.curb...tower-approval

Love the updates on the hoxton. Wasn’t aware it was already open. Broadway is under serious transformation. There are many open storefronts where landlords have clearly let leases expire and are ready for higher end retail and restaurants.

I've done the same thing a few times over the years

[hughfb3]

Oh really?! Ok. I used to sing next door at Mrs Fish and never noticed it

[a9l8e7n]

Originally Posted by hughfb3

Oh really?! Ok. I used to sing next door at Mrs Fish and never noticed it

So there is no work there as of right now?

[IMBY]

Originally Posted by caligrad

I have a lot of faith in Onni but ugh, late 2021. Beggers cant be choosers i guess. I just hope a huge wrench isnt thrown into the economy that makes them walk away for a few years. The 60 story they have proposed in South Park is supposed to break ground this year or next right? with a timeline of 36 months and completion date of 2022, i would assume this year or next.

I guess you have to put yourself into the shoes of the developer, given what they may have gone thru during the last Great Recession. If I were the developer I'd be nervous as all get out, particularly when you read the next recession is already underway, and you don't know how severe it's going to be.

Given what I went through in Las Vegas during/after the Great Recession, I'd much prefer them to hold off, rather than start a project and leave the site unattended for a year, or 2, or 3, and it being an eyesore on the skyline.

Sheesh! In Las Vegas construction stopped on the Blue Whale/old Fountain Bleu 64 story tower in 2009, and here it is 10 years later, and no resumption of construction yet. I hear, next year, or the next!

And I would double-hate to see that happening in L.A.!

[caligrad]

^^^ Touche, youre right. Oceanwide moving at a snails pace has already gotten under my skin.

[citywatch]

this isn't devlpt related, but it did take place in dtla a few days ago....amazing how dozens & dozens of drones can be lined up in the sky to form words or images....what will they think of next?



latimes.com


I was around there a wk ago & it's a relief to finally see the old tinker toy parking structure now gone & replaced with an active construction site. But the surface parking lot east of the grand ave proj now sticks out like a sore thumb....I know the southern half of it is supposed to be the location of an extension of the Colburn school of music.

I hope that doesn't take as long to get started as it's taking to get work on the oceanwide proj completed. But the area around disney hall, the broad & the emerson apt tower had a sense of completeness & activity that is a long overdue change to a part of dt.

Dtla is moving closer to what it should have always been.


Edit: if they can do this with drones, no reason new devlt in dt has to be delayed for so many yrs or take so long to be completed. come on, ppl!


• Video Link

[bhunsberger]

WOW. So I never really looked at any of the first few pages of this particular forum, and I’m amazed. I knew a lot of the buildings downtown were newer but I didn’t realize how new. I moved here in Sept 2016, but didn’t go downtown often. In a few short years things have dramatically changed and is continuing at breakneck speed. It didn’t seem folks were too happy and everything seemed still very much crappy. I found the post about Urban Outfitters closing within a year kind of funny because I felt the same way about it today. Just doesn’t seem like it gets much traffic. Either way- I’m glad things are improving and have improved to the point where it’s probably way more comfortable for other retailers and restaurants to finally come downtown. Totally amazing. 2020 will be a great year for DTLA!

[WestCoastSupertall]

I see the trade war is working well — Work stalled at Oceanwide Plaza as the company searches for a construction loan

https://finance.yahoo.com/news/l-1-b...040000137.html

[202_Cyclist]

Originally Posted by WestCoastSupertall

I see the trade war is working well — Work stalled at Oceanwide Plaza as the company searches for a construction loan

https://finance.yahoo.com/news/l-1-b...040000137.html

"Trade wars are good and easy to win."

[JAYNYC]

Originally Posted by liat91

Agreed. That’s key for DTLA gaining a more imposing appearance. Even DT Seattle is more imposing than DTLA.
Haven’t been to Denver, but from images, it also looks more impressive on approach. Then again, only Miami, Chicago, NYC, Philadelphia, San Francisco and maybe Atlanta (downtown and midtown contiguous) would fit that bill.

Anyone who references the size of Atlanta's primary skyline without also mentioning Houston's and Dallas' is uninformed.

[scania]

Originally Posted by JAYNYC

Anyone who references the size of Atlanta's primary skyline without also mentioning Houston's and Dallas' is uninformed.

Great point. At least as far as Houston.

[pwright1]

The Paul Smith store on Broadway will open in February or March of 2020.

[kolchak]

When it comes to DT density Los Angeles has more than just 500 footers. The adjoining areas and old downtown are more 'urban' in many ways than Seattle or Atlanta or even Houston. Miami has more highrises easily and is similar but also has less pre war development. NYC and Chicago are on another level all together. SF, LA and Philly are in the second tier alone IMO.

[LA21st]

Houston's downtown urban fabric is not even close to downtown LA. I don't care if it has a few more office towers. Anyone who says otherwise is...


NYC
Chicago
Philly
SF
Bos/DC

Dowtown LA is behind these. Seattle is up there, but smaller in area. Same with Baltimore. Too small.

But Dallas, Houston and Atlanta? Miami? No.

[scania]

Originally Posted by kolchak

When it comes to DT density Los Angeles has more than just 500 footers. The adjoining areas and old downtown are more 'urban' in many ways than Seattle or Atlanta or even Houston. Miami has more highrises easily and is similar but also has less pre war development. NYC and Chicago are on another level all together. SF, LA and Philly are in the second tier alone IMO.

Agreed...but SF is more like a 1.5 tier. Atlanta has no density. Houston has a very small density. But much better than Atlanta.

[caligrad]

Lets please change the subject before the trolls that lurk in these city vs city topic threads smell the fresh meat and some how find a way to throw San Jose and Omaha in the mix lol.

SOOOOOO the Brookfield tower.... I swear if this was pre metropolis that everyone on here would be talking about the brookfield tower on and on.

Chinese capital fleeing. Hopefully Oceanwide gets completed. But now im worried about the dozen other chinese projects that havent even broke ground yet (Specifically the Olympia Towers). Hopefully this trade war finds a neutral ground just to get those projects off the ground. But then again......We dont want a bunch of vegas style Fountainebleaus sprouted all over downtown sitting dormant for decades.

[IMBY]

I don't get it, why DTLA has gotten so dependent on Chinese money. I would think there'd be developers from the U.S., Canada and NYC that would be just as eager to invest in DTLA as well.

[CaliNative]

Originally Posted by caligrad

Lets please change the subject before the trolls that lurk in these city vs city topic threads smell the fresh meat and some how find a way to throw San Jose and Omaha in the mix lol.

SOOOOOO the Brookfield tower.... I swear if this was pre metropolis that everyone on here would be talking about the brookfield tower on and on.

Chinese capital fleeing. Hopefully Oceanwide gets completed. But now im worried about the dozen other chinese projects that havent even broke ground yet (Specifically the Olympia Towers). Hopefully this trade war finds a neutral ground just to get those projects off the ground. But then again......We dont want a bunch of vegas style Fountainebleaus sprouted all over downtown sitting dormant for decades.

I would expect to see the DTLA Oceanwide completed, but possibly by someone taking it off the Chinese partners hands for a price or ownership piece. Doubt it turns into another Fountainbleu unless we have a severe recession, and even then probably not. The project is topped out, mostly completed on the outside, although of course major work probably needs to be done in the interior I presume. I would worry more about the San Francisco Oceanwide--hasn't even begun to rise yet. At least L.A topped out so financing to complete it will likely be found, although it might take a while to resolve subcontractor issues etc..

As far as the other Chinese projects go--Olympia etc.--it may be possible some of those may not break ground. That would be unfortunate, but perhaps domestic or Canadian money may come to the rescue (we can hope), or a truce will be declared in the trade dispute. Interest rates are still very low and falling again, but perhaps risk appetites and "animal spirits" are on the wane for this cycle. We shall see. But the future of DTLA is bright even if this cycle winds down. The runup to the Olympics will keep things humming somewhat (and may help Olympia get built), recession or not. It would help the desirability of DTLA of course if a solution to homelessness is found. I hope the 975 foot tower on south Fig is build, and the 60 story tower adjacent to 777 So. Fig. Those would be imposing buildings. And I hope the unusual and flashy "jenga" tower with the hanging infinity pools north of Pershing Square is built. A real crowd pleaser and instant L.A. icon I would bet.

[kolchak]

Originally Posted by caligrad

Lets please change the subject before the trolls that lurk in these city vs city topic threads smell the fresh meat and some how find a way to throw San Jose and Omaha in the mix lol.

SOOOOOO the Brookfield tower.... I swear if this was pre metropolis that everyone on here would be talking about the brookfield tower on and on.

Chinese capital fleeing. Hopefully Oceanwide gets completed. But now im worried about the dozen other chinese projects that havent even broke ground yet (Specifically the Olympia Towers). Hopefully this trade war finds a neutral ground just to get those projects off the ground. But then again......We dont want a bunch of vegas style Fountainebleaus sprouted all over downtown sitting dormant for decades.

Once the construction financing takes place the project is basically a done deal (unless it is built purely on spec which is rare these days or the construction is financed in increment.) So simply put the buildings that have a secured construction loan will be built whether the project is sold or not.

Vista Tower in Chicago had a secured 700 million dollar loan from a Chinese bank to a Chinese developer. They were forced to sell and a Canadian mall builder moved in and bought the whole deal. During this time construction didn't slow or pause at all and the building went on to be finished (almost now.)

If financing hasn't happened, all bets are off - Chinese or any developer. Money in place - all good

Does anyone know the status of Oceanside's construction loan?

[LAsam]

Originally Posted by CaliNative

Interest rates are still very low and falling again

I think this could be a key point. Cheap financing fuels the flames of real estate development like few other things can.