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.