After more than two and a half years of construction, Chinatown’s very first market rate housing development called Jia Apartments is now officially open. Developed, owned, and managed by Equity Residential, the new mixed-use project — with a new Starbucks opening in early April and a couple more restaurants in lease negotiations — rises six stories adjacent to the striking Chinatown gateway with its twin golden dragons guarding the Broadway entry. Jia Apartments, which cost $93 million to develop, signals a new economic incline for Chinatown as more money is being invested into this northern district of Downtown LA. Finally, Chinatown joins the rest of downtown’s development wave that has reinvigorated the city center with new life and regional relevancy.
Terra Bella, a 28-unit luxury condo building under construction at the corner of Marengo and Cordova, has crews currently working on the detailing of the exterior facade. The mixed-use building (residential condos and one commercial space at the corner) is starting to resemble the initial renderings (see below) that the developer, Legendary Development, provided me.
I am glad to learn that one of my favorite mixed-use developments in Downtown Pasadena, The Livingstone, is doing quite well sales-wise. According to the developer, there are now 11 units in contract (out of a total of 32 units). Also, the developer will offer a second loan of 10% (at 5% interest only) toward the down payment so buyers putting down 10% can avoid paying PMI.
For those who have not had a chance to view the condo units for sale inside the Raymond Renaissance, I wanted to post these interior shots of two model units that are on the second floor. One is a two-bedroom unit and the other is a loft.
The Van Tilburg, Banvard & Soderbergh-designed Granite Park has made some exterior visual progress since I last walked by several weeks ago. At 71 units, the developer states that “no two residences are alike.” Also interesting from a community standpoint is that Granite Park will apparently provide lush landscaping throughout the perimeter of the complex, making the area around it look nicer, which benefits everyone, and for the residents as well. In addition, Granite Dr. will be completely upgraded according to a construction notice I saw taped on the window of the former Madres restaurant.
It was a huge success for The Dalton–located across the street from the Gold Line Del Mar Station–as bidders attended a special auction last, last weekend. With “standing room only,” an estimated 1,000 bidders packed into a large Pasadena Hilton ballroom. In less than 2 hours, all 34 units were auctioned off. Apparently, the most expensive penthouse unit went for $600,000 (originally listed at $779,000). Out of a total of 55 units in the building, this means that about 2/3 of the units are now absorbed off the market. This bodes well for “The Renaissance” project under construction across the street from both The Dalton and Cinema Lofts.
Here are some pictures of different units from The Dalton:
The corner of the brand new Raymond Renaissance condos is now “98% completed.” The sidewalk in front of the Raymond Renaissance condos was being redone and a new tree was slated to be planted on the corner as well. All that’s missing is the new tree (a new tree grate has been installed in the sidewalk) and the upcoming BLD restaurant taking the corner space. The new tree should be here sooner than the restaurant (I hope). I passed by yesterday and saw that the BLD space is definitely being built out. I hope it will be able to open by winter of this year.