Quote:
Originally Posted by blackcat23
by Roger Vincent
The six-story, 220-unit development called the Valencia will rise at the northwest corner of Wilshire and Valencia Street, Astani said. He paid Horacio Carlso Vignali $7.6 million for the 1.5-acre site now occupied by vacant commercial buildings and a parking lot.
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It will be
if things turn out where his new proj on Wilshire ends up being the one that moves forward instead of the one he originally was working on, the angelena proj next to the brockman bldg. all these locations are important in their own way....esp if one actually is in dt & noticing how all the gaps added together work against the sections that have been improved....but wilshire at valencia st is a bit less visible & important than 8th St between Grand & olive sts.
this is the location as it currently looks....not in great shape but still not as
as some other properties throughout dt are....
maps.google.com
Some ppl are
&
if a new proposal doesn't involve a taller tower. But I'm guessing that one reason why we in LA get fewer highrise apt bldgs is cuz of the greater cost of construction due to earthquakes. that & some other reasons...although if owners can fill up new bldgs rather quickly, then the problem of a lack of demand or ppl's unwillingness to pay enough $$ in rent doesn't exist today as it may have several yrs ago.
I still remember the owner of the apt tower at fig & olympic saying.....around 3 yrs ago (or more?)....that his proj wouldn't pencil out if the economy at that time----around when they were completing work on it----had been the way it was when they first broke ground on their bldg. A few yrs later & the newest proj they're working on a few blocks to the east, at olympic & hill, will be a lower rise wood framed bldg. Their webpage shows the devlpt still hasn't raised all the $$ it needs to get started....& that's in spite of the proj being probably less expensive & easier to construct.
hanoverco.com
Quote:
Investment Details
The 1.47 acre site is located in the heart of downtown Los Angeles, on the northwest corner of West Olympic Boulevard and South Hill Street, half a mile north of I-10 and half a mile east of I-110. The Site enjoys exceptional access to the interstate system and local thoroughfares. The Site also lies within the South Park District of downtown LA. South Park is one of LA's newly popular areas, providing exceptional residential amenities and a myriad of trendy destinations. The district covers 25 square blocks and is bounded by I-110 to the west, I-10 to the south, Main Street to the East, and 8th Street to the north.
Hanover Olympic Boulevard
Los Angeles, CA
Downtown
287 Units
Mid-rise
Equity Committed
Debt Available
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as for why companies still aren't moving to dt, it's therefore even more important that other
parts of the big picture are helping make up for that......
Quote:
We’re sipping glasses of the 107 proof “good stuff” in a padded booth at his Los Angeles bar Seven Grand, where Moses tells me about the lady who may have just inspired her grandson’s rise as the king of downtown nightlife — 12 bars and restaurants and counting.
There’s The Varnish, which he opened three and a half years ago in the back of Cole’s French Dip — an L.A. relic known mostly for inventing a mediocre sandwich. But Moses saw potential, and an unused stockroom in the restaurant’s rear, which he transformed into a destination cocktail lounge serving classics like the bramble and gin fizz to a crowd of industry and Hollywood stars. The rest of Los Angeles seemed to follow, and this year The Varnish won Best American Cocktail Bar at Tales of the Cocktail. The honor is more Oscar than People's Choice in the nighlife world. And of course, there was a speech.
“Seven years ago I came out here and everybody was laughing about the bars in L.A.," he said while accepting the award from the stage in New Orleans. And, indeed, times have changed downtown, where Moses’ outlook has been slightly bullish. Under his 213 Nightlife umbrella, he’s opened or taken over an authentic Irish pub (Casey’s), 300-bottle whiskey bar (Seven Grand), a well-polished neighborhood tap (Golden Gopher) and a rum bar whose entrance is only found after walking through a parking garage (Caña Rum Bar). This goes along with an estimated 40+ buildings and leases he owns in the surrounding neighborhood.
You have embraced downtown Los Angeles with great vigor, and investment. It’s similar to what Drew Nieporent did with Tribeca. Why is this such a great place to open bars?
Starting in the late '90s I had a vision to build 10 bars down here. It was a clean slate — there was a ton of real estate with a ton of character that was available to build bars and restaurants, and I felt that downtown was about to make a huge turn towards the perfect demographic to go to bars. All of the places that I opened already had character and history. Any place that has four dry walls around it has no soul or character — and is bound to fail.
What is the residential scene like now?
People wanted to move downtown for the last 20 or 30 years but they couldn’t because the zoning on all of these buildings didn’t allow them to be turned residential. As soon as they passed the Adaptive Reuse Ordinance, I left my former career [as a financial manager] and invested everything in downtown.
These were basically shitholes when you took them over, no?
People thought I was crazy to open even one place here. People thought I was out of my mind to give up a multi-million dollar per year Wall Street career to build 10 bars on Skid Row. Those same people on Wall Street who told me I was crazy lost their jobs in the next six or seven years [laughs].
Look now look at all these places down here. There’s The Parish… The owners are all friends of mine. A lot of them are people that worked for me at one time and I have encouraged them to come down here. I talked Bottega Louie into coming in, Mo-Chica into coming in.
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