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Originally Posted by wisheye
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That article ends with a strange twist. It speculates that finding financing to finish the project will be hard because "office deals" are suffering nationwide and "office leasing" is suffering in LA specifically. I mean, that's true--but Oceanwide isn't an office project, and residential projects are hot.
Quote:
Originally Posted by LAsam
The problem with Oceanwide Plaza is that not only do you need to spend the $865MM to finish (good luck getting financing for that)... but then your finished product is a bunch of luxury condos (good luck with that), two story retail (good luck with that), and a hotel (not so bad).
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The recent LA Times article about "two downtowns" (office and residential) noted that downtown condos are selling well, in large part because they are 1) new, and 2) more affordable than similar units on the Westside. We know there is pent-up demand for new residential in LA overall, and that zoning and NIMBYs make it hard to meet that demand anywhere except downtown right now. If I had the funding I would buy and finish Oceanwide, but that's just me.
Question: can the new developer switch condos to apartments?