LOS ANGELES | Downtown Project Rundown 3.0

[colemonkee]

I'm really glad to see work commencing on Concerto and hear that the Medallion will start soon. I would like the Mediallion to be a little more dense (more units) and a bit taller, but hey, they can't all be tall.

The Market Lofts is pretty short compared to it's neighbors, but it creates a bit of a view corridor for its neighbors by being that short. The Medallion would create a pretty sweet view corridor to the southeast if someone ever knocked down Bar Costena and built a tower there.

I definitely think the glass is much more full than empty right now.

[DTLA]

are there any new office towers planned besides the Maguire office tower and the office half of metropolis? cause if there aren't enough jobs when some of the residential towers r finished, the whole projects gonna have to stop till they have more jobs

[petescafe]

Originally Posted by fridayinla

Someone also mentioned a couple days ago that an old office building across from the Blossom restaurant is being renovated for more parking. Sounds like that been timed precisely to coincide with the lose of all the surface spaces.

That would be me. I park there so I see the progress day to day.

From what I've been told from the parking attendants, constructions should take 6 to 8 months to complete. Parking spaces can be leased for tenants in the Historic core buildings.

There are copies of the blueprints at the attendants station showing what the layout of the parking will be. One of the bottom floor and another of what the higher floors will look like.

I'll try and take some pics and post them here.

[LosAngelesBeauty]

Originally Posted by Easy

By construction do you mean move-in or building construction? I didn't see any sign of a move-in at any of the storefronts except Coffee Bean.

The UPS store has started its build-out the last time I strolled by. I stopped one of the construction workers coming out of the retail space and asked if it was UPS they were building out in there. His reply was "Yes."

[LosAngelesBeauty]

Originally Posted by petescafe

That would be me. I park there so I see the progress day to day.

From what I've been told from the parking attendants, constructions should take 6 to 8 months to complete. Parking spaces can be leased for tenants in the Historic core buildings.

There are copies of the blueprints at the attendants station showing what the layout of the parking will be. One of the bottom floor and another of what the higher floors will look like.

I'll try and take some pics and post them here.

If we're talking about the same parking structure here (across from Blossom), from my understanding, it'll be parking for the Rowan and El Dorado Lofts residents (in addition to the OBD/Gilmore residents).

The parking structure's austere and white facade facing Main Street and Winston have plans to be spruced up a bit. Seems like some sort of dynamic art projected onto its facade could become part of its design. Standard Hotel projecting onto the Pegasus rooftop comes to mind.

[LosAngelesBeauty]

Originally Posted by funhaus

Oh, and an article on Concerto, confirming both towers are still in the plan...

Why can't both towers be constructed around the same time? Does one tower really have to finish before the other one begins? Are we talking 2012 before a simple project (a fraction of the size of LA Live) will be completed?

[JRinSoCal]

Let's just be happy that the project has come back from the dead and BOTH towers will be built.

[KarLarRec1]

Are there any renderings of Concerto other than the one with the UPS warehouse in the front?

I've never been a fan of the design -- it's too bulky and those wings coming out of it make no sense. I hope other, more detailed, designs cause me to change my mind on the design.

Either way, I'm very pleased the project is moving forward.

Now if they'd only build 8th & Grand!!

[LAMetroGuy]

at 30 floors for each concerto tower, looks like they added 3 stories... wasn't the original plan two 27 story towers??? Glad its back on!!!

[Quixote]

Does anyone know if the LA Conservancy plans on restoring the columns of the Chapman Building?


From Flickr, by chriscalsadillas (ChrisLA!)

[ladowntowner]

Originally Posted by fridayinla

Awesome news! I bet the increased density is a result of the early high demand for units in the Ritz Carlton/Marriott tower. I've never heard of a project increasing its size to make it pencil out, but I'm no expert!

And I am by no means an expert, either!

What I was imagining was a scenario where the developer has:

1) Already invested in the land, at considerable cost

2) Has approval and financing for, and also committed to a basic type of construction (in this case steel reinforced concrete high-rise)

3) Discovered, due to increases in construction costs, etc. that they will not be able to deliver the profit margins that they had promised to investors

Now, if we just add another 10 floors to each of the towers (which may be able to support the added height/weight and infrastructure requirements with only a little modification to the original design and just the added cost of 10 floors more worth of material/labor) increasing the development by 160 for sale units, and effectively spreading the increased costs over more units with the same land costs and "relatively" minor (?) additional material/labor costs. Now they can sell 160 more units and walk away with a tidy profit.

And none of this does them any good unless there's actually a market for the added units. So they must know (or certainly strongly suspect) they'll be able to sell 'em all in a reasonable amount of time.

At least that was my theory. Maybe someone here with more experience and knowledge on such matters can enlighten all of us and shoot all kinds of holes in my thinking.

OTOH, they could just keep with the original plan and increase the selling price per unit - unless they know they won't be able to sell briskly enough at that price point.

Whatever the reason, I'm glad the project is still a go and taller and better than ever!!!

[ladowntowner]

Originally Posted by KarLarRec1

Are there any renderings of Concerto other than the one with the UPS warehouse in the front?

I've never been a fan of the design -- it's too bulky and those wings coming out of it make no sense. I hope other, more detailed, designs cause me to change my mind on the design.

Either way, I'm very pleased the project is moving forward.

Now if they'd only build 8th & Grand!!

I agree that the towers, particularly from that angle, are a bit thick for their height, but I find their design generally interesting otherwise. Better than a bland glass box for sure! I too, am very happy to hear that this project in a such a key location, almost given up for dead, is under way again.. and with BOTH towers!! WOOHOO!!

[jlrobe]

Originally Posted by ladowntowner

I generally agree that deadzone elimination is a good thing. I just lament that the lots/blocks are being underutilized, not living up to their potential and not creating the density I would like to see and that downtown could support and should have. We will be stuck with these lower density, suburban type projects for many decades until (or if) the economics improve to the point that it will be worthwhile to demolish them in favor or more dense developments. So my opinion is that the low density developments, as a result of just being there, will delay the time frame of when denser projects will move on to these lots/blocks.

Again, and with that said, generally I do believe deadzone elimination is a positive step forward even with these low-rises as long as the projects try to blend into and become part of the street/neighborhood, rather than some gated suburban fortress or off-world colony.

You make excellent points.
1) Underutilized space in the form of low rises are much harder to demo and redevelop than parking lots when the economy improves.
2) Why pay 30 million dollars for dirt just to build two 5 story wood structures? It is a waste of zoning space (air space) and a waste of your money.

Depending on the deadzone and plans, I do like to see some things just get built for deadzone eliminate purposes, however, I remember everyone loving Hollywood and highland simply because it was eliminating a deadzone. As long as buildings have a) underground parking, b) street level retail c) and wide enough sidewalks to promote pedestrianism, I am fine.

I just think it is important to ride out the recession and kill as many deadzones as possible. When the economy picks up, there will be plenty of parking lots left to demo!!! Downtown LA wont run out anytime soon. It may lose precious momentum though.

[jlrobe]

Originally Posted by RAlossi

When I first started coming Downtown when I went to a college on Beverly and Alvarado -- this was in 2003 -- I kept saying to myself, "Just give it two more years." In 2005, I was still saying that to myself. "Two more years."

But now that I actually live here, I think 2007 has been the pivotal year for DTLA. 2007 has been such a great year for Downtown with so many adaptive reuse buildings opening up, the new market, the crime crackdown on Skid Row, and the announcement of major projects (Park Fifth, etc).

I don't feel like I have to say "Just give it two more years" anymore, because for me, and I think for many "average Angelenos," it's livable as it is now. It can be better, and it will be better, in two more years, but I no longer feel unsafe here or overwhelmed by homeless people asking me for money (i.e., I haven't had multiple people approach me at the same time like used to happen before). Things are going great so far, and the year's only half over!

I agree, downtown has turned the corner enough for me. I go downtown often. If all we want is for DTLA to be equal to Seattle, Atlanta, San Diego, then I think DTLA has turned the corner enough to catch those cities by 2017. I dont think it will ever catch SF, but that isnt so bad. LA has many other great areas to go to besides downtown.

[colemonkee]

From the Downtown News. AvalonBay Communities is the developer/manager of Avalon Wilshire. They list having retail along Los Angeles Street, but not along 2nd Street. I really hope this is just a jumbled fact by the DT News - it would be a travesty to put retail on Los Angeles but not 2nd.


Land Sale, More Units For Little Tokyo

Last week, apartment developer AvalonBay Communities Inc. announced the purchase of a 1.7-acre property at the southwest corner of Los Angeles and Second streets in Little Tokyo. Construction on a six-story, multifamily apartment complex is expected to begin in early 2008. The project, called Matsu, will include 8,500 square feet of retail space along Los Angeles Street. "We think Downtown is reaching critical mass," said Chris Payne, vice president of development for AvalonBay. "We think there's a real dearth of quality housing relative to the employment in Downtown." The parcel, which is already entitled to hold 175 units of housing, is part of the long-planned Block 8 development. Last year, developer Related Cos., which built the nearby Hikari apartments, sold two of the four parcels on Block 8 to Kor Group and K. Hovnanian, which in turn sold the land to AvalonBay. Although the project is designed as condominiums, the company will rent them as apartments when they open, Payne said.

page 2, 7/9/2007

EDIT: 3,000th post. I am a HUGE nerd.

[colemonkee]

Looks like they're starting to construct the western part of the Club Nokia building. Remember how that building didn't match up to the renders? Well check out the extra steel being added on the first floor. That wasn't there last week.


Image source: LA Live web cam

[LongBeachUrbanist]

The Little Tokyo community should seriously consider building an arch at the entrance to Little Tokyo at Second/Los Angeles. Something like a Chinatown Gate, but in a Japanese style. Neighborhood gates are found throughout the world. They function to indicate the entrance into a pedestrian-friendly neighborhood.

BTW, this is all great news. Can't wait to see the new cranes go up!

[fridayinla]

Originally Posted by colemonkee

Looks like they're starting to construct the western part of the Club Nokia building. Remember how that building didn't match up to the renders? Well check out the extra steel being added on the first floor. That wasn't there last week.

Woo hoo!! I was afraid they decided to down-size the project or something. Glad it's all finally underway!

BTW, is anyone else amazed how quickly they can throw up that steel framing?

[JDRCRASH]

^ ^ ^
You think that technology is fast, look at the Burj Dubai framing, its going up at a rate of 2 1/2 floors per week!

[citywatch]

I wish I had known more of the details explained below a few months ago. It wouldn't have made the delays less exasperating, but at least I wouldn't have thought Astani was turning out to be a big flake on his proj.


Astani Lands $190M Loan for Downtown Condos

By Bob Howard
GlobeSt.com
July 9, 2007

LOS ANGELES - Astani Enterprises Inc. of Beverly Hills has closed on a $190-million construction loan for the development firm's Concerto condominium towers in Downtown Los Angeles after switching lenders at the 11th hour because of concerns about one firm's subprime market problems. Sonny Astani, president of Astani Enterprises, tells GlobeSt.com that the firm was ready to fund the construction loan in January but canceled the nearly completed deal because of concerns that the lender's problems in its subprime division might interfere with funding of the loan.

Astani then started the loan approval process all over again with a new lender, Chicago-based Corus Bank, which is providing the $190-million construction loan for the first phase of the Concerto development. The Concerto is a 624-unit condominium project comprising two 30-story towers and a six-story building at Figueroa and Ninth streets.

Astani is well under way on construction of the project, which it began in May of 2006 with its own money. Astani tells GlobeSt.com that the firm initially thought that it would have to rely on its own funds only until January or February of this year, when it expected to close the loan with the original lender. But after canceling the first loan and starting all over, the firm has funded the project construction out of its own pocket until the recent closing of the loan with Corus. Astani explains that the firm continued funding the construction itself to keep the Concerto project on schedule for its expected completion in May of 2009.

Concerto's condominiums will range from 1,100 sf to 2,500 sf and will consist of only one- and two-bedroom units. In addition to its twin towers and the six-story residential building, the Concerto will include a seven-story subterranean parking structure containing nearly 1,000 spaces, 23,000 sf of retail space, a pool, a spa and a one-acre park.

The $190-million construction loan from Corus is for the first phase of the project, which will include one of the 30-story towers, the six-story building and the parking structure. Construction of the second phase is expected to begin after the first phase is out of the ground and the parking is completed. "The first phase is very front-loaded, which is why this was such a complex deal," Astani says, explaining that the first phase includes all of the common areas, the parking, the pool and other facilities.

The Concerto development site is steps away from five million sf of class A office towers, Ralphs Market and the $2.5-billion L.A. Live project. In addition to Concerto, Astani Enterprises recently completed and sold out its 200-unit Vero condominiums in Downtown L.A. and has 1,800 units under development in Downtown, Koreatown and Hollywood.




I wonder if the writer is accurate about when the 2nd phase is going to start, or if I'm misinterpreting "out of the ground" to mean the first tower still under construction but not completed?