LOS ANGELES | Central City Project Rundown 5.0

[DistrictDirt]

888 Olive has altered the skyline from vantage point in the Fashion District.





Anyone know if it has topped out or are they going higher?

[Mojeda101]

Has a few floors to go. Drive down 9th if you want an idea of it's scale. If you drive from the east it hangs over eastern covering the whole view from behind. It's huge.

[WonderlandPark]

Love that first shot Districtdirt


The Metropolis lot has been subdivided, so they may be closing the phase I portion to parked cars soon.

Courthouse progress:

[LA_DEVOTED]

Originally Posted by blackcat23

Wow. I think it's safe to say that this proposal is much grander in scale than any of us were anticipating.

Obviously, there are huge questions about feasibility, but I love the ambition. Even if those high rise buildings never see the light of day, the apartments and retail alone would have a transformative effect on the surrounding area.

This seems like a project that would be built in phases over a long timeline, much like City Market. Perhaps they owner is trying to get entitlements before selling it off to a larger developer.

That's exactly what they are doing. But at least they are getting it started.

[LosAngelesSportsFan]

Originally Posted by Mojeda101

Century City broke ground on their 40 story today as Onni's tower is only a few floors from topping out. Isn't it scary to think Wilshire Grand will be the only tower rising in all of the DTLA(Aside from the lame Courthouse)? We need to get things rolling again

Metropolis phase 1 has been fenced off and those two towers are starting construction soon. Also, even though i liked the other proposal for the courthouse way more, i dont think this building is lame. Its going to be pretty cool

[BrandonJXN]

And sorely needed.

[LA/OCman]

Originally Posted by LosAngelesSportsFan

Metropolis phase 1 has been fenced off and those two towers are starting construction soon. Also, even though i liked the other proposal for the courthouse way more, i dont think this building is lame. Its going to be pretty cool

Regarding the courthouse, I agree. After looking at that hole in the ground all these years I am so looking forward to this building. To get money for any Federal Government buildings from this Congress is a real challenge. They must have slipped it in during a congressional recess.

[citywatch]

both a relief & exciting if groundbreaking finally will be occurring shortly on the metropolis proj....although their PR release about a month or two ago did say that june was when actual construction was to begin.

In one way that will be the most crucial of all new devlpt to take place in dt over the next 2 yrs, if only due to its location right next to the harbor fwy....which makes it visible to more ppl each day than perhaps any other site in the hood. It's even more visible than the location of the nearby grand wilshire property, since that's not as easily seen from the fwy. The metropolis proj also is rising on what has been among the largest gaps among several big gaps of any in dtla.

as for the 888 olive st apt tower, based on my counting each floor of it as shown in jgacis's pic of the bldg noted as being taken today, & comparing it with a illustration of the bldg, it appears to have 2 more floors to go before it's topped off.


jgacis, skyscrapercity.com



martinezcutri.com


^ while I can get as thrilled as the next person about new devlpt in dt that is as tall as possible....& seeing the height of the 888 olive bldg does make for extra excitement....the pic of it also is a reminder that alot more land remains in dt that needs to be filled in, such as the parking lot right across the street from the onni proj.

[caligrad]

Here's hoping that Onnis first tower does extremely well, as for 8th and hope. 2 buildings that I hope fill up quickly. Don't want Onni to second guess their other proposals. I will go postal if they do.

[brudy]

Originally Posted by caligrad

Here's hoping that Onnis first tower does extremely well, as for 8th and hope. 2 buildings that I hope fill up quickly. Don't want Onni to second guess their other proposals. I will go postal if they do.

I want them to do well too, but as talked about a few pages back the rents are going to be nuts in these new buildings. Looking at Avant and 8th and Hope, you have to wonder how many people are going to pay 2k for a 600 sqft studio? There are a lot of relatively pricey units coming online this year and you have to wonder if there's that much luxury demand.

[alki]

This is a big deal.....6K jobs. If CA can pull this off, its very likely that Tesla will locate its plant in S. CA where wages are cheaper than N. CA; there's lots of vacant space/vacant land and there's a sizable employee base that's skilled/semi skilled. Two very likely locations: the Inland Empire or the industrial park near DTLA. It could be the start of a new industry.

What else can California offer Elon Musk?

http://www.bizjournals.com/sanfrancisco/...california-offer-elon-musk.html?page=all

[LosAngelesSportsFan]

Originally Posted by alki

This is a big deal.....6K jobs. If CA can pull this off, its very likely that Tesla will locate its plant in S. CA where wages are cheaper than N. CA; there's lots of vacant space/vacant land and there's a sizable employee base that's skilled/semi skilled. Two very likely locations: the Inland Empire or the industrial park near DTLA. It could be the start of a new industry.

What else can California offer Elon Musk?

http://www.bizjournals.com/sanfrancisco/...california-offer-elon-musk.html?page=all

This would be huge win for California and i have been keeping an eye on it. I imagine that the State will offer up land in the Inland Empire or another impoverished area to jump start their economy but if they come to the Downtown area, it would be welcome news for everyone.

[caligrad]

Originally Posted by brudy

I want them to do well too, but as talked about a few pages back the rents are going to be nuts in these new buildings. Looking at Avant and 8th and Hope, you have to wonder how many people are going to pay 2k for a 600 sqft studio? There are a lot of relatively pricey units coming online this year and you have to wonder if there's that much luxury demand.

Yeah I don't understand it. I like that we are getting the luxury condos online. But. Why are developers skipping over the average joes market? Especially downtown, every new condo/apartment coming online is being dubbed "luxury, luxury and oh yeah luxury". I don't need stainless steel appliances, I don't need cathedral ceilings, I don't need marble counter tops and floors, I don't need valet and I don't need some expensive European, put word here _______. All I want is 4 walls to put my living Spaces furniture and 4 more walls to put my Ikea bedroom and i'm happy

[202_Cyclist]

DistrictDirt:

Even saw the lights of the Goodyear blimp...

[DistrictDirt]

Originally Posted by 202_Cyclist

DistrictDirt:


Even saw the lights of the Goodyear blimp...

Have to admit that every time I see it I hear Ice Cube's voice in my head.

[brudy]

Originally Posted by caligrad

Yeah I don't understand it. I like that we are getting the luxury condos online. But. Why are developers skipping over the average joes market? Especially downtown, every new condo/apartment coming online is being dubbed "luxury, luxury and oh yeah luxury". I don't need stainless steel appliances, I don't need cathedral ceilings, I don't need marble counter tops and floors, I don't need valet and I don't need some expensive European, put word here _______. All I want is 4 walls to put my living Spaces furniture and 4 more walls to put my Ikea bedroom and i'm happy

You could make an argument for higher prices in Onni and 8th and Hope, but when you see the prices for the 7-story — boxes like Avant and the Toy Box at 2nd and Los Angeles, it makes you wonder.

And the layouts of these units aren't conducive to roommates. Lots of studios and 1 bedrooms. They're basically looking for rich single people or couples.

As for the finishing details, I wonder how much things like granite countertops or pricey appliances directly affect what rents they charge? I read somewhere that it was a drop in the bucket to the overall cost that it wasn't much. And what about amenities like pools? What do they do to rents? Developers aren't just constructing housing anymore, it's all this quasi-resort garbage where people never need to leave the building.

[LAofAnaheim]

Originally Posted by caligrad

Yeah I don't understand it. I like that we are getting the luxury condos online. But. Why are developers skipping over the average joes market? Especially downtown, every new condo/apartment coming online is being dubbed "luxury, luxury and oh yeah luxury". I don't need stainless steel appliances, I don't need cathedral ceilings, I don't need marble counter tops and floors, I don't need valet and I don't need some expensive European, put word here _______. All I want is 4 walls to put my living Spaces furniture and 4 more walls to put my Ikea bedroom and i'm happy

Aren't you describing Avant, Palmer's developments, Block 8 in Little Tokyo and Related's tower on Grand Avenue?

The simple economics problem is that downtown LA is suffering from a humongous housing shortage. The demand to live in downtown LA is outrageous right now and the supply is not cutting it. A developer knows they can put in basic amenities and still get $2K/month for 1 bedroom.

Outside of Onni and 8th/Hope, everything else being built is middle-class. And unfortunately, as the popularity of downtown LA grows, so will prices.

We have to come to accept that downtown LA's price points will be in line with San Francisco and New York City. As long as demand is high and there is a culture change where people want to move INTO cities....prices are going to skyrocket through demand.

Simple economics.

[brudy]

Originally Posted by LAofAnaheim

Aren't you describing Avant, Palmer's developments, Block 8 in Little Tokyo and Related's tower on Grand Avenue?

The simple economics problem is that downtown LA is suffering from a humongous housing shortage. The demand to live in downtown LA is outrageous right now and the supply is not cutting it. A developer knows they can put in basic amenities and still get $2K/month for 1 bedroom.

Outside of Onni and 8th/Hope, everything else being built is middle-class. And unfortunately, as the popularity of downtown LA grows, so will prices.

We have to come to accept that downtown LA's price points will be in line with San Francisco and New York City. As long as demand is high and there is a culture change where people want to move INTO cities....prices are going to skyrocket through demand.

Simple economics.

No, Avant and Ava are not middle class, either in layouts or in prices. Downtown should not command NYC or SF prices - both of which have crazy restrictions on building either by geography or legislation and both are decades beyond downtown in terms of progress.

The supply/demand is out of whack right now, but there is no way downtown should be commanding NYC/SF rents, given the current state of downtown. They're asking now what they should be asking in 5 years.

[LosAngelesSportsFan]

Originally Posted by brudy

You could make an argument for higher prices in Onni and 8th and Hope, but when you see the prices for the 7-story — boxes like Avant and the Toy Box at 2nd and Los Angeles, it makes you wonder.

And the layouts of these units aren't conducive to roommates. Lots of studios and 1 bedrooms. They're basically looking for rich single people or couples.

As for the finishing details, I wonder how much things like granite countertops or pricey appliances directly affect what rents they charge? I read somewhere that it was a drop in the bucket to the overall cost that it wasn't much. And what about amenities like pools? What do they do to rents? Developers aren't just constructing housing anymore, it's all this quasi-resort garbage where people never need to leave the building.

i agree word for word with this post.

I think the market will adjust however. There is huge demand for downtown rentals from people that can afford to pay $2 - $2.50 a square, but this nonsense of every building starting off at $3 a square is —. There are only so many trust fund USC and FIDM students around

[ConstructDTLA]

Originally Posted by brudy

No, Avant and Ava are not middle class, either in layouts or in prices. Downtown should not command NYC or SF prices - both of which have crazy restrictions on building either by geography or legislation and both are decades beyond downtown in terms of progress.

The supply/demand is out of whack right now, but there is no way downtown should be commanding NYC/SF rents, given the current state of downtown. They're asking now what they should be asking in 5 years.

I also agree 100% ^

We are 15 years (optimistically) from being at CURRENT DTSF level livability. Triple that for NYC. It doesn't make sense to pay top dollar to live in whats at best the 6th nicest Downtown in the nation.