LOS ANGELES | Downtown Project Rundown 3.0

[RAlossi]

Originally Posted by citywatch

[/b]
BTW, I hope your DCBID housing tour last weekend didn't make you suspect that new lofts & apts are starting to struggle in finding buyers & renters.

I have no doubts that the rental market in Downtown is doing extremely well. Of course, that makes it less affordable for a young urbanite such as myself (it stings to think that my BF and I could buy a really nice place somewhere outside of Cali but are forced to rent here), but my time will come.

As far as the condo market, that's something I'm not as familiar with. Most of the projects I've heard of or seen seem to be trying to sell that last quarter of available units, or even just the last few units.

Hal Bastian seemed to think that the market is doing really well, considering the national slowdown. Obviously, no one expects double-digit percentage appreciation, but things are stable, and that's what I've been reading. There's a lot of choices a potential buyer can make at the moment, but not a glut.

[k3d]

I'm not really sure what all this really means but from a few key words and looking at the map that was included it seems CIM Group is applying for an "Early Start" of either or both Park Hope and iHope. It also appears they want less setback as well an increase in condo units and a decrease in commercial. I don't understand the part about 1,297 residential. Isn't that a lot more than the 500 or so the CIM Group website list for both Park Hope and iHope combined? Maybe some of you "experts" can tell me what this means? I could scan the map but they refer C2-4D and C4-4D which is 8th/Hope and 9th/Hope.

[k3d]

Oh and "less trees".

[TOMdowntown]

I think the 1000+ units refers to all the projects that were originally part of the project, including Gas Co. Lofts, Market Lofts, the Muerelo project (once owned by CIM), 8th/Hope and 9th/Hope.

[RAlossi]

Wow, that's interesting. 830 South Flower? That makes no sense to me.

Though a couple weeks ago our company was sent to provide services for a public hearing re: "9th and Flower." There was no community opposition, and the meeting lasted all of two minutes. I put it out of my mind for a while because I thought it was just some minor technical permit application for the 717 Ninth project already under construction.

If it's something else, that would make more sense. Though what would it be?

And if that number refers to all the CIM Group projects, does that mean there's an impending condo conversion for the Gas Co. Bldg?

[RAlossi]

Actually, it does make sense based on what TOMdowntown says, if the -entire- "South Village" project is being referred to in this hearing notice (as "830 South Flower").

This may be the public hearing period of what we previously found out (a while back), that CIM was planning on increasing the height of the iHope (next to IHOP, thanks to fridayinla for pointing that out, har har) and Park Tower projects. Since 717 Ninth, Market Lofts, and the Gas Co. Building are all either completed or under construction, that leads me to believe that this is just a hearing on those two projects' height changes.

I really wonder what they mean by "off-site" trees. How far off-site? And how many trees can they actually fit in those two blocks, anyway? The setback reduction portion of the hearing is all right by me.

[citywatch]

Originally Posted by RAlossi

I have no doubts that the rental market in Downtown is doing extremely well.

I notice in the PDF file on Meruelo's projs, his Union lofts proj at 8th & Hill, condo tower at 717 9th St, & proposed tower at 1150 Grand are all described as:

While each of the units will be a separate legal condominium unit and are being constructed to a high for-sale standard of quality, our business plan calls for them to be initially leased as rental apartment units.

That's good in one way, in that if his business plan were dependent on his putting up new towers, or converting old bldgs, & then selling the space in them to condo buyers, he'd be taking a much bigger risk.

I guess you should take a greater interest in projs like the 3rd phase of the Orsini, if only cuz the addition of new apts to the hood mean there's a greater possibility that rental rates will pleateau & maybe even fall.

Originally Posted by Westsidelife

DominicanLou deserves all the credit.

I have to smack my head for never seeing, or at least never bothering, to read his post. And I know I did go through the thread it's in because I recall LAB's pics of the new Ralph's. I guess since I didn't recognize the handle "dominicanlou" & cuz something about the name "southpark towers" made me think it was one of those 100% pie in the sky type projs, I passed over the post with the link to the mereulo doc.

And d'oh again to me: metroguyinla? who's that? I meant LAmetroguy!

Originally Posted by k3d

I'm not really sure what all this really means but from a few key words and looking at the map that was included it seems CIM Group is applying for an "Early Start" of either or both Park Hope and iHope.

Seeing info like that is one more reason I said before that SSP's forum is way better than SSC's.

Not sure if "early start" means exactly that, referring to CIM's desire to move fast on their proj.

I know they ended up having to do a joint venture with Lee Homes in order to get Ralph's/market lofts proj rolling again, & so I'm not sure how to interpret the words in the public notice. Most important, how are sales at the Market lofts affecting CIM's plans? Is CIM more confident cuz the level of demand still is good enough, or are they worried that if they don't get their proj under construction they'll be totally shut out by competing condo/apt devlpts?

[k3d]

Originally Posted by RAlossi

Actually, it does make sense based on what TOMdowntown says, if the -entire- "South Village" project is being referred to in this hearing notice (as "830 South Flower").

This may be the public hearing period of what we previously found out (a while back), that CIM was planning on increasing the height of the iHope (next to IHOP, thanks to fridayinla for pointing that out, har har) and Park Tower projects. Since 717 Ninth, Market Lofts, and the Gas Co. Building are all either completed or under construction, that leads me to believe that this is just a hearing on those two projects' height changes.

I really wonder what they mean by "off-site" trees. How far off-site? And how many trees can they actually fit in those two blocks, anyway? The setback reduction portion of the hearing is all right by me.

Yes that all makes sense now looking at the map they have all those properties highlighted including 717. And yes, I meant Park Tower. Thanks for clearing that up. As for the trees, an image I found somewhere shows a plan for Park Tower with a park like area on the roof of the parking garage. Maybe they are not going to have that rooftop park any longer. (This not the map from today , it is an old map I downloaded from CIM)


(Photo credit: http://www.cimgroup.com)


(Photo credit: http://www.cimgroup.com)

[ziggy331]

A little bit of a sidenote but I thought some of you who live in downtown might enjoy this. This was posted today in the L.A. Downtown News:

Kings Play for Downtown
Downtown residents will get a special treat this Tuesday, Sept. 18, when the Los Angeles Kings host a free pre-game party at Staples Center. Beginning at 6:30 p.m., locals will receive an introduction to the 2007-2008 team and an update on the latest developments at L.A. Live. Anschutz Entertainment Group President Tim Leiweke and former Kings star and current team President of Business Operations Luc Robitaille will be on hand. Following the event, residents will receive a free ticket to the evening’s game (a pre-season contest) against the San Jose Sharks, which begins at 7:30 p.m. Space and game tickets are limited, and the offer is good only for Downtown residents (who must provide proof of residency when calling to redeem offer). For reservations call (888) Kings-LA. The regular season begins Sept. 29.

[DTLA]

Do what might be an interesting driving force in downtown development is TV and movie exposure. Since DTLA is featured in countless movies, music videos, and about 99% of all commercials that involve a skyline, any new construction projects could use their buildings more or less as giant billboards. It would be idiotic to say that a several billion dollar project would be built just for this purpose, but it may just create that extra little incentive to get these projects built. Every time you see a close-up of downtown you get a built in billboard for US Bank, AON, Citigroup, and countless other companies, so the advertisement value certainly could help the development.

[hughfb3]

On my way home from the grocery store last night found these
Ritz-Carlton Residences Showroom opening up where the former Rodmark/Titan Showroom had a sign. Looks pretty nice inside

Someone was asking about concerto

[WonderlandPark]

Focus Much?

[LAofAnaheim]

Hey all! Ralphs is open until 2 am!!! I was just in there getting dinner, and I've noticed recently that their doors are open past 12 am. I asked recently "are you open past 12?" and the store manager said "yes, we are doing a test run until 2 am...and it's doing well". Kinda odd they do this with no notice. and the signs still say 5 - 12 am But eh, tell your neighbors, friends, etc.. let's get a 24 hour Ralphs soon! They have no timeline on this test run.

[colemonkee]

k3d, thanks for the pics. Anyone else notice that there doesn't appear to be a core on the Concerto tower? I wonder why that is.

[BrandonJXN]

Both cranes are up at the Ritz.

[RAlossi]

Originally Posted by LAofAnaheim

Hey all! Ralphs is open until 2 am!!! I was just in there getting dinner, and I've noticed recently that their doors are open past 12 am. I asked recently "are you open past 12?" and the store manager said "yes, we are doing a test run until 2 am...and it's doing well". Kinda odd they do this with no notice. and the signs still say 5 - 12 am But eh, tell your neighbors, friends, etc.. let's get a 24 hour Ralphs soon! They have no timeline on this test run.

Thanks for the info, man! I called to verify, and the person who answered confirmed that they are now open until 2.

[fridayinla]

Originally Posted by JDRCRASH

I know this sounds "non-hood", but does anybody know when Metropolis will break ground?

Glad you asked. Last I heard it is scheduled for 3Q-4Q 2007, so anytime now. I'm a little relunctant to even mention this (because it's probably nothing), but Monday night I was out with my camera and I decided to walk over to the Metropolis site to shoot from that far corner by the freeway. I noticed the southern-most quarter of the parking lot (adjacent to 9th Street Exit & 110 Fwy) was taped off with those orange cones like we saw on LA Central. I can actually see that lot from the other side of my office (801 Tower - 6th Fl) and there are no cars parked there now. Rest of the lot is completely full. Again could be nothing. We should start keeping a close eye on it though.

[BrandonJXN]

I don't want to get too excited about Metropolis since it's been proposed longer than I've been alive. But even this small bit of news is enough to garner a small bit of interest.

[LAmarODom420]

Have a drink on Daniel Green

Santa Fe Liquor Denial Reversed

News Brief

Community opposition to a denial of alcohol sales in a proposed Historic Core bar bubbled over last week. On Tuesday, Sept. 11, the Central Area Planning Commission tentatively agreed to allow developer Kor Group to sell alcohol on the ground floor of the Santa Fe Lofts building at 121 E. Sixth St. Zoning administrators with the city's Planning Department had previously denied the application, sparking opposition from community leaders and area residents who want more pedestrian nightlife in the neighborhood. The five conditional use permits would allow on-site consumption of liquor for about 500 people and off-site sales. In a June decision, the zoning administrator denied the permits, citing a high concentration of liquor licenses and concern about increasing rents pushing Skid Row service providers from the area. In overturning the previous decision, the commission essentially promised to approve the permits with some conditions when it votes on the issue Oct. 9.

[JDRCRASH]

Thanks for the update fridayinLA!
Funny, the same Orange Cone thing happened to L.A. Central.
Isn't Metropolis divided into 4 Phases?
Perhaps it's Phase 1 that you saw taped off.


ThreeHundred, as far as I know, Metropolis was never approved until recently, so I don't think it's about to go down without a fight!
But, then again, Daniel Green will probably whine and complain about this project, too!