With the exception of the Medallion apartments at 4th/Main, there have been no ground-up market rate housing developments built in the Historic Core in Downtown LA. Pretty much all new lofts and condos in the Historic Core that have come on the market over the last decade have been conversion projects taking advantage of the adaptive reuse ordinance. All that’s about to change, however, as numerous high-rise projects have been proposed in the Historic Core that will be the next evolution of Downtown LA’s urban revitalization, filling in all those anti-pedestrian surface parking lots. We won’t have to wait too long for some action because the exciting new chapter for the Historic Core begins now with Topaz, a new mixed-user, that broke ground last Friday near 6th/Main.
Category Archives: mixed-use development
We all know the Downtown LA real estate market is already hot, but it just got way hotter in here. Escrow closed yesterday on Watermarke Properties’ trophy property, Watermarke Tower, in South Park selling for a record breaking price of $160.5 million. Purchased by Bethesda, MD-based ASB Real Estate Investments (they also just bought a huge property in the Arts District), the 35-story luxury apartment high-rise with 214 units is apparently the most expensive apartment community sold in the state of California — ever. To be specific, it is one of, if not the state’s most expensive trade based on a per unit basis coming in at approximately $750,000 for each unit. The deal was brokered by HFF Managing Director Mark Peterson.
Yesterday was so much fun. I was invited by FOX 11 to come on their noon show to talk about Downtown LA (my favorite subject of course) and all the newest exciting things happening that are putting our once ignored urban center back on the map. Check out the video above and here are the topics we covered:
- New high-rises proposed in the Historic Core
- New developments blocking sidewalks an issue for pedestrians
- Broadway’s amazing road diet and pedestrian plazas
- Retail continues with Macy’s Plaza $180 million makeover
- And Trader Joe’s rumors!
Thank you again so much to FOX 11 News!
Almost two years after developer Wood Partners first began construction, the new 8th+Hope apartment tower began accepting resident move-ins earlier this month in August. Designed by Atlanta-based The Preston Partnership, the modern gleaming tower clad throughout in blue-green glass rises 22 stories high and adds another 290 rental units to the market including: 1, 2, and 2½ bedrooms with square footages ranging from 707 to 1,634. Every single unit gets a private balcony. Impressive.
The Historic Core in Downtown LA is where it all started after the adaptive-reuse ordinance was passed in 1999. Developer Tom Gilmore first took advantage of the new ordinance and converted three vacant and dilapidated historic buildings into 230 live/work lofts in what is now known as the Old Bank District at 4th and Main. It’s definitely come a long way since 1999. Over the last 15 years, the Historic Core — with its massive stock of, what else, historic buildings — has become a mixed-use residential hub with increasing numbers of restaurants, bars, and yes, even retail. Now that a good chunk of historic structures has been converted to mostly housing, it’s only logical for the next step in Downtown LA’s evolution toward urban maturity to begin building new ground-up projects as well that will help fill in those surface parking lots that have disrupted the urban fabric with its negative, anti-walking sprawling effects. Now, the exciting continuation of the Historic Core’s revitalization includes three new proposed high-rises set to break ground in the next year: the 38-story SB Omega, the 15-story Broadway Lofts, and the 33-story Hill Tower Lofts.
By now, most of you have probably heard that America’s new favorite movie chain, Alamo Drafthouse Cinema, is coming to Downtown LA opening within The Bloc (formerly known as Macy’s Plaza), which is going through an exciting $180 million makeover. For me, I am particularly excited about Alamo finally making its way here because of their “ironclad” policy for no talking and texting during a movie. THANK YOU ALAMO! Where have you been all my life? One of my biggest pet peeves ever is going to the movies and having to deal with rude-inconsiderate people who text and sometimes even check/update their Facebook or Twitter while a movie is in progress. We’ve all sat near someone during a movie who just can’t seem to shut up, ruining the entire movie-going experience for all of us. I’ve even had the pleasure of sitting next to a guy who picked up his phone and actually had a full-on conversation (for about a whole minute) while the movie was playing. As a result, I usually end up with a ton of anxiety before a movie begins thinking: “Gee, I wonder how many people will be texting on their phone this time.”
Less than two weeks ago, DTLA Rising broke the very exciting news that AEG had signed a lease taking over the entire Desmond Building in Downtown LA’s rapidly growing South Park district. The beautiful historic structure built in 1916 sat empty and dilapidated, sadly, for many decades even though it sits directly across the street from multiple high-end residential buildings including the South Group condos (Elleven, Luma, Evo) and the Met Lofts. But now the Desmond will be getting the much needed TLC it deserves when AEG — owner of nearby Staples Center and LA Live — relocates their ticketing and live entertainment divisions into the Desmond come next year.
It’s been three months since construction first began on the parking structure that will be attached to the new and exciting 888 S Hope, a brand new 33-story residential tower about to break ground later this year in burgeoning South Park. Being developed by LA-based CIM Group, new renderings from RTKL — the architect firm designing the project — show lots of retail space on the ground floor of both the parking structure and the tower itself. As you can see in the renderings (above and below), ample retail space will face Hope Street and wrap around the tower along 9th Street bordering the upcoming boutique Empire Hotel.
We already know the Arts District is hot on the development radar in Downtown LA. Over in NoArDi (aka North Arts District), several very large projects in the making are transforming the once desolate industrial warehouse district into an active and vibrant residential and artistic community. The massive One Santa Fe project with 438 apartments and a 99-seat community theater along with the MegaToys Lofts with 320 apartments — both under construction — will be adding thousands of new residents in the coming years. And the exciting recent announcement of Hauser Wirth & Schimmel converting an old flour mill on 3rd Street into a 100,000 square foot art center complex — befitting of the district’s namesake — is slated to open in 2016. But NoArDi shouldn’t have all the fun. Now SoArDi (aka South Arts District) will be the next to receive a large mixed-use project near 7th/Alameda just a stone’s throw from fashion juggernaut Alameda Square (headquarters to American Apparel, Splendid/Ella Moss, and Groceries Apparel).
This totally made my day! Great news via Building Los Angeles, a beautiful historic gem in the heart of Downtown LA in what is now known as the Jewelry District is slated for adaptive-reuse conversion. Designed by architect Claud Beelman, the art deco building will be converted to 165 residential units according to plans submitted to the city. In addition, there are plans for two restaurants and a bar lounge. Located at the SW corner of 7th/Hill — arguably one of the most significant intersections for the future of downtown retail growth along the main east-west pedestrian axis of 7th Street — the 13-story historic edifice was once the flagship store for the LA-based Foreman & Clark department store established in 1909, which actually opened its first store at 3rd/Main.
[Update 9/10/14: The Vail recently received its Certificate of Occupancy from the City and is now accepting rental applicants]
Brand new to the market! Located at 735 S Broadway near the 8th Street intersection, The Vail adds six new spacious 1,800 square foot lofts for rent to Broadway with 3,800 square feet of ground floor retail. Built in 1908 as the Rowley Building, the historic conversion project is from the same developers who brought us The Mandel in Downtown LA. According to the developer, “The Vail” was a small department store that once occupied the building in the early 1900s.
- Six brand new lofts for rent (2 per floor)
- 1,800 square foot lofts
- One bedroom units on 2nd/3rd floors
- Two bedroom units on penthouse level
- Brand new stainless steel kitchens
- Washer and dryer included
- 15+ foot high ceilings
- Exposed original brick walls
- Interior courtyard with patio balconies
- Pet friendly
For more info and/or to schedule a viewing, please email Brigham Yen.
(More pictures of The Vail below)
A large 440-unit residential mixed-use project called Avant is now nearing completion on the southern edge of South Park in Downtown LA just south of Pico and across from the LA Convention Center. The three phase project — developed by Century West Partners and designed by local Downtown LA architect firm GMP — is comprised of three separate 7-story buildings with studios, 1 and 2 bedroom apartments. Situated between Figueroa and Flower Streets, the first phase facing Flower with 76 rental apartments (including 4 live/work units) is now accepting move-ins with already 30 units leased out and 10 units scheduled to be occupied by the end of May. The second phase facing Figueroa with 171 units is slated to open next month in June with an exciting designer showcase event spanning three days (June 24 thru 26) that will allow prospective residents to check out some really decked out designer model units. With 193 units, the third and largest phase — also along Figueroa and just south of the second phase portion separated by a surface parking lot — is actively under construction with the wood framing still exposed and scheduled to be completed by early 2015. Building Los Angeles reports that another mixed-use project is already in the initial planning stages to fill in the surface lot between the two Avant buildings.
It’s amazing and so very exciting to see the massive Michael Maltzan-designed One Santa Fe project taking shape on the eastern edge of Downtown LA in the burgeoning Arts District, which is rapidly becoming one of the hottest neighborhoods in all of Los Angeles with new trendy shops like Warby Parker and Blacktop Coffee as well as EightyTwo barcade opening recently down the street. One Santa Fe — sandwiched between SCI-ARC and the Metro rail yard — will be a huge game changer for the Arts District adding an additional 438 apartment units for rent (potentially increasing the downtown population by another 650 residents) and adding lots of new businesses and community amenities (like a 99-seat theater) that will help inject more pedestrian activity into the immediate area, including an exciting new grocery store called GROW that’s planning to open later this year within the One Santa Fe courtyard.
Wow Downtown LA is just buzzing with grocery store news lately huh? Yesterday, there was some exciting rumors that we posted that Trader Joe’s may be opening a store at The Bloc in the Financial District, and now some more exciting grocery news to share that a local LA market called GROW in Manhattan Beach is planning to open later this year at the massive Michael Maltzan-designed One Santa Fe mixed-use project in the rapidly developing Arts District.
Rumors are once again sizzling up, even saying it’s “confirmed,” that Trader Joe’s is closer to opening a grocery store in Downtown LA. You remember earlier this year when the exciting rumors had surfaced that the holy-grail-of-all-markets-for-Downtown LA, Trader Joe’s, was sniffing out potential sites? This would obviously be after their “three year ban” on downtown finally comes to an end later this year. LA Weekly even ran an update to the rumor reporting that a rep from Trader Joe’s said “Downtown Los Angeles is not in our two-year plan.” This all makes sense now (explained below) given that the latest rumor says Trader Joe’s may have found a new home at The Bloc — the highly anticipated and super exciting $160+ million makeover of Macy’s Plaza located in the heart of the Financial District opening in late 2015/early 2016.