One of the most highly anticipated (and much, much needed) retail-focused projects in Downtown LA is the exciting $180 million makeover of The Bloc (formerly Macy’s Plaza). We’ve been watching the massive project unfold ever since it was announced exactly a year and a half ago (boy how time flies). We know Sheraton is getting a $40 million upgrade and Austin-based theater Alamo Drafthouse is coming to the third floor. And now some more exciting details have been revealed including two new retail concepts that will surely help put the new shopping center on the fashion map in a very crowded Los Angeles market. San Francisco’s uber cool men’s store Wingtip has signed on to open a massive location (this will be only their second store) in addition to a brand new retail concept from the owners of Apolis and Alchemy Works both located in our very own Arts District.
Category Archives: mixed-use development
One of the most important plots of empty land centrally located in Downtown LA’s development landscape is the huge-ass parking lot across from Staples Center in South Park. The 4.6-acre site was purchased about a year ago by Beijing-based Oceanwide from Moinian Group for $200 million, according to the LA Times. That’s an astonishing $43 million per acre. What is set to rise here will not only fill in a huge gaping hole in South Park’s urban landscape, but will also be the next biggest thing in Downtown LA’s development pipeline.
Like my favorite 90’s kid show Where in the World is Carmen Sandiego?, the hunt for the elusive Trader Joe’s continues in Downtown LA. We were oh so close, but no cigar. Unfortunately, the other deal fell through at The Bloc where it was originally “supposed to” go. Apparently, the location of the proposed market in the back of the shopping center — with its slanted grade change — didn’t jibe with our wonderful purveyors of Two-Buck Chucks. But wait! With the fast-approaching arrival of Whole Foods just down the street, it looks like Trader Joe’s may not want to end up too far away after all — hopefully it sticks this time. According to multiple credible sources, Trader Joe’s is currently eyeing and in early negotiations with a strategically located historic structure at the edge of the moribund Jewelry District.
New owners of the former Coca-Cola factory building in the Arts District have just released some very exciting renderings of the conversion project they plan to implement for the historic production facility built a century ago. The owners — a joint venture between LA-based GPI Companies and NY-based Atlas Capital — plan to invest a substantial amount of funds (in the multi-millions) to redevelop the property into a creative office and retail hub that will restore and highlight the building’s amazing vintage character — including the beautiful red brick that makes up most of the facade.
We last checked in with One Santa Fe about 6 months ago when it was still a big construction site and it’s so exciting to see something this huge and game-changing coming to fruition. Designed by renowned architect Michael Maltzan, the massive 438-unit Arts District project (a quarter of a mile long) is already filling up with new residents and signing new leases with unique and exciting shops and eateries. Dubbed “The Yards at One Santa Fe” (a reference to Metro’s train maintenance yard next door), the retail center on the ground floor is preparing to launch one of the most exciting indie retail concepts in all of Los Angeles that’ll give cross-town Abbot Kinney a run for its money. Three more new additions have just signed on: LA’s Wittmore, SF’s Voyager Shop, and a new Asian eatery called BOL, all expected to open in the first quarter of 2015.
[Update 11/20/14: According to the PR for La Brea Bakery who contacted me today, the eatery pulled out of The Bloc because upon further investigation, the space itself was not a “good structural fit for the potential café.” The PR rep added, “La Brea Bakery continues to look for spaces and partners for licensed cafés that will bring artisan foods to the communities they serve.” Bummer.]
Since it was announced last year, many downtowners have been following with so much excitement the amazing redevelopment of The Bloc in Downtown LA. Formerly known as Macy’s Plaza, the reopening of the shopping center in late 2015 will be one of the most highly anticipated developments in Downtown LA’s urban renaissance, mostly because it sits in such a strategic location in the heart of the Financial District. If it remained shitty, it would continue to stifle downtown’s potential. If it’s successful at drawing people after it reopens, it obviously will do wonders for the continued revitalization of Downtown LA. And a very important part of what will make The Bloc attractive is the extensive remodeling work that will go into the Macy’s department store, including the exciting addition of a La Brea Bakery — a Southern California icon.
Long anticipated, today it was finally revealed what hotel brand would take over the upper portion of Downtown LA’s newest and most exciting ground-up development in years — the Wilshire Grand Tower. The new hotel will be an Intercontinental Hotels & Resorts with 900 rooms. It’ll be the first hotel on the west coast to have a sky lobby (on the 70th floor) and will be considered the largest Intercontinental in the Americas according to a press release.
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.
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.