Quote:
cityfeet.com
From 2018: At 611 Place, the Chetrit's secured entitlements to convert the building into 135 commercial condos and 402 joint live/work condos in 2007, but saw those plans waylaid by poor market conditions. In 2014, the company obtained an extension of those entitlements to 2023, but have shown no other signs of pursuing the adaptive reuse project.
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^ that property came to mind when this group a few days ago organized a discussion on reviving dtla...
• Video Link
The Chetrit group, based out of NYC, also owns the long closed clark hotel at Hill St & 4th & embassy hotel building on Grand at 9th St:
Quote:

wikimapia.com
From 2023: For more than a decade, the Chetrits have sought to convert the property into a hotel. That effort initially stalled in 2014 due to a conflict between the property owner and the labor union Unite Here Local 11, which successfully blocked the family from obtaining alcohol permits for both the Trinity Auditorium. While the project was eventually able to move forward through permitting, it has remained closed to the public.
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Most investors who've put their money into dtla for over 50 yrs have been based elsewhere....I recall devlpr Tom Gilmore saying when he moved from NYC to LA, he was amazed that so many properties in dt had been left vacant & were rotting away.
The Central City Assoc several yrs ago went to NYC to promote dtla to investors based there & attract them to LA. A lot of projs in dt don't instantly return big money to an owner or funder, so personal relationships or mutual business arrangements are key to getting financing. Over 200 yrs since the founding of America & city of LA, a lot of the economy remains not based in LA, much less dtla.
Now some investors in dt are losing their principal & having to bail on properties they've owned for yrs in dt. News like that is spooking off even more potential funders, meaning if new projs in dtla were slow in the past, they obviously will become even slower now & in the future.