LOS ANGELES | Downtown Project Rundown 3.0

[JDRCRASH]

Originally Posted by colemonkee

Once all three open in 5 years, our system will be far less "broken", however, still very far from being considered useable to a large portion of the population.

I thought I read that it wouldn't open till 2018, or something like that.

[ladowntowner]

Originally Posted by LosAngelesSportsFan

i would be shocked if they went with the at grade option for the downtown connector. The below ground is "only" 150 million more and is far less disruptive to the city streets. we have to think long term and go under ground on it.

I wouldn't be shocked at all, though I sure would be mighty pissed if they did anything other than below grade. This is, after all, the organization that spent 100's of millions building a light rail line (green) only to steer it away from a major international airport within a mile or so of the runways...

[citywatch]

Originally Posted by colemonkee

citywatch, I think you're starting to lose it. That first paragraph makes no sense. Hold on, man! Hold on!! You can make it!!!

Originally Posted by Just-In-Cali

City...i agree with Colemonkee...could you please explain that seemingly stroke induced first half of your last comment? I really am not getting it.

You didn't get it?! You couldn't figure it out!? I thought I deserved an oscar or emmy for that!

That was my impersonation of a faux (or psuedo) intellectual's dissin of LA. The kind of dorkus who bad mouths the city for every reason but the real one. The person who can't accept the idea that a cigar sometimes really is just a cigar, that the sun really is hot, that the polar circle really is cold, and that a big problem isn't necessarily explained----or solved----through alot of cocktail party chatter & college textbook theorizing.

Oh, and whenever I'm stuck on the jammed fwys throughout SoCa, it always strikes me as amazingly idiotic for ppl to be living far from work, or working far from home. So if there was much less traffic in LA, & commuting throughout the city was way easier, I could easily see quite a few ppl thinking, "well, since it's more convenient getting around town, we therefore have one less reason we need to move to DT, one less reason to live closer to work. So let's do some house hunting out in the distant burbs!"

In terms of timelines, budgetary problems in sacramento & elsewhere mean efforts to improve transit, even with the passing of Prop R, are gonna take much longer than originally predicted.

I know the mayor is ticked cuz the completion dates of MTA projs already are way off into the future.

And with a major---if not epic---recession now in the making, don't expect the economy to help new devlpt get going anytime soon. So the devlprs of the Grand Ave proj may still be saying a yr from today, in Jan 2010, that we need more time to get financing for our proj!

That's why I'll be satisfied if at least some basic clean up occurs in the hood over the next 12 months. So it would be nice if various dives in DT get torn before the 2009 is over. And it would be good if various deadzones at least get cleaned & fixed up.

For instance, like what was done to the location where the LA central proj is (or was) supposed to go up. As parking lots in DT go, the one across from staples ctr at least has some nice parking lot light fixtures----not just cheap flourescent lights attached to makeshift poles---& originally (before it was torn out) some decent landscaping around it too.

[edluva]

^you could have cut that verbage to four sentences of meat.

anyways i disagree with your fundamental basis that deadzones (lots) are our priority, or that mass transit is a "textbook theory" for how to solve our blighted downtown. it's not that difficult to connect the dots and see a bigger picture. as has been demonstrated, others are clearly capable of that. but at least you're concerned.

[edluva]

this is from oc register but it further proves that SB1137 was doomed to failure and that market realities will always prevail against delusional thinking. oc is a good barometer because it's been the most insular, financially viable market and so what happens there is a clear harbinger of what's to come.

i remember remarking about the futility of renegotiating underwater mortgages (and bickering with JIC ) a little while ago, and I predicted a spike in NODs would soon occur. well, here it is...


O.C. pre-foreclosure filings hit four-month high
January 14th, 2009, 3:00 am · Post a Comment · posted by Mathew Padilla, Reporter. source: www.ocregister.com
Foreclosureradar.com reports banks filed 2,423 notices of default in December in Orange County, up 96% from the prior month. It was the highest monthly total since August’s peak of 2,539.
Sean O’Toole, president of Foreclosureradar, said the huge spike in NODs shows lenders have adapted to Senate Bill 1137, which requires them to attempt to talk with delinquent borrowers at least 30 days before filing a NOD and discuss options to avoid foreclosure.
When the NOD provision of the bill was enacted in September, NODs dropped 64% that month to 904 vs. August.
“I think SB 1137 at this point can be deemed a complete failure,” O’Toole said.
While it’s a nice idea to get lenders to talk with borrowers, the reality is too many borrowers owe far more than their home is worth and cannot afford their mortgage payments, he said. O’Toole estimates borrowers in California who lost their homes to foreclosure in December owed an average of $180,000 more than their home was worth, including first and second mortgages and using automated valuation modeling.
Banks foreclosed on 716 houses and condos in December in the county, up 14% from November. But that is still far below the July peak of 1,444.
O’Toole expects foreclosures to climb in the coming months, following the same pattern as NODs, which initiate the foreclosure process. Banks typically file a NOD after a borrower misses three or more monthly payments.


.....though LA's NOD spike prob won't be as extreme considering it's been corrected to a far greater degree already. either way i can't wait to see LA's prices tumble further. downtown sellers are still delaying the inevitable force of gravity whatwith their ridiculous auction minimums and reserve prices. it's shocking to believe our politicians who draft dumb bills like this one have such poor understanding of basic economics. one "grown-up" lesson i've learned is never to take anyone's credibility for granted, no matter their pedigree, and to always think for myself. there's tons of b.s. to sift through everywhere.

[RAlossi]

How have construction costs been affected by the downturn? Anyone know?

And testing out a new wide-angle lens my hubbie got me for xmas... probably should've tested the telephoto on these shots.







New trees have been installed along Spring Street at the LAPD headquarters. We're in the final stretch there!

And with these huge deficits, I'm sure the mayor is wishing those "rising construction costs" from a year (and two) ago were kept in check.

[Steve2726]

This from SSC regarding 755 Fig tower:

http://www.skyscrapercity.com/showpost.php?p=30719938&postcount=153

http://www.skyscrapercity.com/showpost.php?p=30718718&postcount=150

Not surprisingly, the project is toast. It's too bad as the new renders look like it would have been a good addition to the skyline.

[edluva]

^now that's a classy building. too bad

[BrandonJXN]

It looks like the Pan Am (Met Life) building in NYC.

[colemonkee]

Steve, is that a new rendering of the Maguire office tower planned for that site?

[JDRCRASH]

Shiny Downtown Tower Is Out, New Park Is In

Wednesday, January 14, 2009, by Dakota



At one point, in another financial universe, an award-winning shiny condo/hotel project, designed by local architecture firm Johnson Fain, was planned for a plot of land at 4th and Spring streets (in the area between the Rowan Lofts and the El Dorado project). Today comes news from Councilwoman Jan Perry's office that the city has purchased the .8 acre land with the help of quimby fees (fees paid by area developers) and the plot will be used as a park. There's no ground-breaking scheduled, according to Eva Kandarpa, spokesperson for City Councilwoman Perry, but there are plans to hold public meetings to get input from locals about the project. "People could ask for part of the park to be a dog park, for instance," says Kandarpa. It'll be interesting to see how the park affects the two developments, and whether the green space will make the two buildings more appealing to buyers. The purchase should be completed by March. Meanwhile, according to the press release, the city purchased the plot for "fair market value price of $5.6 million dollars, which is 12.5% below the September 2008 appraised value for the parcel."

Councilwoman Jan Perry & Recreation And Parks Announce Plans for New Downtown Park:

Location at 4th and Spring Currently Under Acquisition with Help of Quimby Funds

Los Angeles- Councilmember Jan Perry and the Department of Recreation and Parks (RAP) announced that the City is currently acquiring a .8 acre of land at 418-438 Spring Street to develop a downtown neighborhood park. The announcement was made during a Quimby task force meeting at City Hall at 9:00 a.m. on Wednesday, January 14.

The .8 acre parcel at 4th and Spring streets is currently vacant and sits in a prime location in the heart of the Historic Core in downtown. Using Quimby funds, the city has agreed to purchase the land at the fair market value price of $5.6 million dollars, which is 12.5% below the September 2008 appraised value for the parcel. Quimby funds are collected by the City from developers for the purpose of creating park space. Escrow is expected to close in March of this year.

"Downtown Los Angeles is a vibrant place with a growing and thriving residential community. I recognize the need for urban, neighborhood parks and have been working hard with the help of the Quimby task force to make this vision a reality," said Councilwoman Jan Perry who convened the task force. "I look forward to developing this park for generations of Los Angelenos to enjoy."

The Quimby task force was convened by Councilwoman Perry's office in Spring of 2008 to address the need for more community-based parks in downtown and is comprised of members from the office of Councilwoman Perry, RAP, the Department of General Services, Chief Legislative Analyst, City Planning Department, Downtown Los Angeles Neighborhood Council, and other downtown residents and stakeholders The taskforce has been instrumental in helping to identify potential land for parks and will play an important role in helping to implement the vision of the community through this new park.

"A new park is always a cause for celebration," according to Jon Kirk Mukri, General Manager of the Department of Recreation and Parks. "Parks enrich our lives in so many ways and the City has a commitment to healthy parks and increased green space. We're pleased to be able to use Quimby funds to acquire this new downtown park.

[StethJeff]

^^^ I wish that happened with 50% of DTLA's open parcels of land.

[Steve2726]

Originally Posted by colemonkee

Steve, is that a new rendering of the Maguire office tower planned for that site?

Yes, according to the poster over at SSC. Also, they are/ were on their 3rd architect. It doesn't appear Keating Khang is responsible for those renders.
http://www.skyscrapercity.com/showpost.php?p=20804341&postcount=77

The whole thread can be viewed here:

http://www.skyscrapercity.com/showthread.php?t=528777

I believe Maguire is still the developer behind this but they are in dire financial straits-

MAGUIRE PROPERTIES
(NYSE: MPG)

Last Trade: 1.82
Trade Time: Jan 14
Change: Down 0.25 (12.08%)
Day's Range: 1.82 - 2.08
52wk Range: 1.03 - 27.92
Market Cap: 87.16M
P/E (ttm): N/A
EPS (ttm): -5.84

[citywatch]

^ Sadly, talk about any new proj----at least one that actually breaks ground well before we're all old & gray-----will be an act of futility for quite some time to come.

This "DTLA proj rundown 3.0" thread will have to make do with watching the completion of existing projs &, most importantly, the ability of such devlpt to attract ppl, be they new residents, customers or businesses.

meanwhile, I got stuck in traffic this evening on the SD fwy around the sepulveda Pass, & before that, farther east, around Wilshire & LaCienega. Interesting that a part of town with fewer transit options than DT nonetheless has been more successful in drawing in ppl with $$ & the businesses that cater to them.

By contrast, DT, which is served by the red line, blue line, green line, lots of bus routes, & even more fwys than just mainly the 2 that serve the western side of LA, has been a hood that alot of ppl have avoided or written off through the yrs. In fact, some of the most popular parts of the westside are cut off from easy, quick access to fwys, much less transit, esp other than clunky buses.

I recall some analyst saying not too long ago that the prediction that businesses would start to move out of the hoods of western LA----inc century City, westwood, bev hills-----cuz of soaring costs & congestion, & relocate to DT still wasn't happening.

Oh.

So I guess the salvation of DT therefore really is quite dependent on improving transit than on giving the hood much less of a reputation for being a dive, full of the homeless, & (according to quite a few ppl) a place where the smell of piss is everywhere, that closes up after dark & is half dead on the wkends.

BTW, given the history of LA, the extension of the red line to West LA (& the expo line too) may, if anything, help DT far less than it will help the hoods on the westside (or elsewhere, for that matter). That's cuz ppl living & working in hoods like around UCLA & century city will see greater transit opportunities as one more reason to stay in that part of town, & in turn another reason to ignore DT.

So the one thing that can change that scenario? TA-DA!!! The ability to eliminate DT's reputation as a hood that's full of deadzones & other depressing things (as judged by most ppl) ASAP.

[WonderlandPark]

Downtown at sunset today. The glass will probably make the Ritz "go away" a bit in view like this. Still looks good. It was clear over much of the city today, yet around downtown there was quite a bit of smog. 777 Fig is still my fave.

[friedpez]

Originally Posted by WonderlandPark

Downtown at sunset today. The glass will probably make the Ritz "go away" a bit in view like this. Still looks good. It was clear over much of the city today, yet around downtown there was quite a bit of smog. 777 Fig is still my fave.

Great pic! Where was it taken from?

[WonderlandPark]

Top of Runyon Canyon.

[friedpez]

^ Cool, I'll have to check it out one day. Thanks.

[edluva]

dear citywatch,

can you get into specifics as to how you would create this "ability" to remove deadzones and "other depressing things"? like if you actually had power to make things happen (say, as an influential politician), tell me exactly how you would do this. so far you've been extremely vague and you've only stated some plainly obvious facts - we have deadzones which sap pedestrian life out of downtown. we got that part.

and to counter your argument, the subway hasn't reached the westside yet, so don't you think you're being a little unfair, prematurely dismissing that analysts prediction? why don't you wait til the subway actually reaches century city and westwood before saying that subway doesn't work?

for me, extending the subway to the westside isn't about getting westsiders to opt for downtown anyways. it's about, first of all, making our transit system accessible to the point where it's relevant. as of now, our subway is not a relevant option because it doesn't travel to enough destinations that people care about. it's only 17 miles long and the rest of our "system" goes to far reaches of the county, posing as a dysfunctional commuter system.

but if you tie these local destinations together with a compact rail network, the first thing that will happen is people will start using the subway instead of driving, simply because they can take care of much more business without a car, and downtown LA will become another convenient place for developers to take advantage of the potential that the increased ridership can offer it. this way, the deadzones will become hot commodities for developers, who will try to outbid each other for rights to build, instead of begging developers with public subsidies.

here are a couple more positive effects. in the westside, mass transit means that nimby's won't have cause to require density limitations. in downtown as well as the westside, ridiculous parking requirements will be diminished, removing a tremendous cost barrier to developers. this lower development cost will also enable people to live in highrises without being filthy rich. skyscrapers will begin sprouting up like weeds in both places. and most important of all, laforumers will stop creaming their pants over groundbreakings of — projects.

and going back to your favorite theme; aesthetics, the more competition there is among developers for a given plot of land, the more sophisticated the design usually becomes. for ages, that has been LA's shorftall - land usage intensity has been sub-par, and so we — out prime real estate to short-sighted developers such as palmer or caruso (if even) for quick bucks. angelenos themselves become dumbed-down because of their environment, and the cycle of mediocrity continues for everyone.

remember, the main point of expanding mass transit is to enable regular folks to create an alternative way of life that is competitive with one centered around driving. once you accomplish that, the deadzones will build themselves out of existence. and they will be pretty too. but most importantly, LA will finally develop a clear picture of what it actually is.

yours,
edluva

[BrandonJXN]

^