LOS ANGELES | Downtown Project Rundown 4.0

[LMich]

Love the atrium.

[DistrictDirt]

Originally Posted by DistrictDirt

Yikes. Looks like something built in DC in the 90s. I hope these are just unflattering renderings or something

In light of the new renderings, I am revising my statement. It now looks like something built in DC circa 2006.

[DJM19]

The interaction with the sidewalk is adequate on that side, so Im hopeful for that. I think the building itself is perfectly fine, nice even.

[bjornson]

I guess color me unimpressed still. It's what I expect from SOM and nothing less. The atrium space gives it some depth that it lacks in overall design but nothing else is varied in layers.

And I realize people say it's just a government building/courthouse but there has been much better civic buildings produced even by SOM standards when we're talking about contemporary buildings. It's going to be a quality constructed building with nice materials but it's not going to give a Zumthor or even Renzo Piano blend of construction of materials. That is the primary point I'm driving across. I mean just look at the Broad Museum, there's mystery there and that didn't have the time to go through multiple iterations.

[BrandonJXN]

Now THIS is big news:

From ladowntownnews.com




http://www.ladowntownnews.com/news/promi...101bc6c-4543-11e2-abc5-0019bb2963f4.html

DOWNTOWN LOS ANGELES - Prominent developer The Ratkovich Company is poised to acquire and launch a major renovation of Macy’s Plaza, the faded Seventh Street mall, office and hotel complex.

The firm is in escrow to purchase the brick-clad, fortress-like property that houses a Macy’s department store. The pending sale and proposed renovation could signal a major change in Downtown’s retail landscape. Despite the Macy’s and other name brand retailers such as Victoria’s Secret and Bath & Body Works, the mall has never flourished.
The dealwas verified by several sources familiar with the negotiations but who are not authorized to comment. Wayne Ratkovich, president and CEO of the Downtown-based development company, declined to speak about the transaction. Jamison Chief Executive Officer David Lee did not respond to requests for comment.

According to sources familiar with the deal, Ratkovich Co. has financing in place to buy the complex for an undisclosed price and plans to do a series of upgrades aimed at making the property a centerpiece of Downtown retail. The shopping center is a short walk from FIGat7th, where Brookfield Properties recently completed a $40 million renovation anchored by a Target.

The Macy’s Plaza structure, which opened in 1973, takes up the entire block bounded by Seventh, Eighth, Hope and Flower streets. It is known for towering walls of mostly windowless brick that close off the complex from pedestrians, as well as a dizzying parking complex with a spiraling ramp.

Ratkovich Co.’s proposed renovation would aim to better integrate the property with street life, including the busy pedestrian corridor of Seventh Street. One design option under consideration involves removing the glass atrium that covers the retail portion, rendering that part of the mall an outdoor shopping area.

Jamison bought the complex, which is also home to the 487-room Sheraton Los Angeles Downtown hotel and a 24-story, 700,000-square-foot office tower, in 2005. Since then the firm, which was founded by Lee and has a history of spending minimally on improvements in its Downtown properties, has done little to upgrade the facility.
Some Downtown business advocates hope that the investment in the property will help it become a more vibrant commercial attraction that could add to the retail momentum generated by Target and FIGat7th.

“We are excited about the prospects of having Wayne Ratkovich reposition this important property,” said Carol Schatz, president and CEO of the Central City Association and the Downtown Center Business Improvement District. “He is a noted and well respected urban developer who will help to integrate this property with Seventh Street, Downtown’s major retail spine, and the rest of Downtown. We look forward to seeing Wayne’s vision for this mammoth project.”

There is precedent in the region for redesigning closed-in mall properties with an eye toward more pedestrian access and open space. Derrick Moore, a principal at real estate services firm Avison Young, said that a renovation of Macy’s Plaza could take a cue from The Macerich Company’s redevelopment in 2010 of Santa Monica Place.
Macerich oversaw a two-year, $265 million upgrade of the 30-year-old mall into an open-air shopping complex.

“Santa Monica Place also had your typical retail offerings that one would find in a mall, but what it changed was how the public interacts with that space,” Moore said.
This would mark another Downtown move for Ratkovich, who has a long history in the area. Ratkovich Co. has developed several Downtown properties including the Fashion Institute of Design and Merchandising campus and renovations of 800 Wilshire, the Fine Arts Building and the Oviatt Building.

In the early 1980s, Ratkovich bought and restored two Art Deco landmarks just west of Downtown, the Wiltern Theatre and the neighboring Pellisier Building. The firm also owns a massive mixed use complex in Alhambra called the Alhambra. According to Ratkovich Co.’s website, the complex’s office space was 30% occupied when the firm acquired it in 2005. New tenants include the USC Keck School of Medicine, Southwest Administrators, Tenet Healthcare and AT&T.

Lee, who has a reputation for not speaking to the media, is somewhat of a quiet tycoon in Los Angeles commercial real estate. Jamison Services owns or manages some 70 office buildings in the city, including four Downtown complexes. It is also in escrow to sell the Banco Popular Building at Fourth and Spring streets to developer Allen Gross, who is planning to convert it to apartments.

As for the nearly 700,000-square-foot office tower that rises on the northwest corner of Macy’s Plaza, Ratkovich Co.’s plan is to reposition it as a creative office property, sources said. Ratkovich would be following the lead of real estate companies such as Rising Realty Partners and Evoq Properties, which are increasingly targeting tenants from creative industries like technology, fashion and design.

The timeline for finalizing the Macy’s Plaza sale is uncertain, though sources familiar with the deal said Ratkovich hopes to close the transaction by May.

A representative of Macy’s, the anchor of the mall, declined to comment.

[citywatch]

Originally Posted by brudy

But there are huge holes and gaps that need to be filled in. It's disconcerting though to be walking SE down 7th and the moment you cross Olive there's nothing worth going to for 3 blocks. It's like two different worlds. The jewelery district really blocks the connectability between historic core the financial district.

those gaps are hard to understand or envision unless one is actually located or standing right THERE, directly in dt. even though I've long been aware of what a problem they are, I find that even I start to overlook how much of a effect they have on the entire hood. that's why when ppl start complaining about some new proj not being taller or having certain design features not to their liking, I wonder if they ever spend enough or much time in dt.

btw, since their website has a feature that allows a visitor to track how their leasing is going, I notice the brockman lofts....which is the bldg on 7th at grand, above the bottega louie restaurant....currently shows 16 apts are still available for rent. I counted up to 30 units of theirs that could still be leased several wks ago.

There's sort of a chicken or egg situation with apts & rents: a lack of enough demand will discourage devlprs from putting up new apt bldgs or converting existing bldgs to residences, which would lower the supply....possibly also affecting current rental rates.....while a healthy demand will likely cause, as you worry about, an increase in existing rent. but more demand would give devlprs greater confidence to move forward on new apt projs.

as for the jewelry dist, I think the really rundown condition of various stores, esp the swapmeets on broadway, creates just as much, if not more of a divide between the hood to the west & the hood to the east.

when it comes to the new federal courthouse, there's no question that cuz its budget wasn't large enough to support the original, taller design, that SOM must have felt it required new plans where elements were reduced or thrown out to bring down the cost.

I think the current design looks like something from the 1960s. Maybe it's a homage to the 'Mad Men' TV show.

[citywatch]

Originally Posted by threehundred

now this is big news:

From ladowntownnews.com

TG!!!!!!!!!! the current owner apparently is not much better than the various slumlords on broadway. I've seen some reviews of that place on yelp....along with the macys....& they'd make even a slumlord blush.

[brudy]

Originally Posted by ThreeHundred

Now THIS is big news:

From ladowntownnews.com

Now that is huge news. That place is a giant monolith, and just kills an entire block on 3 sides. I wonder if Macys will stay? The article talks about taking cues from Santa Monica Place, which would be awesome.

[brudy]

Originally Posted by citywatch

those gaps are hard to understand or envision unless one is actually located or standing right THERE, directly in dt. even though I've long been aware of what a problem they are, I find that even I start to overlook how much of a effect they have on the entire hood. that's why when ppl start complaining about some new proj not being taller or having certain design features not to their liking, I wonder if they ever spend enough or much time in dt.

btw, since their website has a feature that allows a visitor to track how their leasing is going, I notice the brockman lofts....which is the bldg on 7th at grand, above the bottega louie restaurant....currently shows 16 apts are still available for rent. I counted up to 30 units of theirs that could still be leased several wks ago.

There's sort of a chicken or egg situation with apts & rents: a lack of enough demand will discourage devlprs from putting up new apt bldgs or converting existing bldgs to residences, which would lower the supply....possibly also affecting current rental rates.....while a healthy demand will likely cause, as you worry about, an increase in existing rent. but more demand would give devlprs greater confidence to move forward on new apt projs.

as for the jewelry dist, I think the really rundown condition of various stores, esp the swapmeets on broadway, creates just as much, if not more of a divide between the hood to the west & the hood to the east.

My gripe with the jewelry district isn't the condition exactly, it's that you have several blocks selling the same product that all close at the same time. Given that it's located between gentrifying nabes (historic core and southpark/financial district/7th street restaurant row), you don't get a sense of flow or continuity when walking down there. And a night it's a total dead zone. Broadway is another story, which I think will change on a building by building basis. But these jewelry buildings are pretty large, multi-floor, and filled with multiple vendors. I don't even know how all these places stay in business.

[LosAngelesSportsFan]

Hallelujah

[SoCalKid]

HUGE news about Macy's Plaza. As it stands now, that building single handedly kills an entire city block in the middle of Downtown. This renovation really confirms the mini-boom that is taking place. DOWNTOWN IS BACK IN IT!!!!

[RuFFy]

It's good to see ThreeHundred break that story because I remember him saying pretty much what the newspaper is saying should happen to Macy's Plaza, and I agree. This is VERY welcome news.

[blackcat23]

Noticed a large number of people pouring out of Figat7th this afternoon. Looked down, and it appears that Taste has opened.

[brudy]

Originally Posted by blackcat23

Noticed a large number of people pouring out of Figat7th this afternoon. Looked down, and it appears that Taste has opened.

George's Greek grill opened last week and I think Melt opened today. I'm most excited for the Indian place.

[LAsam]

Really hard not to be excited about what's going on downtown. The momentum just keeps building and building.

[Illithid Dude]

Thank god. Macy's Plaza being renovated can really change downtown.

[blackcat23]

Many of us have clamored over LA's excessive parking requirement. Now we get a chance to see what a neighborhood will look like without a parking minimum/maximum in downtown adjacent.

http://la.curbed.com/archives/2012/12/no_parking_required_in_plan_for_chinatowns_cornfield_area.php



No Parking Required in Mixed-Use Plan For Cornfield Area

by James Brasuell

The City Planning Commission today approved the Cornfield Arroyo Seco Specific Plan (pdf) that will set the planning guidelines through 2035 for the area of Chinatown north of Downtown surrounding the Los Angeles State Historic Park. Planners and City Hall denizens are definitely excited about this one; Deputy Planning Director Alan Bell described the CASP as "extraordinarily innovative" during the hearing, and Dan Caroselli, a representative from the Mayor's Office, said that the plan would create "an iconic mixed-use neighborhood." Most notable among the plan's ballyhooed innovations: a complete lack of parking requirements--neither minimums nor maximums. Just so we're perfectly clear: this is the first plan of any kind in the city of Los Angeles that does not include parking requirements.

[Dale]

Macy's is on a tear. First, the flagship NYC store. Then this. Now it looks like that might do up the Houston store.

[Steve2726]

Great news about Macy's Plaza, let's hope that deal closes.

In other, more sobering news, the U.S. Bank tower is only 58% leased and at risk of default-

http://blogs.wsj.com/developments/2012/1...ower-at-risk-of-loan-default-fitch-says/

[Illithid Dude]

Originally Posted by Steve2726

Great news about Macy's Plaza, let's hope that deal closes.

In other, more sobering news, the U.S. Bank tower is only 58% leased and at risk of default-

http://blogs.wsj.com/developments/2012/1...ower-at-risk-of-loan-default-fitch-says/

I'd blame that more on mismanagement then on anything else. We've been hearing stories of management troubles at the U.S. Bank Tower for years.