I’ve been watching TEN50 rise from my apartment window for the last couple years. I’ve watched it go from a hole in the ground to a gleaming new tower developed by Trumark Urban and designed by DTLA-based Hanson LA Architecture. It’s been a constant reminder for me every time I look outside that South Park is growing and finally about to hit a critical mass that will transform a once desolate landscape dominated by lifeless parking lots into a vibrant urban community that’s dense and walkable. As an urban enthusiast who understands that mixed-use density is the main key to unlocking Downtown LA’s full potential, I am so excited that in a few months, new residents will be moving into this brand new tower.
Addressing some of the pent up demand for more condos in Downtown LA, SF-based Trumark Urban broke ground last week on a new condo tower just a stone’s throw from Staples Center and the new massive $1 billion Fig Central project, which also just started construction recently. Aptly named Ten50 for its location at 1050 S Grand Ave in burgeoning South Park, plans call for a 22-story tower with three subterranean levels for parking (totaling 25 floors) and 151 condos for sale. The amenity-rich building will strive to be “boutique style” according to the developer, obviously distinguishing itself from the other much larger projects in the immediate area, including the aforementioned Fig Central that will have over 500 condo units.
Check out Realtor Brigham Yen’s newest listing:
In case you missed it yesterday! Los Angeles NBC 4 news ran a great story on the strong recovering housing market in Downtown LA and specifically how well the Ritz-Carlton luxury condos in South Park are selling, now 85 percent sold out (there are 224 units). I am very proud that the real estate firm that I belong to, The Agency, has the exclusive listing on the developer-owned units. I also spoke to the reporter, Angie Crouch, who was awesome for referencing DTLA Rising in the broadcast story!
LA is no stranger when it comes to ultra luxury condo towers, but most are on the Westside (a more suburban, car-oriented section of Los Angeles). Think of Robert A.M. Stern-designed The Century (in Century City) with its new famous penthouse resident Candy Spelling trading in her 56,500 square foot mansion in the Holmby Hills for her new 16,500 square foot digs on the 42nd floor. That luxury condo trend has continued eastward, making its way to Downtown LA where the Ritz-Carlton Residences at LA Live is one of the few truly executive quality housing options available in our urban center — for now. With prices that range from $800,000 to $9.3 million, the luxury condo units are aimed at wealthy buyers who demand great amenities, high appointments, and attentive concierge service.