LOS ANGELES | Downtown Project Rundown 3.0

[JDRCRASH]

So many buildings waiting to be loft-converted...

[BrandonJXN]

I didn't even know this was happening.

From SSC.

Originally Posted by Imperfect Ending

Someone is getting a facelift

September 19, 2009

[RuFFy]

^^^ that paint job was sorely needed. It's too bad they didn't do it before installing the new badge.

[pesto]

ruffy: how's things in NY? are they going to lend us some money so we can start building stuff again?

[sopas ej]

Originally Posted by ThreeHundred

I didn't even know this was happening.

From SSC.

I wonder if that's the undercoat, or are they really gonna just paint it white?

I remember how it used to look, originally, before they painted it the last time some years ago.

[JDRCRASH]

Originally Posted by pesto

ruffy: how's things in NY? are they going to lend us some money so we can start building stuff again?

It's hard enough to lend themselves money.

[colemonkee]

Sonni Astani seems a bit more savvy than most developers. The headline reads more ominously than it really is. Read through the whole article before passing judgement. This seems like more of a preemptive strike to me...

From the Los Angles Business Journal.


Developer Puts Condo Project in Chapter 11

By DANIEL MILLER
Los Angeles Business Journal Staff


Developer Sonny Astani has put his Concerto condo project in downtown L.A. into Chapter 11 bankruptcy in an unusual effort to hasten the completion of the $300 million project.

The project’s construction lender, Corus Bank of Chicago, was shut down Sept. 11 by the Federal Deposit Insurance Corp., putting the sales and completion of the 348-unit complex in limbo.

GTS 900 F LLC, which controls the development at Figueroa and Ninth streets, filed for Chapter 11 protection on Sept. 17, according to a U.S. Bankruptcy Court filing. The project includes a 271-unit tower scheduled to be completed by the end of the year and a finished 77-unit mid-rise loft building, which was sold out in a one-day event last month.

Astani said that he needs liens on the units – typically held by a lender – released so buyers can complete their sales. He said cannot wait until October, when the FDIC is supposed to announce Corus’ buyer to begin work on resolving the issue.

Astani instead wants a bankruptcy judge will push the sales through despite the liens. Astani said proceeds from the sales would be used to pay off the construction loan and contractors.

“I decided to not wait any longer and risk losing my buyers,” said Astani, who heads Astani Enterprises Inc. in Beverly Hills. “I’ve taken my destiny in my own hands and will go to a local judge and explain what’s happened.”

Corus has yet to fund $33 million of the $190 million loan. Because of the funding shortfall, Astani decided to hold the one-day sale event, which resulted in a $31 million cash infusion, in an effort to self-finance the completion of the 30-story condo tower.

[JDRCRASH]

So...was this a good thing?

[JDRCRASH]

L.A. Live Cinemas to Open Next Month for Special Screening

Long-Awaited Theater Will Debut With Michael Jackson Film

by Anna Scott, Staff Writer

Published: Monday, September 21, 2009 5:22 PM PDT

DOWNTOWN LOS ANGELES – The highly anticipated Regal Cinemas movie complex at L.A. Live, which was not scheduled to open until November, will debut next month with 14 simultaneous screenings of the Michael Jackson film This Is It.

The theater will host special advance screenings of the documentary, to play on all 14 screens, on Tuesday, Oct. 27, at 9 p.m. This Is It, compiled from rehearsal and behind-the-scenes footage of the late singer earlier this year as he prepared for a planned London concert series, officially opens for a two-week limited engagement at theaters worldwide (including L.A. Live’s Regal Cinemas) on Oct. 28. Jackson had been rehearsing in Staples Center.

Tickets for the advance screenings go on sale at L.A. Live on Sunday, Sept. 27, according to the L.A. Live website. Avid fans are invited to line up for tickets starting Thursday, Sept. 24, at 5 p.m. at L.A. Live’s Nokia Plaza.

L.A. Live will also host the film’s official, invitation-only premiere party at the Nokia Theatre on Oct. 27 at 6 p.m., said Nokia Theatre spokeswoman Cara Vanderhook.

L.A. Live is located 800 W. Olympic Blvd. For information contact (213) 763-5483 or visit lalive.com

Contact Anna Scott at [email protected].

[colemonkee]

Originally Posted by JDRCRASH

So...was this a good thing?

Yes and no. It's a good thing because he's attempting to preemp having to wait for federal regulators to lift a cloud on the title of the project due to his bank going under. It's a bad situation that this even has to happen, but the way he's handling this seems to be the best way around a difficult situation. It's basically his way of saying, "look, if you let these sales go through, I can fund the rest of the tower myself." So right now, this project seems to be stronger than the bank that financed it.

[UrbanJungle]

It's still a major — on Sonny's part. He's expecting a bankruptcy judge to be reasonable and to act quickly. Given Corus' seizure and the FDIC auction of all their loans in two weeks, I don't know that a judge would just blatantly order the liens released and the sales to proceed without input from the FDIC/new lender (i.e. the secured creditors). Under the rules of bankruptcy the court can make decisions on short term operational and administrative requirements, but I don't know that a judge would view closing the loft units as 'administerial.' The secured creditors are given time to critique a debtor's plan, suggest alternative plans, and generally have a major seat at the bankruptcy process table. I'm sure Sonny's done his homework and knows all this - but think this may be a desperate 'hail mary' move than a cagey 'back your lender' into a corner type move. I sure don't see a bankruptcy judge doing much before October, and that was Sonny's timing concern. Will be interesting to see how this plays out ....

[Wright Concept]

From Dolores Roybal, the Project Manager of the Regional Connector, the actual public release of this will occur later but these are confirmed dates and times for the meetings. I'll get a follow-up on any public comment submission deadlines.
"There will be a series of five Community Update meetings for the Regional Connector Transit Corridor Project on the following dates and times:

Nov. 5 at 6:30pm, Lake Avenue Church, 393 N. Lake Avenue, Pasadena
Nov. 7 at 10am, Wurlizer Building, 818 S. Broadway, Los Angeles
Nov.10 at Noon, Los Angeles Central Public Library, 630 W 5th St., Los Angeles
Nov.12 at 2pm, Japanese American National Museum, 369 1st St, Los Angeles
Nov 12 at 6:30pm, Japanese American National Museum, same address as above"

[colemonkee]

File this one under "hell yes"...

From the MTA:


Westside Subway Extension, Regional Connector Projects To Seek Federal Funding

In a move that places Los Angeles County in contention to receive its fair share of future federal rail funding, the Los Angeles County Metropolitan Transportation Authority Board of Directors today voted to pursue long-term funding agreements through the US. Department of Transportation to build the Westside Subway Extension and Regional Connector projects.

The two projects are expected to score highly in the rankings necessary to secure Full Funding Grant Agreements (FFGA) under current federal New Starts requirements. The Federal Transit Administration administers the New Starts program for major capital transit investments nationwide. Projects eligible for future funding through this program must compete with other projects nationwide to be selected to enter into these types of contractual agreements.

Both the Westside Subway Extension and Regional Connector projects are slated to provide critically needed transit linkages for existing transit riders traveling to, from and through some of the most densely populated and commercially significant areas of Los Angeles County. They are both included in the Measure R half-cent sales tax expenditure plan and the agency’s draft Long Range Transportation Plan that is scheduled for future Board consideration.

“These two projects will not only result in significantly greater connectivity in the Metro subway and light rail systems, but also will result in a dramatic increase in overall system ridership and user benefits,” said Ara Najarian, Glendale City Council Member and MTA Board Chair. “In short, they are our best chance to secure future federal funds, and in so doing, will free up precious local monies for other regionally significant transportation projects.”

The Board’s decision to select the two local rail projects and advance those projects in the New Starts Program could establish reliable, multi-year funding as early as the federal Fiscal Year 2012. Over the past six years, for example, the agency has received an average of $80 million per year in federal rail funding through the New Starts program.

Without this federal match, the agency would be forced to utilize local funds to build heavy and light rail projects, which would make completion of the promised Measure R program of county transportation projects difficult to accomplish.

The Westside Subway Extension is estimated to cost $4.2 billion in today’s dollars for completion of the Measure R segment from the current terminus of the Metro Purple Line at Wilshire/Western Station to Westwood. Measure R funds would be used to match federal funds. The project is currently in its Draft Environmental Impact Study/Environmental Impact Report (Draft EIS/EIR) phase, and the MTA Board is expected to make a decision on a preferred alignment later next year.

Ridership has been projected at 49,000 new station boardings for the Wilshire alternative to Westwood. An additional 27,000 boardings are estimated to be generated throughout the Metro system as a result of the subway extension. The project would connect key job centers such as Century City and Westwood with the growing Metro Rail system.

The $1.3 billion Regional Connector project would receive $160 million in escalated Measure R funds. Also in its Draft EIS/EIR phase, the MTA Board is expected to make a decision on a preferred alignment late next year. The project would connect the existing Metro Gold and Blue Line light rail lines through Downtown Los Angeles.

In addition to joining these two lines, the project also would enable trains to run directly between the Gold Line Eastside Extension, expected to open in 2009, and the Expo Line, which will connect Downtown L.A. to Culver City in the 2010-2011 timeframe.

The Regional Connector anticipates generating 16,000 new systemwide boardings and additional ridership on the connecting light rail lines through the county. The line would connect major downtown activity centers, provide a one-seat regional ride and reduce transit travel times by 12-20 minutes.

For additional information, visit www.metro.net/westside and www.metro.net/regionalconnector.

[JDRCRASH]

Good lord, if this, combined with future State funds, as well as private investments all happen, we may actually see the Subway extended to Westwood and the Downtown Connector by 2020.

[JDRCRASH]

From Blogdowntown,

AEG Asking City for Permission to Build Bigger, Add Offices and Studio Space Next to L.A. Live

By Eric Richardson
Published: Friday, September 25, 2009, at 09:45AM


The Olympic North development site is located just north of L.A. Live's Ritz Carlton tower.
Plans call for a smaller hotel along with office and broadcast studio space


DOWNTOWN LOS ANGELES — Downtown Los Angeles has not seen a major office development since the 1980s, but L.A. Live developer AEG believes demand is returning to the neighborhood.

On Wednesday, the company will ask for permission to nearly double the permitted size of a project located across Olympic Boulevard from the entertainment complex. Included in the expanded plan are a combined 600,000 square feet of office and broadcast studio space.

AEG spokesman Michael Roth said Thursday that the changed use reflects what the company sees as needs in the market. "As we have continued to redefine our vision for L.A. Live, we realized in speaking with developers and hotel operators that there is definitely a need for more office space, including broadcast studio space," said Roth. "In order to be able to address this, we need to go back and apply for different permits.

The company is asking the City to revise the Los Angeles Sports and Entertainment District plan, the document that governs development around L.A. Live, to allow 897,550 square feet of development on what is known as the "Olympic North" site.

Along with approximately 200,000 square feet of previously-permitted hotel space, the company is asking to include 332,618 square feet of general office space and 269,182 square feet of broadcast studio facilities.

That studio space would be more than twice as large as the neighboring 120,000 square foot facility occupied by ESPN.

It is also requesting that the development be permitted to rise to 325 feet tall, roughly 28 stories. The current plan allows only 200 feet for the project's tower portion.[/

While he declined to comment on any specific tenants for the project's components, Roth emphasized that the changes are based on real interest. "This is all based on discussions that we've had, because there is interest in this for broadcast and offices," he said.

A likely tenant for the broadcast studio space would be a company like Comcast Entertainment Group, which owns E! Entertainment, the Style Network and gaming channel G4. The company currently occupies just under 300,000 square feet in 5750 Wilshire, on the Miracle Mile.

In that same building? AEG Live, the L.A. Live developer's concert arm.

Roth would not comment on whether the companies were talking, but said that a broadcaster of that profile would make a good fit.

A timetable for the project has not been set. Earlier this year, AEG CEO Tim Leiweke told blogdowntown that no new development would take place for two to three years.

The hearing takes place on Wednesday, September 30, at 9:30am in the City Hall 10th floor hearing room.

Source:http://www.blogdowntown.com/2009/09/4710-aeg-asking-city-for-permission-to-build-bigger

[bobcat]

Originally Posted by colemonkee

Westside Subway Extension, Regional Connector Projects To Seek Federal Funding

So assuming all goes well and the projects receive federeal funding starting 2012, how does this affect their construction timelines? Jerard?

[Wright Concept]

Originally Posted by bobcat

So assuming all goes well and the projects receive federeal funding starting 2012, how does this affect their construction timelines? Jerard?

What construction timelines? We still need the EIR's approved. The only thing it may do is accelerate the Regional Connector to open sooner than the originally expected 2025. and Purple Line to Westwood/Brentwood to be completed around 2025 or sooner.

[Quixote]

Rendering of the proposed AnsaldoBreda
manufacturing and assembly plant at
Washington and Santa Fe.

Rail Car Approval Means Manufacturing Plant at Washington and Santa Fe

By Eric Richardson
September 25, 2009

DOWNTOWN LOS ANGELES — Despite serious concerns about AnsaldoBreda's past performance, Metro's Board of Directors yesterday decided to approve a $300 million contract with the firm for new rail cars.

That's a big win for the Mayor and the Community Redevelopment Agency, both of which have been counting on the firm as an anchor tenant for their proposed Cleantech Manufacturing Center just southeast of Downtown.

The Italian rail firm has pledged to construct a manufacturing and assembly facility on the site, located near Washington and Santa Fe. In a press release sent out yesterday after the vote, CRA said that the facility would create over 1,000 jobs, roughly 70% of them permanent.

The Manufacturing Center site is a former brownfield that once housed Crown Coach's school bus manufacturing facility. 14 of its 20 acres will be occupied by AnsaldoBreda, though some of that land is surface parking that could be reclaimed for future development.

The Metro Board twice postponed a decision on the rail car contract, claiming that vehicles the company had delivered were 6,000 pounds overweight, used too much electricity and were behind schedule.

[milquetoast]

If these vehicles were three tons over and use too much power, doesn't that sound like an outdated product we could do without?

[milquetoast]

Judy Chu Highlights Metro Board Meeting

Still No Answers from Metro

.

Get a nice good look at that image above.

Take your time.

Print it. Analyze it.

Maybe even write notes on it.

.

That big green blob over New York has plenty space to write on, but not Los Angeles.

See anything awfully wrong and off with that image?

The Metro Board of Directors did, and yesterday they held their monthly Board meeting – with one of its main focuses on a new federal funding agreement Metro is hoping to pursue with the U.S. Department of Transportation. Metro’s current federal funding agreement netted the agency $491 million for the construction of the Gold Line Eastside Extension (NOT Foothill Extension, just to clarify). And with the last batch of federal dollars from that agreement coming in this year, Metro has had its sights set on pursuing funds from the New Starts program for the Subway to the Sea and Regional Connector.

At yesterday’s meeting, Metro staff reported that the county faces the prospect of losing out on hundreds of millions of dollars from the federal government, starting in 2011, if they do not pursue any local rail projects for the New Starts program (at this point, the Metro Board had not formally recognized the Subway and Regional Connector as their choices). The comments that followed from the Board and staff were no less grim. Chairman Ara Najarian stated, “we are terribly underfunded as a region.” Using the old use-visuals-for-greater-effect method, Metro staff presented a map (see image above) of the FY2010 projection for New Starts funding throughout the nation – which saw many other (and some less populous) cities having federal funds that dwarfed the amount for Los Angeles County.

.

Metro staff jokingly referred to the New Starts program as the “New York” program, seeing as the east coast region is set to receive nearly half of all the federal funds from New Starts.

.

And in facing this situation, the Board unanimously voted to direct Metro CEO Art Leahy to pursue a federal funding agreement with the U.S. Department of Transportation to construct the Subway to the Sea and Regional Connector.

So now Chairman Najarian is going to send a few delegates to Washington to test the waters, and the county isn’t going to lose out on hundreds of millions of federal dollars right? This would’ve been an easy question to answer were it not for a small detail Metro staff had potentially used in error.

That error was brought to light at the meeting courtesy of a representative from Congresswoman Judy Chu’s office – who pointed out during public comment that Metro’s staff had given an unrealistic timeframe of 3 years to receive federal funding for the Subway and Regional Connector. In fact, it takes 7-10 years for rail projects from the beginning to receive federal money. Judy Chu’s office proposed Phase 2B (Azusa to Montclair) of the Foothill Extension as a project that is further ahead in the pipeline than the Subway or Regional Connector, and one that could receive federal funds in as soon as 5 years. Seeing as how the Foothill Extension has had much more Congressional work done on its behalf, this wouldn’t be surprising.

.

Judy Chu's office stated:

“We need a federal strategy that truly leverages the billions of dollars being raised by Measure R and gives the county the most bang for its buck. If the Gold Line Foothill and East Side extensions and Crenshaw Line are excluded from entering the federal process, myself and the rest of the local Congressional Delegation will very literally have our hands tied from helping meet our community’s transit needs.”

So our question before the meeting was: how is the Foothill Extension going to get its federal money? After the meeting, that question still stands. However, it was alluded to during the meeting that Metro would try to find other sources of federal money for the extension. We’ll see.

posted by albert

IWILLRIDE.ORG