‘landmark’ westside developer takes interest in downtown
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Developers behind big-name projects in West LA including the California Landmark and Barrington & Wilshire tower, and several mid-sized complexes in Marina Del Rey, have now set their sights on an unlikely Downtown location.
Santa Monica-based California Landmark is moving forward with plans to develop a ground-up residential complex on 14th Street between Olive and Hill, two blocks south of AT&T Center.
According to city officials, preliminary plans call for 150 market-rate condos (with 7 units set aside for very-low income households) and 143 parking spaces to replace a 36,209 square-foot group of surface lots.
The area, which has seen little interest since the housing boom began eight years ago, is just east of the California Hospital Medical Center and is riddled with dead zones, neglected storefronts, barbed wire fences, and lacks residential amenities — posing a challenge for a development with no retail space and a developer more akin to building projects in more established parts of the city.
Still, it would be good to see other areas of Downtown receive some attention and much-needed investment dollars, with or without a coffee shop, fro-yo joint and sushi bar attached.
3 comments
I am interested to know what bank they have lined up for construction financing?
I doubt financing is even in play at this point. The developer has only recently started the entitlements phase. It could be a while yet before construction is set to start, by then the market could be in a healthier state.
For all projects in the planning stages Downtown a big determinant in whether they are successful developments will be when the property was tied up. Land prices Downtown are definitely dropping, so it is going to be much harder for someone who bought land during the peak to make their margins on a deal. I would be interested to know the price per square foot that was paid for this land. If it is north of $400/sf, it is going to be hard for this developer to compete in 4 years with someone who can buy land today at $250/sf.