The sign has been up for a few days now.

Oh that is very nice. I like it, love the white color...

:cool:

I hope this actually gets built

Here is a portion of the article that relates to Park Fifth that citywatch posted in the construction thread.


By Kemp Powers
Sun Oct 28, 2007

LOS ANGELES (Reuters) -

PARK FIFTH GOING QUICKLY

While Koreatown was an obvious first destination, this affluent group has rapidly expanded into the dynamic downtown market down the street. More than 7,000 new residential units have opened in downtown Los Angeles since 1999, with another 7,500 under construction and several larger projects close to breaking ground, according to the downtown Los Angeles Business Improvement District. The BID estimates the population will double from the current 29,000 to 58,000 by 2009. Almost 25 percent of downtown's residents are Asian.

"The subprime meltdown has not affected our downtown market," said Robert Cipolloni, a real estate consultant at Windermere Properties who also moved downtown in 2006. "Yes, there's a glut with all of the new condos being built, but at the pace that people are moving into downtown L.A., that glut is going to be eaten up."

The anticipated growth has recently sparked some eye-opening projects. The largest is Park Fifth, a 890-foot (270-metre), $1 billion high-rise condominium that will house 726 residential units ranging in price from $400,000 to $5 million. The building, to be completed in 2010, has been in presales for just over two months and 50 percent of the units have been sold, according to developers. Cipolloni recalled a gathering hosted by a Korean agent that resulted in 40 people each putting down $10,000 deposits to reserve units in Park Fifth.


Sales at Park Fifth seem to be going well. :banana:

The article says it's 890'. Is that a typo ?

Unless there was a height increase.

Park Fifth is either 820 feet, 850 feet, or 890 feet. Take your pick.

that is really weird...according to their website..it says it's 850'...so who knows?

That's not a hard choice at all. I take 1,119. :cool:

Should be a great project for downtown LA. I was there last spring and was pleasantly surprised about all the developments and amenities in the area. It was pretty scary a few years ago and now it seems almost livable. In addition, anything that can get people out of their cars in LA and using public transportation is a great thing.

cool project! :)

I'm not getting all hung up on if this project is 820, 850 or 890...I'd just like to see it get built. Of course the higher number would always be better, but the most important thing is that this actually becomes a reality.

stick a fork in it...
http://la.curbed.com/archives/2007/1...fifth_rumo.php

bleh. I hope L.A. actually gets in on the next boom EARLY dammit.

Logandankr reports:

Park Fifth Responds to Curbed's Reports of Its (Funding) Demise

Yesterday Curbed posted a rumor that the Park Fifth project had lost its main investor and fired its sales staff and marketing director. While aspects of the post were true -- the project is restructuring some of its financing -- the fundamentals were simply incorrect. Park Fifth Project Director Rich Marr sent a reply over to Curbed rebutting their information and attempting to instill a little accuracy in what's out there. A copy of that response found its way into the blogdowntown mailbox as well.

I try not to mix work and this site, but Cartifact is providing an interactive map kiosk in the Park Fifth sales center (which I might add is really impressive). Last week I was over with VP of Marketing Erika Nelson doing some final testing. I can assure you that she's still gainfully employed and about to be moving her office into the sales center.

Bottom-line: The project's construction schedule remains unaltered and there's lots of interest in both buying and in investing.

Rich Marr's full response after the jump...

Q&A with Rich Marr Regarding Status of Park Fifth

Q: What is the status of Park Fifth?

A: Park Fifth is progressing on schedule. Over the last few months, we have seen significant progress in the development of Park Fifth. We have achieved major milestones in the areas of permitting, pre-construction planning and sales center development. Tremendous excitement and momentum have been created for Park Fifth, resulting in 348 reservations to date - even before we open our sales center.

As we enter real estate’s traditionally quiet fourth quarter, we have begun a short phase where we are restructuring internal operations in order to move forward in an effective manner and continue to progress on target. This internal restructuring will better poise us as we move forward into the construction phase. We will continue to focus on securing all necessary permits and approvals and completing the EIR process.

The design of the project, groundbreaking and completion will not be affected by the restructuring. Groundbreaking is still scheduled for the first half of 2008 and completion of the first tower is set for 2010.

Q: Is it true that Park Fifth lost its main investor?

A: No, Park Fifth’s main investors remain involved in the project and are currently focused on securing finals permits and completing the EIR process.

Q: Is Park Fifth looking for new investors?

A: Internal restructuring could include the addition of a new investor or a potential change of ownership, but this would not affect the design or timing of the project.

Q: Will the internal restructuring affect the timing of the project?

A: No, Park Fifth is progressing on schedule. Completion of the first tower is set for 2010, while the second tower will be completed in 2011. Our process of internal restructuring will not affect our progress or timing of the project.

Q: Are you still accepting new reservations?

A: Yes, Park Fifth is accepting new reservations.

Q: Will the Sales Center still open?

A: Yes, the Sales Center will be complete within the next few weeks. We are putting the final touches on what will be a truly spectacular representation of what living at Park Fifth will be like. The Sales Center will include two complete model homes, virtual tours of both towers and many interactive features to help prospective buyers visualize the home they are interested in purchasing.

Q: What is the status of Park Fifth’s sales team?

A: The Park Fifth sales and marketing team remains active and in place. The team will complete its move into the Sales Center by mid-November and will begin offering tours shortly after that. The team can be reached at 213-629-0000 or via email at angus@parkfifth.com.

--------------------------------------------------------------------------
Source: blogdowntown

Fair enough, the first tower is the shorter one?

:previous: I don’t remember seeing the answer to that anywhere.

Also, are the towers separated by Hotel and Residential? The shorter being the hotel and the taller being residential?

^ The shorter tower is both hotel and condo and the taller is strictly condo. The skybridge is also condo.

Park Fifth Denies Investor Turmoil

News Brief

Despite recent speculation by several Downtown sources that the mega residential development known as Park Fifth is facing an investor shakeup, project officials said the tower is moving forward. According to a written statement by Park Fifth Project Manager Rich Marr, the original investors remain Africa Israel, Namco Capital Group, Inc. and Houk Development Company. "As we enter real estate's traditionally quiet fourth quarter, we have begun a short phase where we are restructuring internal operations in order to move forward in an effective manner and continue to progress on target," Marr said. "Internal restructuring could include the addition of a new investor, but this would not affect the design or timing of the project." Speculation was heightened recently when several sales and marketing positions were eliminated. Marr said the project was simply overstaffed. To date, officials said 348 reservations have been taken for the condo project fronting Pershing Square at Fifth and Olive streets, and the $5 million sales center was set to open last week in the Gas Company Tower. Groundbreaking is still anticipated for the first half of 2008, and completion of the first tower is set for 2010. At 76 stories, the project is expected to have the tallest residential tower in the West.

--------------------------------------------------------------------------
Source: Los Angeles Downtown News

^ Good news I guess? I'm still skeptical though.