LOS ANGELES | Downtown Project Rundown 6.0

[citywatch]

Originally Posted by Zapatan

I wonder why they're dragging their feet. Probably the total lack of skyscraper morale in this country.

Must be expensive to hold onto a site like that with no profit...

I still don't understand why equity residential based in chicago never went forward on their apt proj at the NE corner of 4th & Hill St. I focus on that one site because it's right next to the heavily visited grand central mkt & the nearby angel's flight, so it's in a high visibility part of dtla.

I believe new apts in dt have leased up ok or rather quickly, even more so when they're subsidized as some of the units in equity's proj would have been. But maybe that lowered the proj's profit margin so much that the devlpr decided to bail? I know that equity had been fighting threats of lawsuits from nearby tenants or property owners who complained the bldg would have caused too much congestion or blocked their views of bunker hill.

as for a new addition to dtla, the 6th st bridge is actually a more ppl friendly conversation piece than certain very famous and much larger bridges elsewhere are. That's mainly because 6th St has floodlights & sidewalk lights as a part of its design features, which bridges known throughout the world for being in a lot of fog or that connect to a borough associated with ppl who speak with a certain dialect don't have.


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But if such things in dtla aren't kept safe & clean, the novelty will wear off very quickly.

[craigs]

LAisthePlace, thanks for posting those pics--especially the second one!

[citywatch]

this youtuber does a nice job in giving a sense of dtla & also other areas throughout the basin & the OC. Paving over the street between the former staples, now crypto, arena with LA Live will at least give a visual continuity to the area.

I've read that retail....restaurants....have to turn over so many tables per night in order to meet their daily sales margins. The pandemic & aftermath of ppl cutting back on spending...or avoiding dt due to publicity about homeless camps & crime...probably are making things more difficult for some of the restaurants in LA live.


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the led message boards of the moxy hotel & circa apt towers are also shown quite a bit. Some of the newer apt bldgs of south pk...lit up...are also seen in the vid. I recall when that part of dt was very dark & quite gritty. It definitely didn't reflect well on dtla...on LA. So when ppl say that LA is in worse shape today than it was in the past, they're both correct (homelessness, crime, tagging, cost of living) but also very wrong too.

[citywatch]

the youtuber jsocal does a walking tour of a part of Grand Av north of 12th St. Because of the trees on the west side of the street, it has an east coast look about it. But the landscaping on the east side has succulent plants, which is pretty much a West coast or LA look. Personally, I think the west coast or LA vibe looks friendlier & is literally warmer too....succulent type plants...which some ppl may describe as odd or alien looking ...can't be grown in colder weather cities.

https://youtu.be/ffGhy2HxxG0?t=139

^ that's one reason why rooftop bars or pool areas in cities like LA have not just a different look than such locations do in a town like NYC, but it's also easier or possible to sustain that look....drought notwithstanding.

I recall when the southern part of dtla was nothing but parking lots & old rundown industrial type bldgs. It wasn't exactly a great foreground to newer devlpt further to the north.

BTW, the old art deco style bldg on the SW corner of 12th St & Grand ave that the youtuber passes by is supposed to eventually be replaced by this:



la.urbanize.city

[nmkef]

Originally Posted by LAisthePlace

8th & Fig looking might be (and nice!) as it takes place in the skyline.

Has been a pleasure watching this one rise.

Another angle including brookfield

[scania]

Great pic!!!

[Zapatan]

Great pics! Can't wait for 1000 Hill, imagine the city views from those balconies too.

[Blesha13]

What’s that silver box-type atop the Beaudry? I don’t remember seeing that in the renderings. Loving that density around 7th and Fig though! Wish we could see more of that around Bunker Hill. Not a fan of the public plaza around the Bonaventure and Union Bank. Thank god for Brookfield coming in clutch for 333 S Hope.

[craigs]

Originally Posted by nmkef

Another angle including brookfield

Thanks for posting the pics--the skyline is looking great. And 8th and Fig is really climbing fast!

Originally Posted by Blesha13

What’s that silver box-type atop the Beaudry? I don’t remember seeing that in the renderings.

What silver box--do you mean the scaffolding up top?

[DownTown Giant]

;This one of the best skyline images that I have seen ever !
Great position, and composition....

[scania]

Originally Posted by Blesha13

What’s that silver box-type atop the Beaudry? I don’t remember seeing that in the renderings. Loving that density around 7th and Fig though! Wish we could see more of that around Bunker Hill. Not a fan of the public plaza around the Bonaventure and Union Bank. Thank god for Brookfield coming in clutch for 333 S Hope.

To my knowledge it’s just not in the renderings. It’ll be interesting to see how the top looks when completed.

[craigs]

Originally Posted by DownTown Giant

;This one of the best skyline images that I have seen ever !
Great position, and composition....

Agreed.

nmkef, would it be possible to post a larger version of that skyline pic? It's a fantastic vantage that we almost never see.

[nmkef]

Here's links to fullsize:

https://imgur.com/a/VL9CZhw

https://imgur.com/a/u3SjdDp

I have some wider angles I can post later.

FYI, while my shot is from a private rooftop, you can get similar views from the Proper Hotel in DTLA (Cara Cara restaurant)

[Ldm1995]

This may have been asked before and I missed it, but I am curious how long the Oceanwide Project can stay open to the elements in the condition it is right now? I was walking past it yesterday and all I could think is that it can't be good for a project to be exposed to the elements for as long as has been. Does anyone have any insight into this and exactly how far along the project is if it gets picked up again or another company buys it out?

[LAsam]

Originally Posted by Ldm1995

This may have been asked before and I missed it, but I am curious how long the Oceanwide Project can stay open to the elements in the condition it is right now? I was walking past it yesterday and all I could think is that it can't be good for a project to be exposed to the elements for as long as has been. Does anyone have any insight into this and exactly how far along the project is if it gets picked up again or another company buys it out?

The non-retail portions of the structure appear to have been sealed prior to halt of construction, right?

[colemonkee]

Short answer is quite a long time. It's cast-in-place, steel reinforced concrete, which is the same construction method for bridges, overpasses, and viaducts in most of California, which are exposed to the elements 24/7. As long as you don't have cracking or spalling - which should be caught in inspections as the building goes up - these things could be exposed to our relatively light Southern California weather patterns for a decade or more without substantial structural issues.

[citywatch]

Originally Posted by Ldm1995

This may have been asked before and I missed it, but I am curious how long the Oceanwide Project can stay open to the elements in the condition it is right now?

I recall the steel framework of a condo tower over 25 yrs ago going up on wilshire blvd in westwood that sat unfinished for yrs. That was in one of the most visible, more prestigious sections of LA too. Ppl forget just how weak an economy can become. If the equity residential proj...from a company based in chicago...at 4th St & Hill couldn't get underway, the oceanwide proj, sponsored by chinese sources, also probably has a very uncertain future.

Look at how properties like this one sat abandoned for yrs...this is the first time I've seen an apple class presentation that uses the same area of the tower theater's movie screen. I still can't figure out how ppl over 40 yrs ago sitting in the back of the room...in the balcony...could see the screen without squinting.


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[nmkef]

Originally Posted by Ldm1995

Does anyone have any insight into this and exactly how far along the project is if it gets picked up again or another company buys it out?

Perfect timing, as oceanwide just posted their 2022 interim report today
https://media-oceanwide.todayir.com/...0405471_en.pdf

Construction status is same as previously mentioned in their reports:

Construction works for all main structures were completed in 2018; curtain wall installation works for the main structures were completed; over 85% of electrical and mechanical controls and end devices of the tower building were completed; 70% of the installation of the project’s overall electrical and mechanical systems were completed; and over 60% of interior drywalls in towers 2 and 3 were installed.

as far as what has actually been going on, this is their report of "what's happened" in the last 6 months specifically related to Oceanwide Plaza... my emphasis in bold

As the Company has liquidity issues, the construction of the LA Project was still remained suspended to date. During the Period, the Company has maintained the project with minimum cost contributed. The Group is now actively negotiating with potential investors on project financing, disposal or joint development plans, with goals to resume construction, to complete financing for the project and to pay off all current debts to the creditors for the project. During the Period, the Group had discussion on financing and cooperative development with 9 groups of investors and financing institutions to compare and negotiate various terms of the cooperation. Considering (1) the sharp rise in the operation and construction cost year by year in the U.S. real estate market due to tightened supply which resulted in surged cost since the pandemic; (2) short-term market changes such as a sharp contraction in residential sales, a decline in profits of the residential leasing market and a decrease in income from the commercial real estate due to continuous severe hyperinflation; and (3) the sharp rise in financing costs due to interest hike by the U.S. Federal Reserve since 2022, the Group plans to slow down the resumption of the construction project, and continue the selection of partners within this year. When an upward inflection arises in the U.S. real estate market in 2023, the construction is then expected to resume in order to obtain the best return on investment. According to the development plan, it will take around two years of development time to complete the project after its resumption. Construction is expected to resume with the funding available in 2023. The on-site construction requires the completion of roof works, the exterior walls and facades of all tower buildings and podium buildings, LED steel structure and equipment installation, installation of all elevators, electromechanical and wall system, interior decoration for hotels and residences, construction of sky gardens and site gardens, steel structure installation of small podium buildings on the south, the facade curtain wall installation, installation of the mechanical and electrical fire protection, safety escape system equipment and the interior decoration. Therefore, the project is scheduled to be completed and put into operation in 2025 if construction resumes in 2023.

tl;dr Oceanwide still thinks LA is their highest priority, claims to be in talks with 9 different investors, and claims that "when" the real estate market improves in 2023 they'll resume construction with est. completion in 2025.

....yea we'll see!

[caligrad]

^^^ Even if they secure investors, and restart in 2023, why on earth would it still take them 2 full years to finish? i would say a year tops. Not to pressure anyone to do anything illegal or anything but any adventurers want to go inside to sneak some pics? HAHA I'm kidding I'm kidding........... and will plead the 5th in court. But anywho. They should just sell at a bargain price and move on. Surprised no one is will to buy it for a Billion. I feel it's worth at least that, could easily get that money back with the condo towers alone.

Originally Posted by Ldm1995

This may have been asked before and I missed it, but I am curious how long the Oceanwide Project can stay open to the elements in the condition it is right now? I was walking past it yesterday and all I could think is that it can't be good for a project to be exposed to the elements for as long as has been. Does anyone have any insight into this and exactly how far along the project is if it gets picked up again or another company buys it out?

Like Colemonkee said, Oceanwide is good for a while before anybody has anything to worry about. Plus, the towers for the most part are completed so not too exposed to the elements.

Resort world in Vegas still managed to use the foundation and six floors of a project that was abandoned and left to the elements for 10 years. It hasn't toppled over yet, and I think we all know that the Vegas elements are horrendous in comparison to LA lol.

[citywatch]

I don't know how stable any of these companies are, but getting the faded pink american apparel bldg hopefully repainted & reactivated will be a good thing...

The Great Billionaire Bore-Off Continues in Los Angeles

Virgin Hyperloop, founded by Sir Richard Branson in 2014, had a head start on Musk, who formed The Boring Company in 2017 after outlining his own plans for hyperloop transport three years prior. Both firms are trying to create high-speed transportation tunnels that people in high-density metro areas could use daily, snapping their cars (or, if you’re Boring Co., just Teslas, of course) onto skates that shoot them through underground channels at hundreds of miles per hour.

Virgin Hyperloop moved just one mile away from its previous base in Downtown LA, adjacent to the LA River. The new 49,862-square-foot office setup at ROW DTLA will see Virgin occupying the former American Apparel building, owned by the clothier until it filed for bankruptcy in 2016.


rackedla

Virgin Hyperloop’s head of human resources Benjamin Savage said in a statement Monday that their “new headquarters in this vibrant area represents a new beginning for the company.” He added that “the space is designed to support our transition from technology to product development.”

Musk actually moved the Boring Co. out of LA in late April, opting for headquarters in Pflugerville, Texas, where the company plans to build a new 80,000 square-foot warehouse to support operations.