Downtown Streetcar Update: Residents Will Vote on Tax…

So far the Downtown Streetcar project has secured $11 million and is seeking $50 million from the federal government.  The remaining $64 million will be voted on in an upcoming November mail-in ballot, that will determine if tax payers are going to be picking up the tab.

If the voters pass the assessment, business owners would be taxed based on their properties proximity to the streetcar line, as well as their parcel size.  Taxes are expected to be $.45 cents a square foot for properties located along the streetcar route, $.32 cents for properties one to two blocks away, and $.16 cents for 3 blocks away.  Curbed LA shows an example of the tax,  “…At the likely bond rate of 5 percent, a 10,000 square foot parcel directly on the streetcar line would pay $4,940 a year. That size property one to two blocks away would pay $3,460 and $1,730 if located three blocks away.”  Condo owners would be taxed based on a different schedule.

The streetcar route will travel from LA Live, up Figueroa, across Seventh, north on Hill, east on First, south on Broadway; then west on Eleventh and back to LA Live. Due to the fact that public properties can’t be taxed, along with other budget issues, officials have decided to cut out the portion of the streetcar route that would bring riders to Walt Disney Concert Hall and the Music Center.

By establishing a Streetcar in other cities such as Portland and Seattle, locals communities have seen an increase in development and investment around the streetcars path. Many downtown investors and developers have been eyeing parcels that may benefit from the proposed streetcar, however, we will have to wait to see what the voters say in November to get any sort of confirmation.

New South Park Luxury Apartment Development To Break Ground May 22nd…

A joint venture between Chicago based Fifield Company and LA based Cypress Equity Investments called Century West Partners, is scheduled to break ground on a new South Park luxury apartment development called Avant, on May 22nd.  The first phase will include 247 apartments split between two 7-story buildings, and above 11,000 square feet of restaurant and retail space.  The address of the two towers will be 1340 S Figueroa and 1355 S Flower.  These two structures will be joined by an elevated walkway and will share a 252 unit parking garage.  Phase one is expected to be complete by November 2013.

The 2nd phase of Avant will be located at 1500 S Figueroa and will include 194 luxury apartments; expected to break ground in early 2013.

New 65,000sf South Park Hotel Renderings…

Located on a small 7,500 square foot in-fill lot, next door to the Luma building, and which was expected to be turned into a city park after being used as a drug den for dealers over the past several years; is a new hotel in the works. The building is expected to be 65,000 square feet, and contain anywhere between 40 and 60 rooms, according to the developer, who bought the site for $2.1 million in 2011. The property is located at 1130 S Hope Street.

Below are a few renderings recently released for the project… Architect is LA-based XTEN Architecture.

Current Building:
       

New Farmers Field Stadium Video…

Here’s a glimpse into what Farmers Field Stadium will be like on game day… video was created by stadium architect Gensler, Convention Center hall architect Populous, Gilbert Lindsay designer Melendrez, and parking structure architects HNA Pacific.

AEG is now going through its public comment period on its draft environmental impact report.

Desmond Building Plans – South Park…

Last night CBRE and EVOQ Properties (Formerly Meruelo Maddux) hosted an open house party, where they unveiled plans for the Desmond building and promoted the owners new name change; which we first announced back on June 3rd.  The party was packed with brokers, good food and fancy cars…?

The Desmond building is going to be converted to 4-stories of creative office space, with rents from $30 psf! Ground floor will have retail, including a restaurant, and the rooftop is being considered as a lounge.  EVOQ Properties currently owns the parking lot next door to the site, which at one time had plans for a 21-story residential tower, but will now be used for restaurant parking. Office tenants will most likely park at a neighbor garage at the southwest corner of Hope & 11th street.


South Park To Get A 32-Story Apartment Tower…

Today the Downtown News announced that Developer Onni Group, from Vancouver Canada, is in the Plan-Check phase on a 32-story apartment tower, located at 888 S Olive Street, in Downtown LA.  The project is expected to have 283 apartment units, 11,000 square feet of ground floor retail and a 662 space parking garage.

The site sits on an approx. 36,670 square foot lot, which was entitled back in 2009 by LaeRoc Funds and sold to Onni in early June of 2011.  Included in the sale was the 163,000 square foot Coast Savings Building, which was approx. 65% occupied at the time of the sale – both sites sold for $16.5 million.

According to the Onni’s VP, Chris Evans, the $100 million project has secured construction funding and is expected to break ground by August, with a 2015 opening date.

Onni also owns the below parcel, which is approx. 1.5 acres on the corner of Flower & 12th Street, which they plan to develop as a residential high-rise at some point.

LA Downtown News Releases Updated Info On 70 Downtown Projects…

The Los Angeles Downtown News has just released their updated report with the latest information on 70 downtown Los Angeles real estate projects.  As the article mentions, the recovery appears to be underway in downtown, as many stalled projects are moving forward or have recently opened, and new projects have been announced.

Click here to view article

Photo: Developer Linear City plans to break ground in April on a renovation and residential conversion of the former Metropolitan Water District headquarters building at 1111 Sunset Blvd