LOS ANGELES | Downtown Project Rundown 6.0

[craigs]

Originally Posted by Blesha13

Unpopular opinion, but I actually do like Onni’s facade. It’s very pixelated compared to the adjacent towers.

Are you thinking of the Metropolis towers on the left side of downtown in that pic?

[Blesha13]

I was looking at Hope + Flower and 825 S Hill.

[SoCalKid]

Looking at the court docket for Oceanwide Plaza, I noticed a bunch of the liens are being transferred to an entity called DTLA Funding. That seems to be a recently formed LLC. My hope is that this is in anticipation of someone taking over - that seems to be a probable reason why one group would be taking assignment of all the lien claims. Hopefully that means a sale is near! The other explanation I could think of is that the lien holders are consolidating into one entity negotiating on behalf of them, but I don't see why that would just be happening now vs when this whole process started. Also this is kind of dumb but the name "DTLA Funding" doesn't scream "negotiating a settlement for lien holders", to me it indicates funding for the transfer or completion of the the project. Fingers crossed!

[JManc]

Guys, try to keep the politics at a minimum and focus on the developments

[38 Geary]

New thread is up: LOS ANGELES | Politics, Economics, and Business Development

Since it seems like there is high demand for its own thread, I have created one for its purpose. Subscribe to it if you must, as off topic posts in this thread not related to DTLA projects construction and updates will be deleted moving forward.

[Steve8263]

If anyone was still clinging to hope of Angels Landing project getting built, here's the nail in the coffin-

https://therealdeal.com/la/2025/01/1...nding-project/

[Quixote]

While the demise of any large-scale development is concerning, truth be told, I was never a fan of the project. I thought the design was uninspired and a missed opportunity.

[Zapatan]

Originally Posted by Quixote

While the demise of any large-scale development is concerning, truth be told, I was never a fan of the project. I thought the design was uninspired and a missed opportunity.

Part of me always suspected that would be one of the major LA projects to never make it, I do hope that some of the others can happen this upcoming cycle (if there even is one).

A bunch of 6-800 footers downtown is not too much to ask and would be cool. Let's make something of those cut interest rates.

[craigs]

With Los Angeles in need of housing, downtown’s empty office towers have appeal


A 32-story office building at 1055 W. 7th St. is set to become housing. (William Liang / For The Times)

Roger Vincent
Los Angeles Times
January 23, 2024

The shimmering office towers of the downtown Los Angeles skyline conceal a hard truth — much of the space is empty. In the years since the pandemic, which upended workplace norms and evaporated demand for office space, landlords downtown have watched in frustration as the value of their office buildings has plummeted. More than a few have faced foreclosure, leaving owners anxious about the need to get tenants back in their buildings or find another use for the millions of unused square feet.

An uptick in office lease signings has led some to hope the office rental market has hit bottom, but others, like landlord and developer Garrett Lee, believe there’s a more reliable path forward than trying to convince tenants to return: converting offices into apartments.

The idea took on new urgency this month as wildfires destroyed thousands of homes in Los Angeles’ Pacific Palisades neighborhood and Altadena, a community in the foothills just north of the city, exacerbating the region’s long-running housing shortage. Downtown is zoned for some of the densest residential development in Los Angeles County. “We have an unprecedented need for housing right now,” Lee said. “There needs to be an even greater effort than before to build housing of all unit types and rent levels.”

Lee is president of Jamison Properties, a prolific converter of midsize, older L.A. office buildings into apartment buildings. Now, Jamison is about to plow fresh ground by turning into housing a glossy 32-story office tower built on the edge of downtown in 1987.
. . . .

[Quixote]

Originally Posted by Zapatan

Part of me always suspected that would be one of the major LA projects to never make it, I do hope that some of the others can happen this upcoming cycle (if there even is one).

A bunch of 6-800 footers downtown is not too much to ask and would be cool. Let's make something of those cut interest rates.

I'm willing to be patient if it means projects aren't scaled back or value engineered. You should've seen what was originally planned for 8th and Grand (where the Whole Foods is) prior to the 2008 recession. In the case of Angel's Knoll, it's worth holding out for a more special design that raises the bar for all other major skyscraper projects.

Something like this, which was just a concept, would be cool:


@mrad.inc / Instagram

[craigs]

Also of note from the LA Times article I posted above:

"The city is close to adopting a new building code that will make it easier for developers to get approvals to convert offices built after 1975. A previous code for conversions that focused on buildings erected before that year, when construction standards were less stringent, led to a boom in office, apartment, condo and hotel conversions starting in the early 2000s."

[LosAngelesSportsFan]

Convert whatever can be converted ASAP. This could be a relatively quick way to add several thousand residents to the area

[craigs]

Originally Posted by LosAngelesSportsFan

Convert whatever can be converted ASAP. This could be a relatively quick way to add several thousand residents to the area

I'm hoping a new building code making it easier for developers to get approvals to convert offices built after 1975 would spur the same kind of mass conversions of pre-1975 buildings that we saw in the early 2000s. Could be a game-changer.

[edale]

Originally Posted by craigs

I'm hoping a new building code making it easier for developers to get approvals to convert offices built after 1975 would spur the same kind of mass conversions of pre-1975 buildings that we saw in the early 2000s. Could be a game-changer.

As I understand it, more modern skyscrapers are more difficult to convert to residential because they largely feature wider floorplates, which makes it hard to provide windows and natural light to potential residential units. Even if the building codes are revised to remove the requirement for every bedroom to have a window (just as an example) you still have the issue of units with no or very few windows being simply unappealing to tenants. Older skyscrapers tend to be much more narrowly constructed or feature light/air wells in the interior sections, which makes them much easier to convert to residential or hotel uses.

[craigs]

Originally Posted by edale

As I understand it, more modern skyscrapers are more difficult to convert to residential because they largely feature wider floorplates, which makes it hard to provide windows and natural light to potential residential units. Even if the building codes are revised to remove the requirement for every bedroom to have a window (just as an example) you still have the issue of units with no or very few windows being simply unappealing to tenants. Older skyscrapers tend to be much more narrowly constructed or feature light/air wells in the interior sections, which makes them much easier to convert to residential or hotel uses.

You make good points. Many of the downtown skyscrapers with the biggest floorplates like Bank of America Plaza and Wells Fargo Tower (which is still fairly full, IIRC) are unlikely to be converted to residential. As for the appeal of windowless bedrooms, that is a matter of taste so it's hard to say how that would play out in the real estate market. Anecdotally, I have blackout shades in my bedroom and never open them because I want it to be dark when I'm sleeping.

With all that said, the article noted how 1975+ office towers have some significant conversion advantages over older buildings and new construction. Unlike the historic buildings converted downtown, newer skyscrapers usually have adequate seismic, electric, and water systems and don't require a total gut renovation of the entire building all at once. That means developers can partially convert their buildings to apartments or condos while retaining office tenants. The article also noted that, for towers like the one highlighted (1055 W. 7th St., built 1987), it will be cheaper to convert to residential than it would be to build 686 new units from scratch.

Given its cross-shaped floorplates, the 620', 42-story 611 Place is a good candidate for full or partial conversion (it was built in 1969 so it was already eligible for easy conversion). Wikipedia says it is empty and was considered for conversion to condos as far back as 2007:

[dktshb]

Originally Posted by Steve8263

If anyone was still clinging to hope of Angels Landing project getting built, here's the nail in the coffin-

https://therealdeal.com/la/2025/01/1...nding-project/

Hopefully they can at least turn Angles Landing back into a functional and nice park. With this city leadership though I doubt it.

[citywatch]

• Video Link

[BrandonJXN]

Originally Posted by dktshb

Hopefully they can at least turn Angles Landing back into a functional and nice park. With this city leadership though I doubt it.

Bring back the goats. They do a better job at maintaining the park than the city.

[Quixote]

Don't know if this was mentioned, but the DTLA 2040 Community Plan was unanimously approved by the City Council in November and became operative last week. The plan still calls for an additional 175,000 residents by 2040.

https://planning.lacity.gov/odocument/7a...Downtown_Community_Plan_Text_(Final).pdf

[Quixote]

Some goals and policies of DTLA 2040:

• Disaggregate the cost of parking from the cost of housing and eliminate residential parking requirements to allow flexibility and reduce the cost of housing.

• Promote Downtown as the primary regional center for employment by dedicating and prioritizing space for jobs across a variety of enterprises.

• Make Downtown economically competitive through improvements to the public realm.

• Encourage mixed-use and commercial developments to provide commercial spaces conducive to community-serving small businesses and business incubation.

• Expand access to employment opportunities with improved physical connections to and within Downtown and expanded transit service to employment districts.

• Require active ground floors and street frontages that improve walkability and connectivity, especially between transit stations and nearby destinations.

• Incentivize the inclusion of paseos through large sites to improve pedestrian access.

• Promote compact development and encourage walking, biking, and transit use by encouraging no or minimal parking, when possible.

• Encourage underground parking, when provided, to increase the amount of above grade building square footage dedicated to active uses and to improve the pedestrian environment.

• Encourage flexible parking structure design to facilitate possible future conversion of parking areas to active uses and create zoning flexibility to allow by-right conversion in the future.

• Encourage innovative design that creates the preservation-worthy buildings of the future.

• Seek opportunities to underground utility line infra-structure under sidewalks and public right of way to support disaster preparedness, improve the quality of the urban environment, and reduce barriers to pedestrians.

• Expand the hours of commercial activity, services, and amenities to support Downtown’s residents, workers, and visitors.

• Create new mid-block crossings that provide access to a safe pedestrian network in locations with large blocks and high foot traffic.

• Develop well-designed towers that include upper floor building design and rooflines that create visual interest and contribute to a distinctive skyline.

• Reinforce traditional urban forms through a combination of form regulations and frontage typologies.

• Promote the conversion of targeted alleys into active, recreational, and pedestrian-oriented spaces.