what you see is what you get: 717 ninth topped out
Downtown’s soon-to-be tallest purely residential tower 717 Ninth marked its 35-story maximum height with a topping-off celebration, according to a press release issued by developer Meruelo Maddux.
After taking on an $84 million loan to finish construction on the project back in August, 717 Ninth is on track for a summer 2009 debut. Meruelo Maddux has stated that no additional loans are necessary for completion.
Despite the good financing news, the tower is one of several buildings that have recently switched from condos to apartments to match the realities of today’s market. Several other developments, including 1010 Wilshire and Artisan on Second have made the switch as well.
Looking forward, a large seafood restaurant will be announced in the near future for the building’s ground-floor restaurant space, seeing the tower’s “aquatic theme” to its logical conclusion.
What do you think of the building? Let us know in the comments!
16 comments
The construction so far is so different than rendering in a very bad way. I think this building looks really ugly. I know it isn’t complete but I don’t think it is going to get much better. It looks like value engineering won out on the design.
the difference between the render windows and the actual windows bugs me.
BEWARE Large Seafood Restaurant !! Meruelo Maddux will rip you off!!
yeah..i was never a fan of the podium..but the glass now sucks. I mean come on, we’re not in Miami here. But if they can somehow pull off the rendering colors of the glass, the tower is fine. Even if not, hey, llok at the bright side, it’s a 35 story building in South aprk, with ground floor retail, that will bring in hundreds of new residents to an area that needs people. In those respects, hats off to Meruelo Maddux for continuing construction on a great project rather than bailing out.
I think it looks great. I think you guys are forgetting that the rendering is at dusk while lights are on inside, and moreover, the building isn’t complete the concrete and balconies are still exposed. Lay off until its complete…
Its too early to say that the building as-is-today doesn’t look like the rendering. The building is still less than %50 done! No doubt the rendering is amazing, and I am optimistic that the finished product will look similarly impress.
LOL the building its ugly
Boring, but better than a parking lot.
I see a parking lot in front of that building. Does anyone know if there’s any plans to put something there too?
Isn’t the parking lot in front of 717 now being constructed on as part of Concerto?
Building looks nice. Just wish there wasn’t an above ground parking lot below it.
I hope it looks as good when it’s finished. Excited about seafood. But what about that big parking lot across the street? Doesn’t the Astani Concerto project have a big building marked for that spot?
Meruelo’s company is only worth 60 Million now. They’re losing money on most of their properties. I don’t see how they’re still in business by the time the building is completed.
Never discount Mr. Meruelo’s business sense. He’s seen plenty of real estate downturns in his 30 years of real estate. He’ll be one of the few still standing and his already secured financing for the project speaks volumes. Remember Trump and all the property he owned in NY when the market crashed in the early 90′s? Five years later, he doubled his $$$. $60M for MMPI is an early Christmas present.
It’s always better to reserve judgment on a building’s appearance until AFTER it’s been completed. Mainly, it’s not like the building stands a lone in the middle of a desert (like the Morongo Casino Hotel out near Cabazon/Palm Springs). It’s going to be grouped into a bunch of other buildings, which will obviously affect its entire VIBE as skyscrapers tend to play off of each other’s presence.
I think the tower will look just fine. The most important things to consider are: to FINISH the project, get full occupancy, and lease out the retail space to an attractive business to activate the street with pedestrians.
the parking lot shown in the rendering is CONCERTO. This mega-project has been under construction since 2006 and i think it will be done in spring 2009. The first phase includes a 30 story condo tower, a 7 story loft building, a pedestrian promenade going mid-block through the project from Figueroa to Flower, and in all the project will include 28,000 square feet of retail. Actually, diretctly across from 717 ninth is where the second tower will be, which will break ground in 2010.
It’s 45 Mil now and Meruelo isn’t going to be able to pay his bills. The banks are going to own all his property soon.