LOS ANGELES | Downtown Project Rundown 3.0

[Just-In-Cali]

Originally Posted by edluva

the forclosure dip is temporary due to a law that was enacted by the state senate to postpone notices of default (hence forclosures) for 30 days to allow homeowners to renegotiate terms with, find alternatives, etc - this will do nothing but merely shift forclosures one month down. we'll see a spike next month, barring substantive mortgage relief from the fed

Thats why I used the word "IF" so many times. It could be a good sign one way or the other. If the housing market can make adjustments and the final wave of forclusures hit and are dealt with, it will allow a recovery to start as people that had been priced out of the market previously whom were smart with their money and do qualify start snapping up these properties that are bargain priced, hence at least leveling off the market until the economy recovers. THAT part could happen by the end of next year. If these projects pan out, starting them next year could have them online right on time for a new boon in housing and commercial space.

[Quixote]

Now that both Measure R and Prop 1A have passed, the discussion can really begin...

[petescafe]

Here's a quick look out the window at Medallion as of Wednesday the 5th 2008.











That is all.

[petescafe]

Caught this today with me trusty camera.

No more crane for the San Pedro Apartments.







That is all.

[edluva]

Originally Posted by Just-In-Cali

Thats why I used the word "IF" so many times. It could be a good sign one way or the other. If the housing market can make adjustments and the final wave of forclusures hit and are dealt with, it will allow a recovery to start as people that had been priced out of the market previously whom were smart with their money and do qualify start snapping up these properties that are bargain priced, hence at least leveling off the market until the economy recovers. THAT part could happen by the end of next year. If these projects pan out, starting them next year could have them online right on time for a new boon in housing and commercial space.

uhh, we have 1 month.....that's 30 days

[ladowntowner]

Originally Posted by edluva

uhh, we have 1 month.....that's 30 days

Not to mention the upcoming waves of ARM resets over the next few years. Most aren't sub-prime henceforth but the other categories are bound to account for significant bumps in foreclosures rates regardless - particularly when you consider the massive drop in property values coupled with an economy in the dumps putting a lot of people out of work for extended periods of time and a longstanding negative savings rate amongst Americans setting them up with no cushion to get beyond such adversities relatively unscathed.

[JDRCRASH]

Good pictures, Petescafe! Hopefully construction will continue undeterred on smaller projects (height wise) like this along with Medallion.

[ocman]

I haven't paid much attention to prop 1A, so I'm just beginning to comprehend the staggering potential it has for downtown LA. 117 million people a day going through Union station. Hawthorne brings up a point about the disconnect between Union station and downtown LA. Is there any plan or studies on capping the freeway at this junction?

[JDRCRASH]

From Blogdowntown:

Commercial Reuse Task Force Gets Council OK

By Eric Richardson
Published: Wednesday, November 05, 2008, at 04:49

DOWNTOWN LOS ANGELES — Councilman Jose Huizar hopes that new rules for Broadway's million square feet of vacant commercial space will bring the next great phase of Downtown's revitalization. "We all know the wonders that Adaptive Reuse did for residential," Huizar told the Council this morning. "Let's do the same for [commercial] spaces."


Council today passed the motion that Huizar had introduced just two weeks ago. It asked for a task force to be created that would come up with new rules to govern the revitalization of empty commercial space on Broadway and in the Historic Core. Many buildings have been empty so long that their occupancy permits have expired, and any new use would require substantial and often impractical retrofitting.

Today's action instructs the Community Redevelopment Agency to convene the "Bringing Back Broadway Commercial Reuse Task Force," to include representatives from "the Department of Building & Safety; Los Angeles Fire Department; Department of City Planning; Office of Historic Resources; Department of Public Works; Bureau of Sanitation; Department of Water and Power; Community Development Department; Chief Legislative Analyst's Office; City Attorney's Office; Council District 14; Council District 9; the Mayor's Office and other departments/agencies as necessary, along with business and development representatives to be identified by CD14."

Once convened, the task force is instructed to report back in 60 days. It is asked to look at ways to ease the rules on reuse, as well as ways to spur new uses in the historic buildings.

The motion also asks that any change-of-use projects in-process in the Historic Core be placed into case management, a mechanism for making sure that applicants are dealing with the proper departments and moving forward efficiently.

[Quixote]

Originally Posted by ocman

I haven't paid much attention to prop 1A, so I'm just beginning to comprehend the staggering potential it has for downtown LA. 117 million people a day going through Union station. Hawthorne brings up a point about the disconnect between Union station and downtown LA. Is there any plan or studies on capping the freeway at this junction?

http://forum.skyscraperpage.com/showthread.php?t=153500

[DowntownGymRat]

Please don't tell me that the Ritz is topped off! I was hoping it would be much taller.

[Quixote]

^ No, it is not topped out quite yet. There are another 7 floors to construct.

[Quixote]

LA Live


From Flickr, by alossix


From Flickr, by alossix

[Echo Park]

I do like the streetscaping. Those trees soften the big faceless walls and billboard assault around LA Live

[colemonkee]

Guys, I deleted a bunch of posts that were just unnecessary bickering. Please, keep things civil.

petescafe and Westside, thank you for posting those pictures. The San Pedro apartments are really coming along. Most of the windows are in, and insulation for the stucco (bleh!) is going up fast.

[DowntownCharlieBrown]

Originally Posted by DowntownGymRat

Please don't tell me that the Ritz is topped off! I was hoping it would be much taller.

It would be interesting to compare the view you had before you could see the Ritz from you place to view you have now. Do you still have the picture you posted several months ago?

[ladowntowner]

Originally Posted by ocman

I haven't paid much attention to prop 1A, so I'm just beginning to comprehend the staggering potential it has for downtown LA. 117 million people a day going through Union station. Hawthorne brings up a point about the disconnect between Union station and downtown LA. Is there any plan or studies on capping the freeway at this junction?

117 million people a day going through Union Station? Over one third the population of the entire country? Noooooo... I believe the estimate was an annual statewide ridership as high as 117 million passengers.

[ocman]

I stand corrected.

[LosAngelesBeauty]

So that's about 320,000 people a day going through Union Station just from the HSR in addition to the amount of people that arrive there by Metro, Metrolink, and Amtrak. Being the 5th busiest train station in the US right now, that figure is around 50K? Someone please check on that.

So it's possible that we could have those numbers increase as more rail lines continue to materialize (Expo, Gold Line, etc.).

So perhaps, we'd get around anywhere from half a million or more people going through Union Station a day by the time HSR is completed. That would make it one exciting place as shops and hotels will obviously be attracted to the area around it. Union Station could very well become the next HOT BED of real estate construction in the future.

[ladowntowner]

^ Keep in mind that is the high end, system-wide estimate. Certainly not all riders would route to/through Los Angeles. While it would generate a lot of traffic in/around/through Union Station, it won't likely be anywhere near 320k daily.