park fifth not breaking ground as planned, after all
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After all of the controversy, guesswork and rebuttals surrounding Park Fifth and its funding status last year, Houk Development Company still contended that their 76-story Phase I residential skyscraper was set to break ground in the first quarter of 2008.
Since that time, a breathtaking $5 million sales center has opened, over 300 reservations have been signed, and progress has been made with permitting and planning.
Things are "looking up,” right?
Well maybe, but not for a while. Stephanie Holbrook, a spokesperson for the Park Fifth project, tells us today that groundbreaking has been pushed back to the fourth third quarter of 2008.
Even with the significant delay, Holbrook asserts that the first tower is still on track to meet its 2010 completion.
Our experience tells us otherwise. Though, the developers’ continued broadcasting of the luxury development over an extensive marketing campaign is positive sign of their dedication to see it off the ground.
Park Fifth is the latest in a growing list of Downtown projects that have experienced setbacks due to rising construction costs, an unsteady housing market, and problems with financing: LA Central, 1027 Wilshire, South Figueroa, and the Grand Avenue Project are some of the more notable ones.
Holbrook states the delay is due to a lingering entitlements process, which should be completed by May. We’ll keep our fingers crossed for a third-quarter groundbreaking. The last thing we want to see is this iconic vision reincarnated in five years as a twin 15-story dud.
The project’s second phase, a 43-story tower that will be home to an unnamed five-star hotel, will be completed before the main tower.
-$3 billion predicament: grand avenue project delayed
-south figueroa (formerly jardin) pushed back a year
-A Peek Inside the Park Fifth Sales Center (Blogdowntown)
-Rumor Mill: Park Fifth Project in Trouble? (Curbed)
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5 comments
We’ve heard of the groundbreaking delays of 1027 Wilshire, Park Fifth, South Figueroa, and The Grand. Any word on when LA Central is to break ground?
“We’re waiting to hear back from Holbrook about the cause of the delay and will keep our fingers crossed for a third-quarter groundbreaking.”
Too bad she didn’t answer that question, and provide more details, when she said that Park Fifth’s tower wouldn’t be underway for at least 6 more months. Moreover, Park Fifth’s web site hasn’t been updated for several months, which suggests the project isn’t as well supervised as it should be.
However, to give them some credit, their sales center in the Gas Company building apparently is nicely done.
And, yes, what’s going on with the multi-use complex that’s supposed to be built near the convention center?
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NOOOO!!!!!!!!!!!
This is a good thing. Maybe instead of focusing on bringing more and more people into downtown, there will be more of a focus on sustaining the people that already live here. City planners need to realize that they can’t approve every single project that comes along. Denser population means nothing if there are no neighborhood amenities to support them. They’re putting the cart before the horse. Besides, with the housing market being what it is, Park Fifth would end up being a 76 story vacant building. Why not fill up the buildings that are already here before making more? With all the vacant ground floor retail space, why build more?
Thanks for the Park Fifth update. I, for one am interested on the progress and finish date. I have reserved a one there and would love for it to start breaking ground.
They haven’t given us much feedback and I am getting a bit concerned. I had dinner last night at Palm Restaurant and downtown is looking great!
Keep us posted!
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