LOS ANGELES | Downtown Project Rundown 6.0

[LosAngelesSportsFan]

Originally Posted by hughfb3

We can look how we can put pressure on the city council to revise our outdated Los Angeles City building/fire codes that mandate the chunkiest towers in North America, so we can allow taller more slender towers that don’t block huge sight lines. This is one of the biggest hindrances in financing high rise construction in LA as it can make them harder to pencil out… that along with our red tape.

I’m working on putting together a presentation to meet with the mayors office about this. One of the reasons I’m grateful for this forum over the years where we can share, because I would have never known about this or felt there was something that could be done about it

Thats awesome and good luck! We need reforms for sure

[scania]

Originally Posted by Quixote

Google Maps Street View has been updated to May/June 2024. Clean horizontal and vertical lines, and the cutout on the 20th/21st floor adds a nice touch. If they can deliver on the crown, even better. No copium; I honestly like it.


Google Maps

It’s definitely an impact in person.

[hughfb3]

[scania]

Just walked over to Olympic and Hill and spoke to two different workers. The first said there were 3 more floors to go to the top. The second one told me that there were six. I asked that is he sure, I thought it was only 3. He said that the top floor would be 3 to four stories in height. I would guess he’s referring to the crown. He was busy so I didn’t want to ask too many questions. At any rate, this tower is almost daunting on street level. Very impressive. Anyone that drives/walks by this tower will be impressed with the height alone in perspective of how it relates to the area. I’ve posted a vid a few years ago…I wish I knew how to post a vid and it actually shows up and not a just a link to click. I’ve heard a plethora of contrasting opinions from people on this forum concerning glass towers and either the meh/blah blah blah, or that it’s cool and nothing wrong with all glass. What I can tell you is that when I’ve friends over that both live here in LA, and those who are just visiting from SF, NYC, Miami, etc. They all prefer the view side of DTLA with the new all glass buildings. And this is simply looking at how the buildings look aesthetically. If someone can send me how to post a vid or I send you a vid to post, that would be awesome.

[craigs]

Originally Posted by scania

Just walked over to Olympic and Hill and spoke to two different workers. The first said there were 3 more floors to go to the top. The second one told me that there were six. I asked that is he sure, I thought it was only 3. He said that the top floor would be 3 to four stories in height. I would guess he’s referring to the crown. He was busy so I didn’t want to ask too many questions. At any rate, this tower is almost daunting on street level. Very impressive. Anyone that drives/walks by this tower will be impressed with the height alone in perspective of how it relates to the area. I’ve posted a vid a few years ago…I wish I knew how to post a vid and it actually shows up and not a just a link to click. I’ve heard a plethora of contrasting opinions from people on this forum concerning glass towers and either the meh/blah blah blah, or that it’s cool and nothing wrong with all glass. What I can tell you is that when I’ve friends over that both live here in LA, and those who are just visiting from SF, NYC, Miami, etc. They all prefer the view side of DTLA with the new all glass buildings. And this is simply looking at how the buildings look aesthetically. If someone can send me how to post a vid or I send you a vid to post, that would be awesome.

If it's a YouTube video, the forum has BB Code tags.

• Video Link

Click reply to this post and check out the tags. Note: you do have to remove some of the address at the beginning. This is the full link: https://www.youtube.com/live/YvSxNmy...ip4ClP_0TH4O8o. Note that I removed the first part of the address (from https through live/) because the tags already have that covered.

[citywatch]

Originally Posted by hughfb3

Nothing mentioned of Olympia in a while, not a sale of property nor a cancellation of project. It’s probably in limbo.

over a yr & half ago....

ladowntownnews.com

“We came across the Olympia site around 2015, and it fit with our goals because it was such a large site and one of the last pieces of undeveloped land that was such a large site,” said Simon Kaplan, vice president of development at City Century. “It would allow us to really put (our) principles into effect and into play on a project that could really change the nature and the fabric of the entire Downtown Los Angeles area.”

Despite their hope in a fruitful future for both Olympia and its surrounding communities, Kaplan and City Century CEO and project director Joe Wang have expressed concern in their relationship with City Council.

"The reality is almost no projects in and around Downtown LA pencil right now, and pencil meaning we will not be able to obtain financing,” he said. “No bank will give us a loan on this project unless there is the TOT rebate, which (is) when you stay at a hotel and there’s a 9.5%, or something like that, tax added on to your bill when you check out.

According to Wang, despite battling through a pandemic, turbulent economic period and City Council controversies, the Olympia project is here to stay. “We’re committed,” Wang said. “We’ve been committed to the city since 2015. Me and Simon live in LA. We went to USC. I grew up in LA. We’re going nowhere. We just want to see the city get (development) going again.”

[scania]

Originally Posted by craigs

If it's a YouTube video, the forum has BB Code tags.

• Video Link

Click reply to this post and check out the tags. Note: you do have to remove some of the address at the beginning. This is the full link: https://www.youtube.com/live/YvSxNmy...ip4ClP_0TH4O8o. Note that I removed the first part of the address (from https through live/) because the tags already have that covered.

Thanks for the info…but this would be a personal vid from an iPhone.

[hughfb3]

Originally Posted by citywatch

over a yr & half ago....

"The reality is almost no projects in and around Downtown LA pencil right now, and pencil meaning we will not be able to obtain financing,” he said

Meanwhile Onni broke ground on the 2nd tallest residential tower ever in Los Angeles in this time frame. I guess City Century now needs to rely on US financial institutions since China pulled out all their abroad real estate financing. I do hope City Century stays committed to this project. Maybe after the election they can find financing in time to break ground and finish before 2028, I mean.... it's right next to LA Live!

[Radio5]

Originally Posted by hughfb3

"The reality is almost no projects in and around Downtown LA pencil right now, and pencil meaning we will not be able to obtain financing,” he said

Meanwhile Onni broke ground on the 2nd tallest residential tower ever in Los Angeles in this time frame. I guess City Century now needs to rely on US financial institutions since China pulled out all their abroad real estate financing. I do hope City Century stays committed to this project. Maybe after the election they can find financing in time to break ground and finish before 2028, I mean.... it's right next to LA Live!

City Century seems to not have ever actually built anything. They have pretty amazing locations, but nothing built. Omni has way more backing/experience/network with lenders etc.

[citywatch]

I zipped through portions of this vid...playback speed of 2...which is another proj in dt slowed down by covid. It originally was going to open 2 yrs ago & will now be completed in 2025...


lucasmuseum.org

• Video Link

[Quixote]

Originally Posted by citywatch

over a yr & half ago....

That’s fine. I was never a huge fan of the design. We don’t need another Metropolis of several identical or near-identical buildings. I’d rather wait for something more inspiring.

[BrandonJXN]

Multiple Metropolises. Metropoli?

[citywatch]

"Metropolis" makes me think of this...

• Video Link

That proj got in just under the wire. The oceanwide proj wasn't as lucky.

The parking lot that used to exist between 8th & 9th St directly east of the fwy was one of the major weak points of dtla. It was seen by thousands of ppl each day driving by on the fwy....now the large parking lots south of 9th St have to be dealt with, inc the Olympia proj.


dezeen

wouldn't want to go back in time & have to return to this version of dtla....


images-atmospheres.ch

[ChelseaFC]

Some great drone footage of Alloy SIAP

• Video Link

[homebucket]

Looking good!

[zonedgreg]

The Olympia development project by City Century was originally delayed because it was programming a hotel component in which it hoped to scoop up transient occupancy tax rebates TOT rebates from the city when at the time that rebate program was popular. Ever since the economy turned south during Covid, that rebate program has been frozen.

City Century developers just thought they would wait out the moratorium so they can get the tax, not thinking that interest rates would rise so rapidly and construction costs would inflate so much in the ensuing years. They could've re-programmed their towers to have no hotel but with the rebate program, a hotel component theoretically makes the investment return on the development greater than just an almost 100% residential project.

Now construction costs and rates have increased dramatically and they're just sitting tight. They already own the land and have approvals from the city. However, I don't think the Chinese slowdown in their real estate market helps since City Century is an affiliation of Shenglong Group in China. Beijing also famously I think in like 2018 restricted capital outflows for real estate development after chinese developers started developing like crazy in the US, or at least planning to.

Onni is unique in that they've done so many projects in the US now that they have kind of turned themselves into like a mini DR Horton or Lennar type of home builder where those home builders keep building no matter the interest rate environment because they utilize their development proceeds as a lending facility for future projects so they're able to internally lend out money at much lower rates than a bank or 3rd party could do. And their developments are somewhat cookie cutter, copy/paste type which saves on architect/engineering costs and certainly hard costs. Additionally, having done multiple projects in the city of LA, they definitely have the relationships with the city, know the ins and outs of the entitlement process and what it takes to get something done which streamlines things and saves further on soft costs like consultants and lobbyists.

[LAsam]

^Great information. Thanks for sharing!

[scania]

Thanks and please post more…your input is and will be definitely appreciated.

[citywatch]

loopnet.com

Since the pandemic, the service sector is struggling. Sidewalks are quieter. Elevators are less packed, offices experiencing record vacancies, and few buildings are emptier than his, 611 Place, still known as AT&T Center. Referred to in real estate parlance as a zombie building, this 42-story giant, a modernist masterpiece from the late 1960s designed by William Pereira, is a hollow shell devoid of tenants but for three small businesses on the ground floor.

When a reporter called the building management company, Metcom, the person who answered declined to confirm the name of his employer (“maybe,” he said) and referred to Google for any information about the property before abruptly hanging up. 611 Place’s owner is listed as Joseph Chetrit, a media-shy New York-based real estate developer whose holdings in Los Angeles include the Clark Hotel on Hill Street and the Trinity Hotel on Grand Avenue, both empty and boarded up, zombies as well.

If Chetrit is hoping that property values will increase as the neighborhood improves, he might be waiting awhile. Since the pandemic, the high-rise market in downtown Los Angeles has cratered. Working remotely delivered the first blow, while rising crime and persistent homelessness have kept new tenants away.

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[Quixote]

Not the sexiest development, but 1317 Grand is a terrific example of how we can make housing more affordable, livable, urban, and interesting. This is what I hope becomes of the Fashion District.

The building, with 147 units, is a mere 50 feet wide along Grand and covers approximately 9,400 SF. Extrapolating that to one square mile and assuming one person per unit, that yields a density of nearly 436,000 per square mile. It just goes to show you how much of a waste parking podiums are.


Apartments.com