LOS ANGELES | Downtown Project Rundown 3.0

[pesto]

202 Cyclist: very interesting study, which I think paint a pretty accurate picture.

I proposed a methodlogy like that a year or two ago, since the idea is to record "density of actually populated areas" or "density as actually experienced by people". Another approach, which is probably even more useful for people looking for an urban place to live, is to take districts which constitute, say, 20 percent of the population or 1M people, and determine their density. This is basically saying it doesn't matter what the density of Chatsworth or Gardena is if you live in Silver Lake or Ktown.

[Illithid Dude]

http://www.ladowntownnews.com/articles/2010/12/15/news/doc4d091e3d9ff33748738661.txt
Lender Hopes to Foreclose On and Sell Condo Complex, Though No Opening Is Imminent
by Ryan Vaillancourt, Staff Writer
Published: Wednesday, December 15, 2010 12:10 PM PST
DOWNTOWN LOS ANGELES – If all goes as planned for Bank of America, the Brockman Building, a once highly anticipated condominium complex, will be auctioned off to the highest bidder on Dec. 30.

That does not mean that the building at 530 W. Seventh St. will open any time soon. Bank of America, which provided developer West Millennium with a $35 million construction loan in 2007, still needs court approval for the plan. A hearing is tentatively scheduled for Dec. 28.

The developer filed for Chapter 7 bankruptcy in April 2009, after a protracted effort to stay above water as the housing market tanked. The 80-unit project above the restaurant Bottega Louie has wallowed in a sort of financial purgatory ever since because its value is believed to be far lower than its outstanding debt.

In addition to Bank of America’s $35 million construction loan, West Millennium owes about $9 million to creditors who have placed dozens of liens on the property, according to bankruptcy court records. When West Millennium filed for Chapter 7, it stated that the property was only worth about $20 million.

If Judge Kathleen Thompson approves the auction of the building, it would be over the objection of West Millennium. According to court records, the developer is mulling a reorganization via the Chapter 11 bankruptcy process, instead of the type of liquidation enabled by Chapter 7.

Thompson gave West Millennium until Dec. 17 to file the paperwork to convert the case to Chapter 11. If documents are not filed by the deadline, Thompson indicated that she would allow the foreclosure sale. There is also no guarantee that Thompson would allow a Chapter 11 conversion even if West Millennium meets the deadline.

If an auction proceeds, it does not necessarily mean that a new buyer will 🞵🞵🞵🞵🞵🞵 up the property on Dec. 30. The bank would retain the right to submit a so-called credit bid of up to the amount of its outstanding debt on the project, or about $36 million. A bidder would have to pay at least that amount, unless Bank of America is willing to take a loss on the project.

Finding a buyer willing to pay what is essentially a 2007 price is not a very realistic proposition, said Stuart Gabriel, director of the UCLA Ziman School for Real Estate.

“It’s unlikely given the compression in property values from peak to trough that the initial investment will be recouped any time in the near future,” said Gabriel.

Generally, when banks foreclose on real estate projects, they eschew acting as a landlord and instead hire a broker to arrange a sale for the highest possible price. Bank of America attorney Kenneth N. Russak, who is handling the bank’s request to proceed with the foreclosure and sale, declined to comment on the bank’s strategies, citing the ongoing legal matter.

So, yeah. Brockman Condos are a go, I guess. Or almost.

[LAsam]

Originally Posted by LosAngelesSportsFan

Blogdowntown reports that AEG will reveal the Stadium renderings tomorrow! exciting times in downtown.

Sooooooooo.... has anyone seen the stadium renderings? I haven't seen anything as of yet...

[Blueseattle]

Love HNTB and Gensler designs!!! Look on Blogdowntown for designs!

[BrandonJXN]

Ok...I'm not going to post the images from Blogdowntown (because they are small) but all 3 are AMAZING. But I want HKS's design above all others. Which isn't to say any are bad because they are not.

[mdiederi]

Originally Posted by ThreeHundred

Ok...I'm not going to post the images from Blogdowntown (because they are small)

Click on the "full screen" button.

[BrandonJXN]

Originally Posted by mdiederi

Click on the "full screen" button.

I don't know how to copy/paste flash images.

[Quixote]

All three proposals look pretty nice. I need to see more renderings before I decide which one I like best. Based on what I see, my least favorite is the one designed by HNTB.

[Illithid Dude]

Ooooh, exciting. Personally, I like Gensler the best, but the HKS one is great, too. The only one I don't like is the HTNB one, I think it is too boxy and bland. The only thing is, they didn't answer my most pressing question: how will the new West Hall work? I want to know where they think they are going to put it, because I can't find any room. Anyways, it's been an exciting week. The rate the news is going, I wouldn't be surprised if they announced a groundbreaking for Grand Ave. tomorrow! Actually, I would be surprised, but that is besides the point.

[Quixote]

The HKS one looks like it could be very interesting. Too bad both renderings are so flat.

[dktshb]

HKS is definitely the best imo and I am not liking the HNTB proposal at all. The Gensler proposal is nice too and apparently the favored one for most people according to that voters poll.

[Just-In-Cali]

Definatly Gensler. Its the most intergrated and looks to fit into the surrounding designs of Staples and Nokia, and for that matter the Ritz/Marriott. The others are interesting, but would look better in a more open location as their abstract designs would'nt be apparent unless from a distance, and without that, the whole thing would look like a giant shiny box buttressed between the freeway and the Convention Center, where as Gensler just looks more organic. IMO

[DJM19]

http://www.thelaeventcenter.com/

That site has hi-res images of the proposals.

According to Curbed, the company said these are not final renderings and just ideas of what might be. IMO if one of the designs is really favorable with people, they will probably not change it much.

[mdiederi]

Looks like the Gensler proposal is further along in the design process, which probably accounts for it having over seventy percent of the votes in the blogdowntown poll.

[RuFFy]

My favorites are door number 1 (Gensler) and door number 3 (HNTB). I do think, however, that the Gensler design will move forward. I made note of the proposed 5 new hotels with 3,000 room keys on the "Project Overview Tab" in the laeventscenter.com website. I also took notice of the Gensler rendering from above. 1, it included the new addition to the Convention Center over Pico Blvd and 2, it also included a new building on the parking structure behind Nokia Theatre.

I really don't know what has changed so much in the past 2 or so weeks, but suddenly, it's starting to feel like 2007 in Downtown Los Angeles.

[mdiederi]

Originally Posted by Illithid Dude

The only thing is, they didn't answer my most pressing question: how will the new West Hall work? I want to know where they think they are going to put it, because I can't find any room.

In the news conference Tim Romani of Icon Venue Group said that the plan would be to build the new convention hall over Pico. Construction could start Dec. 1, 2011.

[Illithid Dude]

Originally Posted by mdiederi

In the news conference Tim Romani of Icon Venue Group said that the plan would be to build the new convention hall over Pico. Construction could start Dec. 1, 2011.

Over Pico? Like, a bridge type thing? Cool.

[DJM19]

gensler is also moving their offices downtown, may have some impact.

[LosAngelesSportsFan]

I LOVE the Gensler design, its awesome. HNTB is pretty sick too. its also interesting that the convention center replacement will be over Pico, thats not what i expected but its cool with me.

And more good news about Gensler moving to Downtown.

Overall, what an exciting week for Downtown and its only wed.

[Quixote]

One thing I like about the Gensler design is that it proposes closing off Chick Hearn Court to vehicular traffic. You effectively have one expansive city square dedicated to sports, entertainment, and dining.