LOS ANGELES | Countywide Project Rundown Megathread

[craigs]

This is awesome news.

And I love that the first phase of construction will include "putting on the massive LED screen planned to wrap around the base of the complex on 11th Street, Figueroa Street and 12th Street." So we will see a difference at the street level relatively quickly.

[Illithid Dude]

I just hope this doesn't become like The Reef where the end product is just a glorified billboard.

[scania]

Originally Posted by Illithid Dude

I just hope this doesn't become like The Reef where the end product is just a glorified billboard.

You are funny. Stoicism would say to turn away from you and never turn back. Lol

[scania]

Originally Posted by craigs

This is awesome news.

And I love that the first phase of construction will include "putting on the massive LED screen planned to wrap around the base of the complex on 11th Street, Figueroa Street and 12th Street." So we will see a difference at the street level relatively quickly.

This is really good news!!! I love the fact they intend to make it the jewel of DTLA!!! Awesome news!!

[craigs]

Originally Posted by Illithid Dude

I just hope this doesn't become like The Reef where the end product is just a glorified billboard.

See, I would have thought you'd be hoping it would disappoint you, so that you can continue focusing only on the negative.

Originally Posted by scania

You are funny. Stoicism would say to turn away from you and never turn back. Lol

Debbie Downer never--ever--has anything positive to say. The likely purchase and completion of Oceanwide Plaza is a net positive for downtown LA, period.

[citywatch]

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Some ppl have no fear of height....look at the person sitting on a steel beam hundreds of feet in the air, much less the guy tightrope walking between the towers.

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Even when online shopping wasn't a big thing, the idea of more retail space in dtla wasn't accepted. The devlpr of LA Live almost 20 yrs ago purposefully made most of its space for food service only, not shopping. Most of the retail in the Grand LA has yet to be leased up.

the 3rd St Promenade in SaMo has a lot of vacancies & SF's major mall on Market St has now closed.

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Converting commercial space in dtla to residential might make sense...

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[SoCalKid]

I have been accused of being a doomer on this forum because I offer my realistic perspective as an active developer in LA. So with that in mind let me just say, this is absolutely fantastic news for DTLA. If this guy can perform, this is the single best piece of news for DTLA we've gotten since pre-covid times.

And I do think he can perform. From what I could find about him online, he is likely a billionaire. And he successfully (and it appears very quickly) put together a $300M hotel project next to SoFi. This project will definitely be his biggest real estate venture to date by a large margin, but it would be foolish to buy this project without the investors and debt lined up to fund its completion, and in my experience, people don't get to where he is by being fools.

Most people in the development/real estate community who looked at this project didn't think it made financial sense to finish it. The conclusion was typically that it would cost more money to complete the project than the finished project would be worth. So this was going to take someone with a long term view willing to place a very hefty, very risky bet on the future of the area. It appears that's what we got here.

My even more optimistic take: IF (and this is a big if) the city makes it a priority to be as accommodating as possible, I think its possible to complete this project by the Olympics. The sale is set to be approved by the bankruptcy court on April 8, and I'm guessing it actually closes ~3 months later. So that would mean new ownership taking control almost exactly 2 years before the Olympics. The structure itself is largely complete, and despite some reporting, in my meetings with former Lendlease people, the thought was that the concrete was in good shape and would not need significant work. The buyer says he plans to finish the project as planned (many interested groups contemplated increasing the number of units by reducing the sizes of the large condos), so there shouldn't be significant time spent on design revisions. So the real hurdles to finishing within 2 years will be LADWP providing power, Building and Safety re-issuing the likely expired building permits and being reasonable with future inspections/sign-offs, and the Bureau of Engineering approving of the previous shoring/streetscape plans. These departments are often a nightmare, but if city leadership makes it clear that they need to move quickly, I see no reason the project can't be completed in two years. The building systems and interior buildout should be totally doable in that time period.

So we should all be celebrating! This might be the single most important development to come to DTLA since LA Live itself.

[LA21st]

Originally Posted by citywatch

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Some ppl have no fear of height....look at the person sitting on a steel beam hundreds of feet in the air, much less the guy tightrope walking between the towers.

• Video Link

Even when online shopping wasn't a big thing, the idea of more retail space in dtla wasn't accepted. The devlpr of LA Live almost 20 yrs ago purposefully made most of its space for food service only, not shopping. Most of the retail in the Grand LA has yet to be leased up.

the 3rd St Promenade in SaMo has a lot of vacancies & SF's major mall on Market St has now closed.

• Video Link


Converting commercial space in dtla to residential might make sense...

• Video Link

Third Street in SM is starting to revive, as is downtown SM in general.
There's really only one bad block in third street anyway, the other two are healthy.

[LA21st]

Originally Posted by SoCalKid

I have been accused of being a doomer on this forum because I offer my realistic perspective as an active developer in LA. So with that in mind let me just say, this is absolutely fantastic news for DTLA. If this guy can perform, this is the single best piece of news for DTLA we've gotten since pre-covid times.

And I do think he can perform. From what I could find about him online, he is likely a billionaire. And he successfully (and it appears very quickly) put together a $300M hotel project next to SoFi. This project will definitely be his biggest real estate venture to date by a large margin, but it would be foolish to buy this project without the investors and debt lined up to fund its completion, and in my experience, people don't get to where he is by being fools.

Most people in the development/real estate community who looked at this project didn't think it made financial sense to finish it. The conclusion was typically that it would cost more money to complete the project than the finished project would be worth. So this was going to take someone with a long term view willing to place a very hefty, very risky bet on the future of the area. It appears that's what we got here.

My even more optimistic take: IF (and this is a big if) the city makes it a priority to be as accommodating as possible, I think its possible to complete this project by the Olympics. The sale is set to be approved by the bankruptcy court on April 8, and I'm guessing it actually closes ~3 months later. So that would mean new ownership taking control almost exactly 2 years before the Olympics. The structure itself is largely complete, and despite some reporting, in my meetings with former Lendlease people, the thought was that the concrete was in good shape and would not need significant work. The buyer says he plans to finish the project as planned (many interested groups contemplated increasing the number of units by reducing the sizes of the large condos), so there shouldn't be significant time spent on design revisions. So the real hurdles to finishing within 2 years will be LADWP providing power, Building and Safety re-issuing the likely expired building permits and being reasonable with future inspections/sign-offs, and the Bureau of Engineering approving of the previous shoring/streetscape plans. These departments are often a nightmare, but if city leadership makes it clear that they need to move quickly, I see no reason the project can't be completed in two years. The building systems and interior buildout should be totally doable in that time period.

So we should all be celebrating! This might be the single most important development to come to DTLA since LA Live itself.

From what I'm hearing/reading everyone is glad he's the buyer. Its def a win.

[plinko]

I'm kind of curious since we have had at least two code cycles since then if there are any significant upgrades that will be required as a result. I don't typically deal with Type I buildings so I'm not sure what has changed in there from the 2019 to the 2025 CBC/LABC.

I know specifically the number of restrooms required for assembly occupancy has essentially doubled in that time. That would make a difference in the public spaces.

Details, details...

[SoCalKid]

Originally Posted by plinko

I'm kind of curious since we have had at least two code cycles since then if there are any significant upgrades that will be required as a result. I don't typically deal with Type I buildings so I'm not sure what has changed in there from the 2019 to the 2025 CBC/LABC.

I know specifically the number of restrooms required for assembly occupancy has essentially doubled in that time. That would make a difference in the public spaces.

Details, details...

That's a very good point. I hope LADBS is willing to simply renew the previous building permits rather than making him go through plan check again. Going through plan check again would likely set this project back a year or two, which would mean barely getting under construction at all before the Olympics. Maybe I'm being overly optimistic, but I have to think City leadership will step in and make sure that doesn't happen...

[Illithid Dude]

Originally Posted by plinko

I know specifically the number of restrooms required for assembly occupancy has essentially doubled in that time. That would make a difference in the public spaces.

Just out of idle curiosity, what does this mean in practice and why did they do this

[citywatch]

Originally Posted by LA21st

Third Street in SM is starting to revive, as is downtown SM in general.
There's really only one bad block in third street anyway, the other two are healthy.

I don't take anything good for granted. I used to think these 2 locations...both tourist hot spots with often good weather & well known scenery....had enough built-in advantages that what has occurred to them wasn't likely. But Covid, online shopping & people wanting to hunker down & stay at home & watch TV or visit or stay in the burbs has done a big number on various cities.

this is from 3 months ago...

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this is from 4 wks ago...


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^ If places like that are vulnerable, I don't know if that means dtla is even more vulnerable. However, it did hit the bottom over 30 yrs ago...when bldgs on Spring St & broadway were mostly abandoned & the area around Oceanwide was quite rundown. The Arts dist was really desolate....although artists looking for cheap rent could take advantage of it. So would have never predicted it could get better. But it does mean that dtla has already been to hell & back.

this is from 3 months ago...

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[LA21st]

Yawn.

Do you actually visit these places in real life or are you terminally online?
The SM news video is filming God knows when, at what hour, to show a narrative.
You just go with anything that they show you, because you seemingly dont' go ANYWHERE. I work in downtown SM as a hybrid (not every day) and I can tell you the videos you show (or what you are showed) aren't reality. You do know...videos are...edited...right? Riiiiight? Bueller?

Are you not aware they do the same thing to Vegas? Once a certain media decides a narrative, they try to show people that narrative with no context when something is being filmed. Thats why all the Vegas videos look "dead" when many people are saying its not really accurate. Theyre also doing this for parts of Manhattan and Miami Beach. I'm sure Nashville will be next.

[edale]

I haven't been to Santa Monica Promenade in a long time, so I can't speak to the health of the retail scene there. But I was recently on Fairfax over by Canter's Deli and that whole stretch is in super rough shape. That used to be one of the coolest and most vibrant streets in the city, and now it has so many vacancies and honestly just looks horrible. I know this area was hit pretty hard during the 2020 looting, and I wonder if the current state is fallout from that time, or if something else is going on.

[scania]

Looks like AEG has proposed a 50 story tower in DTLA behind the Courtyard Marriott.

[Zapatan]

Originally Posted by scania

Looks like AEG has proposed a 50 story tower in DTLA behind the Courtyard Marriott.

Where did you hear this? That's potentially exciting.

[scania]

Originally Posted by Zapatan

Where did you hear this? That's potentially exciting.

https://www.instagram.com/p/DVKOlchAVO3/?igsh=Mzc3ZTVlOWMwZA%3D%3D

[LA21st]

Originally Posted by scania

https://www.instagram.com/p/DVKOlchAVO3/?igsh=Mzc3ZTVlOWMwZA%3D%3D

Nice! So this is addition to the convention center hotel?

[citywatch]

Originally Posted by edale

But I was recently on Fairfax over by Canter's Deli and that whole stretch is in super rough shape. That used to be one of the coolest and most vibrant streets in the city, and now it has so many vacancies and honestly just looks horrible.

Hard to believe! Are you absolutely sure?! I haven't visited Fairfax Ave in real life & I'm terminally online. lol.

Meanwhile, this was just posted...


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This is from last October...

Erewhon, the high-end organic grocer and cafe known for its wellness-focused offerings, is planning a new flagship location in Downtown Los Angeles at 940 S. Hill Street. The company recently purchased the 24,430-square-foot former parking structure for $13.5 million, according to the Los Angeles Business Journal. Located in the South Park neighborhood, the site was previously entitled for a high-rise apartment complex.

This new Downtown LA cafe marks an expansion of Erewhon’s foodservice footprint as the company continues to pair its organic grocery format with in-store dining.

What Now Los Angeles previously reported in January that Erewhon was preparing to open three new stores in Manhattan Beach, West Hollywood, and Glendale, bringing its Los Angeles footprint to 13 locations. The Downtown LA flagship appears to be a separate addition, reflecting continued investment in retail sites throughout the region, with another location coming to Thousand Oaks.

The South Park location is Erewhon’s first in Downtown Los Angeles and represents a strategic move into a dense, transit-connected area undergoing revitalization. While nearby office buildings face high vacancy rates, the residential population has continued to grow, supported by mixed-use developments and hospitality projects.

^ I don't know that company's profitability, but if they're doing well that means never say never. Based on locations like the 3rd St Promenade, the SF centre or a street like today's Fairfax, I'd have estimated a high end grocery store, particularly in dtla, was really risky.

this was around Nov 2015....at the time I wondered if they were being too ambitious...


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this is from around mid 2007...online vids weren't as common as they now are, & images from a cell phone 20 yrs ago didn't have the the greatest of quality. But if a new store in 2007 & another one a few blocks away in 2015 do enough business, I'm assuming erehwon knows what they're doing.

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Kroger-owned Ralphs Grocery Co. today opened its first supermarket in the Downtown Los Angeles area in more than 50 years. The opening of the new 50,000 square-foot Downtown Ralphs Fresh Fare marks Ralphs' return to downtown Los Angeles. The retailer was founded in 1873 with a single store just blocks from the new store. Its last downtown store closed in 1950.