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.

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

Downtown Development Outlook 2012…

2012 should be a year of action for Downtown Los Angeles real estate; at least, we are hoping. We do know of a few key projects that should be delivered this year, including a 104,000sf Target, located at the revamped 7th & Fig retail center (opening this Fall), and the highly anticipated Grand Ave Civic Park (opening this Summer) which will cover 12 acres between Grand Ave and Spring Street, and will include a dog run, walking paths, open space and a large event lawn (Construction site pictured left)…LA’s version of Central Park?

Other Downtown projects which should make headway this year include Homer Williams Marriott Hotel development; expected to break ground in late 2012, the Broad Museum, which is under construction, and the 19-story Grand Ave apartment building, which needs to break ground by October 2012 in order to fulfill its agreement with the Grand Avenue Authority committee. The Wilshire Grand Redevelopment, which just closed its doors in December, is planning to start demolition in August for its first phase 45-story hotel and condominium tower, and of course we are hoping AEG, the developers of Farmers Field Stadium, makes progress on their plans for an NFL stadium and convention center – currently in negotiations with NFL to secure a team.

Then there are the projects that haven’t officially been announced, but are rumored to be in the planning stages and could make a presence in 12′, including the United Artist Theater, which is expected to become an Ace Hotel, the Trinity Auditorium and Hotel Clark renovations, both of which are said to be going Hotels, under the management of King & Grove Hotels, and several South Park parking lots with potential plans for hotels, multifamily apartment buildings and perhaps even condominiums.

Also, don’t forget about the Brockman building, which has been held up in escrow over title issues ever since selecting a winning bidder in August. Once title clear up, we expect those units to be hitting the market, either as high-end rental or condos.

More information can be found at: Downtown Los Angeles News

UPDATE: CRA Approves Astani’s Scaled Down Plans For 8th & Grand, City Council Up Next…

The site at the north-east corner of 8th and Grand, which in 2006 was approved for three buildings (38, 22 & 15 stories tall), with 875 condominium units, went before the CRA on Thursday Dec 15th; who voted to cancel the current approvals and re-approve the site for a scaled down project. Developer, Sonny Astani; who recently went through bankruptcy on his downtown Concerto building (now owned by ST Residential), will next request approval from City Council for his new plans which include two 7-story buildings with 700 residential units, 30,000 sf of retail and 737 parking spaces.  Astani said $50 million in in-place financing is available for the project and that he will be moving forward on his plans next year.  More information on the project can be found in this CRA Memorandum.

1340 S Figueroa: Libeskind Tower Site – Scaled Down Plan Submitted To Planning Department

What was originally planned as the Libeskind tower; which included a design for a 43-story structure made up of 273 condominium units, 9,000sf of restaurant space, and a 10,000sf spa, has now been scaled down to two seven story buildings that will contain 250 apartments and 11,000sf of retail space.

The site, located at 1340 S Figueroa Street, across from the LA Convention Center, was bought in September in a joint venture between Cypress Equity Investments and the Fifield Companies, who recently submitted plans to the city for development.  The 1.31 acre site was listed on Loopnet in September of 2011 for $17,000,000, which equates to about $295 psf.  The two tower development is expected to cost approx $95 million.

According to a posting on Cypress’ website, construction will start in the second quarter of 2012.