LOS ANGELES | Downtown Project Rundown 6.0

[Mojeda101]

I really hope Beacon starts soon and this opposition is thwarted. The whole idea of them saying that building underground is easy when it's above a subway station is so dumb.

So I was in downtown yesterday. I went ahead and talked with the parking lot attendant of the double Onni tower site. You can no longer get monthly parking there and they are being moved on the 1st which would be followed by immediate construction. So we should see some action very soon

Here's an update on the stuff I saw. I've never seen so many construction workers throughout Downtown. They're EVERYWHERE.

Circa's podium is done. The tower portions will be shooting up in no-time.

Untitled by mojeda101, on Flickr

5 cranes. Soon to be joined with about 3 or 4 from the Onni site across the street.

Untitled by mojeda101, on Flickr

I was under the impression that the Metropolis hotel was topped out but it seems they are going with the whole false-floor thing they did on Tower 2 that I didn't notice in the renderings to hide the core. With these it's actually taller than the 22 story Marriott.

Untitled by mojeda101, on Flickr

Tower 3 and 4 are now taller than the hotel. It's insane how massive this project actually is in person. I hope it really activates that part of the city.

Untitled by mojeda101, on Flickr

Untitled by mojeda101, on Flickr

An urban canyon where a parking lot used to be.

Untitled by mojeda101, on Flickr

The gaps are being filled.

Untitled by mojeda101, on Flickr

Here's a few overhead shots of Apex. I had the chance to go to the roof but I gave it up to go to the pool deck. They're definitely going full steam ahead. I'm so glad this is happening.

Untitled by mojeda101, on Flickr

Untitled by mojeda101, on Flickr

Untitled by mojeda101, on Flickr

I didn't take too many photos but I had the chance to talk with a few of the workers on CIM. They aren't digging too deep since it doesn't have parking in the building itself. This should shoot up rather quick without the hassle of a podium.

Untitled by mojeda101, on Flickr

I wish they could've built this with the possibility of putting a tower on top of it later but it doesn't seem to be the case. It's basically an additional podium for the tower nextdoor, lol.

Untitled by mojeda101, on Flickr

8th & Olive is topped out and is roughly the height of LEVEL.

Untitled by mojeda101, on Flickr

They painted the podium black.

Untitled by mojeda101, on Flickr

Broadway Palace is looking better and better each day. It's a bit exciting to know that gap which has been there for decades is finally being filled.

Untitled by mojeda101, on Flickr

Untitled by mojeda101, on Flickr

The retail section at the bottom looks great.

Untitled by mojeda101, on Flickr

Our favorite infill, lol.

Untitled by mojeda101, on Flickr

Mack Urban's site.

Untitled by mojeda101, on Flickr

Untitled by mojeda101, on Flickr

Untitled by mojeda101, on Flickr

The neighbors across the street. This neighborhood is going to very vibrant. It was basically created in about a decade. They're also redoing the sidewalks. Something I wish they would do on Broadway.

Untitled by mojeda101, on Flickr

Untitled by mojeda101, on Flickr


Quick snap of Wilshire Grand. I didn't realize I didn't take photos of it until after I left. The crown is pretty much topped out on the right. All we are missing is the spire

Untitled by mojeda101, on Flickr

[citywatch]

Originally Posted by Mojeda101

An urban canyon where a parking lot used to be.

The gaps are being filled.

It's a bit exciting to know that gap which has been there for decades is finally being filled.

Downtown Los Angeles may be getting another large apartment development, despite warnings that the submarket could become oversupplied. Brentwood property owner Leon Ahdoot filed plans Monday for a mixed-use residential development right in the heart of DTLA. It would rise on Flower Street, between Venice Boulevard and Cameron Lane, according to city documents.

The proposal calls for a seven-story building and provides two options — either 152 units with 1,184 square feet of ground floor commercial and retail space, or 147 units with 6,741 square feet of ground floor commercial and retail space. The project would include three adjacent lots, which are currently occupied by three low-level warehouses, according to CoStar.

More than 1,500 new DTLA residential units were delivered in the past year, and more than 7,000 are currently under construction. This fast rate of new supply has already caused vacancies to rise and rental growth to slow, according to a June CoStar market report.

In the period between 2013 and 2015, the vacancy rose from 4.1 percent to 6.9 percent. CoStar Market Analytics project that it will rise above 7 percent this year, TRD previously reported.

Greenland USA, whose billion-dollar Metropolis project is the biggest development under construction in Los Angeles, has recently filed a request to market 51 Phase II condos to buyers and investors in the Big Apple. In New York, out-of-state developers must apply with the Attorney General’s office to solicit buyers. But given high demand for condos in L.A., specifically marketing outside of La La Land is an atypical move among developers.

“Unless you have a condo with prohibitively bad things going on, it will go incredibly quick,” Nourmand & Associates’ Gavin Fleminger told The Real Deal. “A brand new unit will typically go into escrow within one week on the market and will close within the month 99 percent of the time.”

But in the case of Metropolis, Fleminger added, its Downtown locale makes it a unique product compared to other L.A. condos, the bulk of which are located in Westside and Hollywood.

“Targeting New Yorkers is a smart move [for Greenland], because if New Yorkers move to L.A., they’d be much more comfortable in the downtown, urban setting,” he said.

Metropolis itself sold 65 percent of its Phase I condos well before construction wrapped up, Curbed reported late last year, and 78 of the first Phase II tower’s 520 units are already in contract, according to a condo market report by Polaris Pacific.

Rhonda Slavik, the real estate consulting firm’s director of business development, told TRD that the units at TEN50, a fellow DTLA luxury condo project at 1050 South Grand Avenue, were snatched up almost immediately upon hitting the market.

“We sold 50 units in the first weeks of being open. There’s very strong local demand, very robust traffic and very robust sales,” she said. “DTLA has been deprived of inventory for years now, and new inventory is highly desired.”

A strong fraction of the Phase I condo buyers are Chinese investors, most of whom paid in all-cash, KPCC reported late last year, casting doubt on the volume of native foot traffic within the development once it’s complete.

Even as Greenland looks to the East Coast, takers are likely to be the corporate executive types that wouldn’t live there full-time, Fleminger explained. “When you compare it with properties located on the Westside, I would say that it’d probably underperform,” he said. “For the most part, even L.A. people who work downtown prefer to live west of it.”

[King Kill 'em]

Originally Posted by Mojeda101

Here's a few overhead shots of Apex. I had the chance to go to the roof but I gave it up to go to the pool deck. They're definitely going full steam ahead. I'm so glad this is happening.

Did you Evade, Elevator, Escape or were you let in?

[Mojeda101]

Originally Posted by King Kill 'em

Did you Evade, Elevator, Escape or were you let in?

No one was at the front desk. Easy pickings.

[Wally West]

I'm loving the update, Mojeda! Thanks for doing it.

[black_crow]

That are some beautiful shots Mojeda101.

Thank you.

[DTLA-Joe]

Does anyone know the most effective way to support a project like 353 S. Broadway or others, to counter the resistance (nimby anti development folks)? I.E. send email to...

[Just-In-Cali]

Awesome shots Mojeda. One thing I'm struck by is how many of these mega developments are very "Vegas" in their setup. Large blocks with multiple towers and elaborate lighting schemes around the base. Other spots in the city, this would look a bit off, but in South Park, where they are actively trying to create an entertainment district, it works rather well. Despite the groans of many for being "too commercial", it has completely led the way in the DTLA rebirth.
When I flash back to 2007 when two buildings were going up and we were thanking our lucky stars, this period is truly remarkable.

[caligrad]

Originally Posted by colemonkee

There are two major holes in their arguments that I'm surprised no one has brought up:

1. There's a 10-story parking garage already on that same block (on 3rd and Hill), for the apartments and Grand Central Market. So there most certainly is precedence for an 8 or 9-story podium/garage.

2. David Gray and Harry Chandler, two of the four big names against this project, developed and own the recently opened Grayson, who stand to lose some money in rent as the western views of their apartments are blocked. Cedd Moses, another big name opposing the project, is looking to open up a bar in that building, and this could have implications for valet parking service for that bar. So while they claim their dissent is based on "concerns for the area," they are far more concerned with the impact to their specific project(s).

I was going to mention that but wasn't 100% sure and didn't feel like digging up the info but thanks for posting it

Its absolutely absurd. This Is what's wrong with getting stuff done these days. Everyone has their own special interest.

[Mojeda101]

Fun fact, you can actually see a little work being done to the Apex site via the Metropolis webcam:

http://www.earthcam.net/projects/webcor/metropolis/

Rebar for Oceanwide is shooting up too.

[black_crow]

http://canmua.net/world/downtown-la-...l-1044590.html

Downtown L.A. office building to be converted to hip hotel

A long-vacant 1920s office building in a recovering neighborhood of downtown Los Angeles has been purchased by prominent developers who intend to make it into a hip hotel for young people traveling on a budget.

The 13-story Commercial Exchange Building at 8th and Olive streets is in the midst of a rapidly gentrifying area where new apartments, restaurants, stores and a hotel have recently opened or are under construction.

Its new owner is Sydell Group Ltd., which has developed such au courant inns as the Ace Hotel in New York and the Line on Wilshire Boulevard in the Koreatown district of Los Angeles. Sydell's financial partners are Yucaipa Cos. and AllianceBernstein.

Terms of the sale were not disclosed, but the Los Angeles partnership selling the building was asking for more than $15 million.

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[Resident]

Originally Posted by DTLA-Joe

Does anyone know the most effective way to support a project like 353 S. Broadway or others, to counter the resistance (nimby anti development folks)? I.E. send email to...

We actually hate 353 S Broadway. It is 4th and Hill that needs support. There will be a change petition coming.

[Easy]

Originally Posted by black_crow

http://canmua.net/world/downtown-la-...l-1044590.html

This is a great project but not exactly new. I thinks that it's opening in the next few months.

[scania]

Originally Posted by Resident

We actually hate 353 S Broadway. It is 4th and Hill that needs support. There will be a change petition coming.

I don't hate it...I wish all of the buildings can be revived.

[mdiederi]

Boyle Heights Activists Demand That All Art Galleries Get the Hell Out of Their Neighborhood

THURSDAY, JULY 14, 2016 AT 7:16 A.M.

http://www.laweekly.com/news/boyle-h...orhood-7134859

Boyle Heights, the neighborhood east of the Arts District, just across the river, was long ago anointed as one of the next big neighborhoods to be gentrified. A group of radical activists has been fighting that tide for a while now, and its members recently have taken aim at what they consider the driving force of gentrification and displacement: art galleries.

[Spantik]

Originally Posted by mdiederi

Boyle Heights Activists Demand That All Art Galleries Get the Hell Out of Their Neighborhood

THURSDAY, JULY 14, 2016 AT 7:16 A.M.

http://www.laweekly.com/news/boyle-h...orhood-7134859

Gib' auf, du hast keine Chance! Lass' es uns beenden! Es ist einfacher für dich, viel einfacher. Du wirst sehen, es ist gleich vorbei. Shhhhhhhh...shhhhhhh

[black_crow]

Originally Posted by Spantik

Gib' auf, du hast keine Chance! Lass' es uns beenden! Es ist einfacher für dich, viel einfacher. Du wirst sehen, es ist gleich vorbei. Shhhhhhhh...shhhhhhh

Wovon redest du eigentlich und warum das Ganze in deutscher Sprache?

First I thought my browser is automatically translating your message.

[ThomJames]

Originally Posted by caligrad

I was going to mention that but wasn't 100% sure and didn't feel like digging up the info but thanks for posting it

Its absolutely absurd. This Is what's wrong with getting stuff done these days. Everyone has their own special interest.

There could always be a boycott of Cedd Moses many bars. If he is blocking new development because of personal business reasons, we could block HIS development. We could also show up at the zoning hearing for his new bar and make it difficult or impossible for him to get a CUP. His businesses have thrived due to most downtowners wanting to see the city grow. We made it easy for him. We don't have to in the future.

[colemonkee]

I think there are far more people who care about drinking than there are those who care about development in downtown to make that effective, but it's a nice thought.

[Spantik]

Originally Posted by black_crow

Wovon redest du eigentlich und warum das Ganze in deutscher Sprache?

First I thought my browser is automatically translating your message.

Hahaha no it's a reference to the scene in Saving Private Ryan where the German soldier is killing Mellish with the knife and basically telling him to give up.