LOS ANGELES | Downtown Project Rundown 4.0

[ziggy331]

Originally Posted by LosAngelesSportsFan

wow, those two look awesome!!

i really really hope this group gives us something special. i would gladly take two awe inspiring towers over 5 bland ones any day

article with pics of towers below

http://www.propertyobserver.com.au/news/...nto-sydney-high-rise-scene/2013031459857

Damn. Looking at those towers makes me really excited for what they may have planned here.

*praying*

[Valyrian Steel]

Apparently workers are preparing to demolish the underground garage of the "graffiti pit" site adjacent to Grand Park.

Blogdowntown has mistakenly accompanied the article with pics of the Federal Courthouse site.

http://blogdowntown.com/2013/07/7237-underground-parking-garage-will-be-demolished

[ladowntowner]

I don't remember seeing this mentioned here before and it's not as glamorous as some of the most recent projects discussed, but the Mercedes dealership on Figueroa just south of the 10 freeway has removed the ticky-tacked on façade of its showroom to reveal the true nature of a nearly 100 year old brick building underneath. Unfortunately a quick search seems indicate that they are either going to tear down the building entirely or cover up the bricks again with a contemporary skin rather than restore the original appearance. Too bad. What would be more classy for a Mercedes dealership than a vintage brick building?

Also, I paid a visit to the new Smart & Final on Fig last Sunday, which was nicer and busier than I had expected it would be. I don't care for this chain generally and I was originally very skeptical and disappointed regarding the announcement of a Smart & Final coming downtown but in my opinion it's a welcome addition to the neighborhood and I think they've got this location very well dialed in. I'll be doing at least some of my regular shopping there.

[Quixote]

Take it with a grain of salt, but... whoa, Greenland plans on breaking ground on their project later this year!

[ladowntowner]

Originally Posted by Quixote

Take it with a grain of salt, but... whoa, Greenland plans on breaking ground on their project later this year!

If there is any way it's possible they'll do it. The Chinese don't mess around.

[chris08876]

Originally Posted by StethJeff

Exactly.

Having the crown jewel of the Frankfurt, Atlanta, Guangzhou, or Dallas skyline buys you exactly zero compared to the worldwide attention you get for having the centerpiece of the LA skyline. In fact, I think New York is the only city where you get more free attention for an amazing building.

Yea its all about the name. The name sells and gets attention and what better place then the city of Angels.

Originally Posted by ladowntowner

If there is any way it's possible they'll do it. The Chinese don't mess around.

Now we just need them to build us a 600m here and well be set.

[Illithid Dude]

Originally Posted by chris08876

Now we just need them to build us a 600m here and well be set.

I hope not.

[StethJeff]

^^ Yeah 600m would be a bit much. We could definitely use a 400m or even 450m building. DTLA and LA in general needs a lot of work before that'll happen though.

[StethJeff]

Originally Posted by eclipse

Apparently workers are preparing to demolish the underground garage of the "graffiti pit" site adjacent to Grand Park.

Blogdowntown has mistakenly accompanied the article with pics of the Federal Courthouse site.

http://blogdowntown.com/2013/07/7237-underground-parking-garage-will-be-demolished

The Curbed article states that the graffiti pit Civic Center Park would be ready in 3 years. For fuck's sake. I realize that the space needs to get cleared but we're basically talking about a flat park space, right? Towers go up quicker than that.

[brudy]

Originally Posted by StethJeff

The Curbed article states that the graffiti pit Civic Center Park would be ready in 3 years. For fuck's sake. I realize that the space needs to get cleared but we're basically talking about a flat park space, right? Towers go up quicker than that.

It's fairly ridiculous, but then it took them over a year to do Spring St Park, which is much smaller. It's a function of not having enough money to do it faster and it will probably be over-designed as usual.

What really kills me are the metro expansion timelines....

[ConstructDTLA]

Originally Posted by StethJeff

The Curbed article states that the graffiti pit Civic Center Park would be ready in 3 years. For fuck's sake. I realize that the space needs to get cleared but we're basically talking about a flat park space, right? Towers go up quicker than that.

This is LA. Disappointments run rampant when it comes to developing a nice place to live.

[citywatch]

Originally Posted by ladowntowner

Also, I paid a visit to the new Smart & Final on Fig last Sunday, which was nicer and busier than I had expected it would be.

the sales volume of that store & the grocery section of the new target, not to mention that store in general, will be the newest indicators of how much demand really exists in dt.

The success of the ralphs starting over 6 yrs ago was the first hint, but the response to the latest competition will either help validate or regrettably possibly lessen more positive assumptions about the number of potential customers in dt. If the response is quite good to S&F & target, & the ralphs on 9th continues to do well, that will give more confidence to whole foods. If the response is very, very good that may force even trader joes to finally wake up & take the hood seriously.

so far, the early reviews of the new terroni restaurant on spring st are much better than the early comments about figaro on broadway & coco laurent at 7th & grand. If that restaurant ends up doing as well as bottega louie has done since over 4 yrs ago....esp since terroni is in a somewhat less accessible part of dt....that will be another good indicator for dt.

such trends have to be kept an eye on, cuz if demand were higher for space for new businesses in the hood, then a proj like the metropolis would be easier to get going & be larger....& taller....rather than smaller.

The likelihood of a proj penciling out is harder when the demand side is limited to just housing & hotels....& doesn't include a need to meet the demand for more space for new offices & huge numbers of shoppers. It's harder when even the need for more apts & hotels may be okay but not super high, or when the need for that already is being taken care of by many other competing projs now underway.

[alki]

Originally Posted by StethJeff

The Curbed article states that the graffiti pit Civic Center Park would be ready in 3 years. For fuck's sake. I realize that the space needs to get cleared but we're basically talking about a flat park space, right? Towers go up quicker than that.

This maybe what's slowing them down:

Shull says that starting in September, the department will seek input from the community about the look of the park and the amenities it should include. By next Spring, demolition at the space should be completed. Civic Center Park could be up-and-running in about three years, said Shull, depending on funding.

Never knew why that land sat vacant. American cities are strange. Here's what should have been very valuable land in the middle of this country's second largest city and its sat empty since 1976. Yikes!

[alki]

If there is any way it's possible they'll do it. The Chinese don't mess around.

Now we just need them to build us a 600m here and well be set.

You build anything 600m and you'll pretty much guarantee little will be built in DTLA for the next 10 years. Most of these 300m-600m bldgs going up in Dubai, Saudi Arabia and China sit empty when they are finished. They are built for ego; nothing else. When the US starts to operate on that level, I am out of here.

[SoCalKid]

Originally Posted by LosAngelesSportsFan

Also, another very interesting tidbit that i heard from a little birdie....

Park Fifth will potentially be sold fairly soon and the potential purchaser will build the current project Ill update if i ever hear more on this.

I generally trust any information you have, as your tips are almost always reliable. But I find this hard to believe. Didn't the original plan call for 732 condos? The market simply can't support a condo building that tall and big right now. Maybe they're looking to shift towards more hotel and rental?

I hope you're right though! That would be huge. A true game-changer for Downtown.

[blackcat23]

http://online.wsj.com/article/BT-CO-20130726-703120.html?mod=googlenews_wsj

The Wall Street Journal has Metropolis starting work in 6-9 months. Seems more realistic than a 2013 groundbreaking.

[Easy]

Originally Posted by blackcat23

http://online.wsj.com/article/BT-CO-20130726-703120.html?mod=googlenews_wsj

The Wall Street Journal has Metropolis starting work in 6-9 months. Seems more realistic than a 2013 groundbreaking.

That article also states that they paid $1 billion for the lot instead of it being a $1 billion total investment.

[LosAngelesSportsFan]

Originally Posted by SoCalKid

I generally trust any information you have, as your tips are almost always reliable. But I find this hard to believe. Didn't the original plan call for 732 condos? The market simply can't support a condo building that tall and big right now. Maybe they're looking to shift towards more hotel and rental?

I hope you're right though! That would be huge. A true game-changer for Downtown.

Thanks for the kind words....I should have been clearer... i think the new buyer would want to keep the same general look and size (build to the full entitlements for the site), but youre right, i imagine they would want to switch to more rentals / hotel

[LosAngelesSportsFan]

Originally Posted by Easy

That article also states that they paid $1 billion for the lot instead of it being a $1 billion total investment.

it seems ridiculous to me that they paid 1 billion for the lot because if i recall correctly, they had it listed at $180 million. that would be an out of this world bidding war

[blackcat23]

Yeah, as valuable an opportunity as the Metropolis may be, there's no way it sold for $1 billion. Some reports indicate that they've purchased the land outright, while others are saying that they've purchased a $1 billion dollar stake in the project from the teacher's pension fund.

I suppose we'll probably see something from Roger Vincent about Metropolis in the Times next week. Hopefully that will provide some more concrete info about what's going on here.

I still think that groundbreaking in the 1st half of 2014 is much more likely than 2013, though.