LOS ANGELES | Park Fifth - Downtown | 820 FT / 250 M | 76 FLOORS

[Quixote]

Park Fifth Secures CRA Approval

News Brief

The Community Redevelopment Agency on Thursday, April 17, granted key approvals to developers of the proposed Park Fifth project north of Pershing Square. The proposed development - to include a 76-story tower and a 44-floor tower connected by a 15-story residential building, a 212-room hotel and retail and restaurant space - is the first major project to utilize the city's Transfer of Floor Area Rights Ordinance. The TFAR ordinance, adopted last year, allows Downtown developers to purchase "unused" space above the Convention Center to build taller, denser buildings than zoning restrictions currently allow. Money generated from the sales goes to local nonprofits and a public benefits fund. The transfer plan approved by the CRA included a description of the developer's public benefit obligations, which include a total of $14 million in payments to, among others, the Downtown Women's Center, the Skid Row Housing Trust and the Department of Recreation and Parks for improvements to Pershing Square. The development team, led by David Houk, will also build community benefits into the project, such as a pedestrian connection to the nearby Metro Red Line station and two major public art displays in collaboration with the Museum of Contemporary Art. The CRA Thursday also approved the project's Environmental Impact Report and related elements. Houk said that the approval marks a significant milestone. "It's absolutely necessary. It's a big target and a big goal," he said. The project is expected to go before the City Council on May 7, and if approved will then go to Mayor Antonio Villaraigosa. Houk said he expects to break ground by the fourth quarter of this year.

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Source: Los Angeles Downtown News

[Quixote]

Council Approves Park Fifth

News Brief

The City Council on Tuesday, May 13, approved the 76-story Park Fifth project. The $1.3 billion complex, which is being developed by a team led by David Houk, would include a 76-story tower and a 44-floor tower housing a hotel and condominiums, connected by a 15-story residential building, plus retail and restaurant space. It would rise on a lot north of Pershing Square. Park Fifth is the first major development to utilize the city's Transfer of Air Rights Ordinance, a measure adopted last year that allows Downtown developers to purchase "unused" space above the Convention Center to build taller, denser buildings than zoning restrictions currently allow. "In my mind, it's been entitled all along," said Houk, "but it's a relief to have it formalized." Houk has said he expects to break ground by the fourth quarter of this year.

[BigDan35]

^^ So what is the next step now?

[Downtown Los Angeles]

FINALLY!!!!!!!

[colemonkee]

Originally Posted by BigDan35

^^ So what is the next step now?

The next steps would be to draw up construction documents, submit them to the city and get a construction permit. Oh, and that tricky process of locking down financing.

Construction documents for a building of this size take a long time to draw up and a long time to review, and financing isn't a breeze right now. That's probably why they're predicting a Q4 start. And I'd bet even that is an aggressive estimate, but who knows, maybe they really have their shit together.

[Quixote]

^ I believe they already have their financing in place.

[LosAngelesSportsFan]

yes, thats what i thought too! they have a lot of capital so that should def help.

[colemonkee]

^ If you take what they say as the gospel, then yes. They claim to have "secured a commitment" for a $800 million construction loan, but no formal announcement has been made by the developer or lender. But they do have significant capital from Africa Israel and Namco Capital, which is allowing them to market and pay for construction documents, etc. It might even be enough to start excavation and foundation work.

[Downtown Los Angeles]

so is it safe to say it's gonna get built for sure?

[JDRCRASH]

No, it's not safe to say. We don't know how the Buyers market, or even the renters market is going to be in the next 6 months, so regardless if it was Approved or not, it doesn't mean shit if things don't improve.

[LosAngeles]

i hope it will get build
but i agree with JDRCRASH there are so much skyscrapers approved in LA(i think 1 is approved more than 10 years dont know exactly) which are still not built so we have to wait.....
oh man LA needs more skyscrapers in my opinion and park fifth is a perfect add to the LA skyline
LA deserves a better skyline

[NDPhilly]

Reminds me of the NY Times tower, but this one looks good...

yea and it doesnt have any 300 ft. spire that makes it over 1000ft instead of 750ft

[Quixote]

BREAKING: Unstoppable Park Fifth Gets Entitled, Loan Commitment

By jwilliams
June 26, 2008

It's a tiny step for mankind, and a huge leap for Downtown. The attached presser (after the jump) announces that Park Fifth has received its entitlements and has a construction loan commitment from Beijing Construction Engineering Group (God bless you Chinese people). We know, we know. We can hardly believe it either. The 76-story mixed use project grows ever closer to actually breaking ground, at which point our head will spin around and fly off our body leading to our untimely death and burial under the building's cornerstone.

June 26, 2008


Dear Curbed,

Today is truly a RED LETTER DAY for Park Fifth. This is the day that ALL of our formal approvals from the City of Los Angeles are absolutely FINAL. Over the past three years, we have been through an extensive process that involved obtaining approvals from the Community Redevelopment Agency, Planning Department, City Council and Mayor Antonio Villaraigosa.

Many of these actions had appeal periods associated with them, but as of today, ALL of those appeal periods have expired. That makes it official: Park Fifth is FULLY ENTITLED and ready to move forward.

Approvals Bring Good News
These actions also finalize some very important aspects of Park Fifth:

1. We will fund almost $10 million toward the renovation and improvement of Pershing Square. This park is our front yard and we are committed to making it an attractive, open and friendly environment for the entire neighborhood.

2. From the outset, we have committed to making Park Fifth an environmentally sensitive project. As part of our approvals, Park Fifth will achieve the LEED Silver standard for Green Building or better.

3. Park Fifth will have a direct connection into an MTA station on the Red Line, which will provide our residents with access to the station without going outside.

Construction Lender

Park Fifth is pleased to announce that it has secured a construction loan commitment from Beijing Construction Engineering Group (BCEG). This international firm has an extensive background in large projects, having built many of the venues that you will soon see on TV for the upcoming Olympics. Most recently, they have come to the United States and are in the process of funding two large projects in Chicago, both of which involve hotels and residential condominium homes. That makes them the perfect fit for Park Fifth and their involvement will allow us to move forward with groundbreaking later this year. We will be working through all the details over the next several months and we are very pleased to have them on board.

As always, please feel free to call our Sales Office or make an appointment to visit so that we may answer any questions you may have.

Sincerely,

Rich Marr
Project Manager

[Downtown Los Angeles]

Whats going on with this thing?

[JDRCRASH]

Not much....sadly....

Park Fifth Investor Not Very Popular in Beverly Hills

Monday, December 8, 2008, by Dakota


The Los Angeles Business Journal profiles the very shady-sounding Ezri Namvar, a Brentwood businessman who has failed to repay investors (most are Beverly Hills' Persian Jews, and the lawsuits allege investments between $200,000-$18 million). Notably, Nomvar is the guy currently trying to sell his stake in downtown condo project Park Fifth, but he also backed the failed Security Pacific Bank, as well as numerous Arizona properties. About 300-400 investors are owed money by Namvar; some of the investors may have been older residents "who are much older and also not as familiar with sophisticated investing," according to one lawyer involved in the matter. In June 2006, Park Fifth developer David Houk brought on Namvar as a partner. At this point, Houk says that he is trying to buy back Namvar's and Africa Israel Investments Ltd.'s shares in the company, and that he doesn't want to sell the project. Via the LABJ: "Houk acknowledged that it is even possible the entire Park Fifth project could be sold, but that’s something he wants to avoid. 'I don’t want to sell, I’d like to stay and finish what I’ve spent the last 30 years working on,' he said." Meanwhile, there's this great visual regarding all those angry investors: "..on more than one occasion, sources said, Namvar has been threatened by irate investors who’ve stormed his Namco offices at Wilshire Bundy Plaza."

[Martinx07]

I have a feeling it won't be built. That sucks.

[Downtown Los Angeles]

Originally Posted by Martinx07

I have a feeling it won't be built. That sucks.

c'mon....think positive!

[JDRCRASH]

^ Believe me, we're all trying, but if Houk said there is a possibility of it being sold, then it probably will be; or IOW, it will probably be cancelled.

[Downtown Los Angeles]

what a heart breaker.

[JDRCRASH]

Yea but I can't imagine the developer not returning after the Market Rebounds in the future.