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.


Champion Real Estate Buys Second Hollywood Parcel for Mixed-Use Development…

Globe St. reports that Champion Real Estate Cohas purchased the 1.14-acre commercial parking lot at 1717 Cherokee and 1718 Las Palmas pictured above for an estimated $10 Million in an all-cash transaction. UPDATE: Champion Paid $9.2M for the site, which is actually 1.1 Acres, meaning a price tag of approximately $192 per sq ft – according to a close source) This acquisition comes almost a year to the day after the firm’s March 2011 $20 Million purchase of a 2.76-acre, 5-building, adjacent redevelopment site spanning the Selma Ave facing side of the block between Las Palmas Ave and Highland Ave. A rendering of the proposed mixed-use development for that site is pictured below. (See Champion’s description of the project here, click on “Projects” and then on the star icon just to the left of the word “Glendale” on the map)

As for the new purchase, Globe St. reports that the company will continue to operate the parcel as a commercial parking lot while entitling the land for another mixed-use project. With the lot currently kicking of a 5% ROI, Champion can afford to be patient with its plans for the new development. However, Globe St. quotes Champion as saying, “Long term, as the transformation of Hollywood continues, we believe the property will be perfectly suited for a mixed-use development that will include public parking, residential, retail and possibly a hospitality component.”  The Globe St. article goes on to explain, “Champion could not elaborate on the mixed-use project until the City Council approves the community plan update, which will dictate what the developer can build, but he does tell that the price in mind for the mixed-use project at this point is around $50 million.”

Champion Acquires Parking Lot With $50M Plans (GlobeSt.)

Image Via Champion Real Estate Companies

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

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.

Grand Avenue Project Renderings Released…

Photo: Arquitectonica Architects 

The long-delayed Grand Ave Project has recently made headlines when developer, Related Companies, released renderings for a 19-story apartment tower on “parcel M”, which was originally designed with two 35-story towers and was meant to be developed as phase 3 of the overall project.  The scaled down plans call for a tower with 53-studios, 134-one bedrooms and 71-two bedroom units above 3 levels of parking and 8,000 sf of ground floor restaurant space.  The tower will include 54 affordable units, scattered throughout.

Last week the Community Redevelopment Agency approved the schematic designs, which will still have to be approved by the Grand Avenue Authority and the County Board of Supervisors.  Once approved, the developer will seek financing for the tower.  Related Companies must break ground on the tower by October 2012 in order to fulfill its agreement with the Grand Avenue Authority.

Phase 1 of the Grand Ave Project has been long-delayed due to lack of financing and was planned to include a Gehry-designed condo, hotel & retail complex on the east side of Grand Avenue, across from the Disney Hall.