parkside tower lacks funding, seeks new taker
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One of the largest residential proposals in City West has hit a wall, and joins a growing list of Downtown projects in highrise purgatory.
A source tells angelenic that Witmer Development, LLC issued a retraction letter to the City recently stating the developer has "no financing to go forward" on the 35-story (404' tall) mixed-use Parkside Tower designed by Chris Dikeakos Architects.
The project site at the northeast corner of 7th and Witmer currently contains a two-story government office building and is fully entitled for 198 condo units.
CB Richard Ellis now has the property listed for sale, hoping to lure a buyer in the midst of a "Downtown downturn.”
While that may seem like a long shot, we should keep in mind that another large-scale project only two blocks away, Residences @ Bixel, is moving forward with the help of new Korean investors.
Maybe CBRE should think about hiring a few more Korean-speaking brokers.
-final renderings for 1110 ingraham surface
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9 comments
is it really 704 feet? i would think 407 maybe?
D, after I published this, I realized it must have been wrong - but I’m just now getting back to correcting it. I double checked the elevation plan - the project stands 704’ above sea level, but only 404’ above street level. Corrected!
And the Mayfair Hotel across thought they were about to see a bump in business at their lunch buffet.
It’s quite good, actually, and that is an unpaid testimonial.
It’s hard on a community to get excited about a project and then okay it only to have it taken away at the 11th hour. Happening in our area as they see the condo’s are not selling as fast a they thought. Some projects only going Phase 1 for now.
It seems a bit generic and I don’t see anything activating the street along the side of the building. Hopefully, the new owner will be a bit more imaginative.
It’s a shame that it is getting delayed, but I don’t think I have heard of this one before. Has this one gone under the radar until now that it is postponed?
It probably did fly under the radar mostly. I’ve known about it for a while, but I don’t think the tower name or renderings were ever widely available. As you can see, I had to settle for scanned black & white images.
Even still, it’s one of the few fully-entitled projects in Downtown today. That’s big!
It’s over for big projects for at least 3-4 years; there is NO money to lend. Yes, this includes Grand Ave, Park Fifth, etc. It’s all over for now due to the wrecked credit markets.
Cris C….are you in the lending industry? I am very concerned about your statement. Who are u and how do you know this is a fact?
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