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Originally Posted by Hudson11
CYA Paperwork like that doesn't mean a project is cancelled. The same developer can revive it or sell the land and another developer could reapply to build something. But this is shelved and won't rise anytime soon. No investors will put down money for luxury hotel/residential in LA on this scale when there are sporadic covid lockdowns and other issues.
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I'd predict that it'll be sold to another developer, since this one doesn't seem to have any background or experience whatsoever. Not sure how likely starting out their development portfolio with a near 1K foot building is, seems like a stretch.
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There's only two major residential/hotel projects in the Downtown area under construction right now both of which have been long term projects prior to covid, Gehry's The Grand and Brookfield's 755 Fig. Onni seems bullish so Mirror Times Square might start up, but won't be delivered for several years.
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8th and Fig and Pico & Fig are both U/C to my knowledge and both 500+. So in total there are currently 4 500+ U/C downtown, one of which is about 700', not to bad for LA during covid honestly
Onni would be awesome, I think they're trying to have Angel's landing by the 2028 Olympics too. Hopefully post Covid some of the other big boys start up.