8/31/2013 - The Eastsider reports that, on Wednesday, the City Council voted unanimously to reject an appeal brought by opponents to the Highland Park Transit Village project, and back measures that would expedite the projects development. Once completed, the project will feature 20 condominiums, and 60 rental units, and will run along the Figueroa Corridor, between North Avenue 52 and 56.
Apartments for Filipinotown
8/30/2013 - Apparently, three new apartment projects are headed to Filipinotown, with a combined total of 168 units! Read more on the story at Curbed.
More Mixed Use for Little Tokyo
8/23/2013 - According to Curbed, work has finally begun on a long planned 240 unit mixed use development on the corner of 2nd and San Pedro. In addition to a pool, spa, and two story gymnasium, the project will feature 16,000 square feet of retail space and public parking. An opening is planned for sometime in August of 2015.
8/10/2013 - More resurrection news from Curbed. If all goes well, Continental Development Group will break ground later this year on Paseo Plaza, a mixed use project containing 437 residential units, at Santa Monica and Saint Andrews.
The Lexington Project
8/9/2013 - According to Curbed, the massive mixed use Lexington project on Santa Monica and Las Palmas, with a planned 11 buildings (containing up to 6 stories a piece), 786 residential units, 22,000 square feet of commercial space, an arena, 3 nightclubs, a pool, several open public spaces, and 1,612 parking spaces, is back from the dead. Whew! If all goes well, construction will begin sometime in 2017.
8/4/2013 - Curbed brings us word on the groundbreaking for the second phase of Century West Partner's impressive K2LA apartment project in Korea Town, just off of Wilshire on San Borendo. Grading and engineering is slated to begin on September 1st, and, once completed (sometime in 2015), the project will feature 478 luxury rental units.
April Showers Bring May Flowers
8/2/2013 - ... And may flowers bring a year on year increase of 19.2% for Los Angeles home prices (a 2.6% increase over the previous month), according to the Case Schiller Index.
Office, Apartment, and Retail
7/31/2013 - This morning, Curbed brings us news on three separate developments. First on the list, after nearly two years mired in legal battles, that parking lot and burger shack on the corner of Selma and Vine is about to be transformed into a beautiful 8 story office building, with 2,000 square feet of retail space on the ground floor.
Next up is a controversial new mixed use development, at Klamath and Eastern in El Sereno, which is currently fighting its way through the approval process. If approved, the project will feature a charter school, cafe, and 20 residential units.
In other news, it looks as if that residential project planned for the corner of Sunset and Everett, will get an additional 58 parking spaces, as well as 8,000 square feet of retail space.
7/30/2013 - Blogger Brigham Yen brings us an update on the second phase of the Medallion Development at 4th and Main. The new project will potentially include 4 separate 13 story residential towers featuring 400 high end luxury condos/rentals, a 5 story parking structure, a 24,000 square foot movie theater, 38,000 square feet of additional retail space, and 25,000 square feet of public green space. Construction is slated to begin in late 2015.
Desmond on Wilshire
7/28/2013 - Curbed reports that construction has officially begun on a new luxury apartment development located on the corner of Wilshire and Dunsmuir. Once completed, the Desmond on Wilshire project will feature 175 units, subterranean and surface parking, a gym, a pool, and a rooftop deck. The project is slated to finish sometime next year.
Hollywood High Rise, Mid City Museum
7/26/2013 - According to Curbed, the team behind the newly approved Hollywood Millennium Project, located on the corner of Hollywood and Vine, have published a rendering of what appears to be the project's final design. In other news, the new owners of the Scottish Rite Masonic Temple on Wilshire and Lucerne, have announced plans to convert the temple into a semi public art museum.
Apartment Living in Brentwood and Mid-City
7/19/2013 - Hot off Curbed this morning comes news that construction on the 78 unit BW Apartments, at Wilshire and Barrington in Brentwood, is nearing completion, and the project should open sometime in September. Meanwhile, a new mixed use project, containing 150 residential units, and 4,000 square feet of ground floor retail space, is currently being planned for the corner of San Vicente and Fairfax.
Joyous June Home Prices
7/17/2013 - The Dailey News brings us word that June home prices in southern California rose over 28% since last year. And, with inventories still tight, and many sales (especially in Los Angeles) commanding multiple offers, the momentum doesn't show signs of stopping.
Condos for Pacific Palisades
7/16/2013 - Curbed reports that developer GH Palmer and Associates is making plans to develop a 30 unit condominium project on the Tramonto hillside in Pacific Palisades. Construction should begin sometime next year.
Mixed User for Westwood, Park for San Pedro
7/3/2013 - After over a year of planning, it appears that construction has finally commenced on a smallish mixed use project on the corner of Westwood and Lindbrook in the Village. According to the most recent information obtained by Curbed, the development will feature 34 apartments and 5,000 square feet of ground floor retail space.
In other news, the Daily Breeze reports on grand opening of the first phase of Plaza Park in San Pedro. The park is located on Beacon Street between 7th and 13th, and overlooks the Port of Los Angeles.
New Projects for Hollywood, South Park, and Echo Park
7/2/2013 - Big news from Curbed:
It appears that the new owners of the Palladium on Hollywood, between Gower and Vine, are planning two enormous mixed use towers for the parking lots located behind the theater, a la Millenium Project (by the looks of it).
Work on the new Urban Village residential development, located on Olive between Olympic and 11th, is underway, is progressing rapidly, with construction slated to commence in early September.
Demolition begins this week on the buildings currently occupying the site of a planned 18 unit townhouse development on Vestal and Baxter in Echo Park. Construction on the new homes will commence soon thereafter.
6/26/2013 - More great news from Case Schiller; April home prices rose nearly 20% in Los Angeles over last year. And they show no sign of stopping.
Living in the Highland
6/15/2013 - According to Curbed, a new four location residential project is in the works for Highland Park. The development, which just received approval from the City Planning Commission, promises 80 new residential units, 20 of which will be condominiums.
East Sunset Living
6/13/2013 - According to the Eastsider, a massive 107,100 square foot residential project is being planned for the east side of Sunset Boulevard, near Everett. The development calls for 201 units, and 221 parking spots, and will, if all goes smoothly, most likely see a ground breaking near the end of the year.
More Housing for the Historic Core
5/6/2013 - The Downtown News announced today development of a new 159 unit apartment complex on the corner of 6th and Main, next door to the Santa Fe Lofts. If all goes according to plan, construction on the Topaz project, the development's working name, will most likely begin sometime next year.
Town Homes for Silver Park
6/5/2013 - According to the Eastsider, developer True Mark Homes will soon begin construction on a 60 unit town home development at Clifford and Glendale, on the border of Echo Park and Silverlake. The homes will range in size from between 1,200 to 1,500 square feet, and the project should be completed by the first quarter of next year.
Rates a' Rising
6/2/2013 - Over the weekend, the Times reported on the (ever so slight) rise in mortgage rates, which have climbed over an average of half a percentage point since last fall. Some economists project that rates could increase as much as another full percentage point before the end of the year. if ever there was a time to buy, it is now.
The Metro at Hollywood
5/31/2013 - According to NREI, construction on the Metro at Hollywood, a 120 unit senior living complex on Hollywood and Western, is now complete. The building features 5,500 square feet of retail space on the ground floor, and is slated to open soon.
Ermagerd! Home Prices
5/29/2013 - H-U-G-E NEWS. The Case Schiller Home Price Index's latest numbers show a march increase of 16.6% over the previous year for Los Angeles County, the highest month-on-month gain since 2006! It would appear that the bulls are out in full force. Let it rain!
More Mixed Use for Hollywood
5/23/2013 - Curbed reports that yet another Hollywood development, in the form of a modest mixed residential and retail project on Sunset and La Brea, is in the works. The project will feature 44 apartments, 118 parking stalls, and a restaurant on the ground floor.
Condos and Retail for K-Town
5/22/2013 - According to Curbed, the abandoned lot at Wilshire and Hobart may very well soon see some action in the form of a massive mixed use development, featuring 378 condos and 8,000 square feet of retail and restaurant space. The project is currently at the mercy of the LA Planning Department which is reviewing the proposed plan, and will issue a decision shortly.
Blossom Plaza is Back
5/21/2013 - Back in February, it was announced that construction would soon commence on the long dormant Blossom Plaza project. Finally, after years of waiting, ground was finally broken for the development at the corner of 9th and Broadway. The Downtown News has more on the story here.
Lifestyles of Hollywood's Elite - Penthouses at the W
5/19/2013 - According to the LA Times, the W, located on Hollywood and Argyle, is adding the final touches to its penthouse suites, and already begun marketing several of the units for sale. The luxury apartments range in price from between just over $1 Million and $45 Million (for a spacious 25,000 square foot unit on the 15th floor), and feature a host of luxury amenities including valet parking and 24 hour concierge service.
One (Almost) Red Hot Economy
5/16/2013 - Following on the heels of yesterday's announcement regarding the rise in median home sales prices, comes more positive news for the economy. The Times reports that the index used by the National Association of Home Builders to measure developer confidence climbed three percentage points this last month. This rise is due to an increase in new home purchases, which the paper attributes to a short supply of resale inventory.
New Adventures in Housing
5/15/2013 - This morning brings us some excellent headlines from Curbed. First off, it appears that construction on the new 40 unit Argyle Apartments project at Carlton and Western has officially commenced. The development is one of the first real attempts, in a while, to revitalize Hollywood's (semi) dilapidated east side. In other news, the median home sales price in LA County rose 23% last month. Goodbye recession, hello boom!
On Thursday, Legendary Development presented the initial renderings for its massive residential project planned for the large empty lot that abuts the Southern California Institute of Architecture, between 3rd and 4th street, to the Arts District Business Improvement District. According to the Downtown News, the development, unofficially titled the 'Sci-Arc Project', due to its proximity to the institute, calls for 449 rental units, and 23 lofts, and is slated to finish sometime within the next three years.
Curbed brings us some juicy news on the New Pershing Square Apartments, which began redevelopment this week. The former three story building, located on the corner of 5th and Main, will acquire two additional floors, and will feature 65 studio studios, 4 one bedroom units, and 2 commercial spaces on the ground floor.
City West Again
5- 4 -2013 - For those of you curious about the empty office building on Wilshire and Lucas, wonder no further. The Downtown News announced yesterday the groundbreaking of a new 600 + unit apartment complex by the same developer who brought us 1111 Wilshire. Some details on the 'Good Samaritan Project', as it is tentatively named, are still unclear. Purported architect on the project, Nadel, claims that the project will contain 648 residential units, and 40,000 square feet of retail.
Retail and Residential in Eagle Rock
4/28/2013 - Curbed is reporting on two developments in LA's Eagle Rock community. First, a small eight home development on Mount Royal Drive is currently undergoing initial government screening by the Neighborhood Council's Land Use Committee. The project is being developed by Stan Fargeon, and designed by Franklin Studios. Second, Safeway is in the initial phases of planning a strip mall style annex for its Vons grocer located at the corner of La Loma and Figueroa.
More Lofts for Arts District
4/20/2013 - The final phase of Barker Lofts, on Hewitt, between 4th Place and Palmetto, saw construction commence this weekend. According to the Downtown News, the project will feature 68 condo and apartment units, and will open later this year.
'Runway' For New Mixed Use
4/18/2013 - Construction on Playa Vista's large mixed use 'Runway' project, located on Jefferson and Lincoln, is finally under way. According to the Times, the project will include 420 apartments, 35,000 square feet of office space, and a 35,755 square foot Whole Foods grocer.
Mixed Use Projects Get Off the Ground
4/17/2013 - Big news from Curbed on two mixed use projects. The blog reports that Developer Fifteen Group has announced construction dates for both the Morton Village Project, located on Morton Avenue in Echo Park, and the Coffee Table Project at Rowena and Avenel in Silverlake. The first will break ground in May, and the second in September.
More Residential for Medallion Mixed Use
4/16/2013 - The Toy District's Medallion Mixed Use Project, which opened in 2010 on the corner of 4th and Main, is set to see much of its retail space exchanged for 300 residential units and a large open farmer's market. The Downtown News reports that the change is due to the dismal reception given to, what was intended as a primarily retail development. With a current residential vacancy of only 2%, it is anticipated that the project's new units will go quickly.
Luxury Living for Less Fortunate Seniors
4/13/2013 - Curbed reports that Del Rey Square, a 124 unit housing complex for low-income and homeless seniors, opened officially opened its doors on Friday. The project, developed by Thomas Safron and Associates in conjunction with Los Angeles City, features a gym, jacuzzi, and library.
Where Hollywood Meets Highland
4/10/2013 - According to Curbed Los Angeles, Hollywood will soon receive 248 new luxury apartments. The building will be constructed at the corner of Highland and Selma, just south of Hollywood Boulevard, and will feature five stories of luxury living, with retail on the ground floor.
At the Corner of Fashion and Art
4/6/2013 - The Architect's Newspaper reports on an exciting development on 7th and Alameda; Evoq Properties is transforming four large industrial warehouses, including the headquarters of American Apparel, into a chic modern mixed use project that is intended to join the burgeoning Arts and Fashion Districts. Fantastic news for those that believe in the evolution of what once was Downtown's most dilapidated areas.
Fairfax Theater Development Moves Forward
4/1/2013 - After overcoming some aggressive public pushback, the Fairfax Theater mixed use development finally received the approval of the Los Angeles City Planning and Land Use Management Committee. The classy five story building will sport 71 apartments, a rooftop pool, and the now officially historic Fairfax theater facade and entrance. Head over to LA Curbed for more info.
More Mixed Use in Hollywood and Sherman Oaks
4/2/2013 - Curbed Los Angeles is reporting on two new mixed use developments that are, very quickly, getting off the ground. The first, to be located just north of Hollywood, between Las Palmas and Cherokee, will feature 225 apartment units and a whopping 378 square feet of retail space. The second, consisting of both apartments and a grocery store, will be built on Riverside and Hazeltine in the Sherman Oaks Neighborhood.
Classy Apartments for Hollywood's East End
3/26/2013 - LA Curbed reported today on the grand opening of the new Gershwin Apartments, located on the corner of Hollywood and Western. The 163 unit complex sports a gym, business center, and luxurious lounge that features an arcade. It is anticipated that the apartments will attract young professionals, and breathe new life into Hollywood's east end.
'Smallish' Apartment Complex to Receive Modern Remodel
3/23/2013 - The LA Times reports that TRG, a Beverly Hills based investment firm, has recently purchased a three story apartment complex on the corner of 9th and Georgia. It is anticipated that the firm will renovate the building's 32 studio units in the same manner as many larger apartment complexes throughout the city. The shift, or rather, expansion in focus is a good sign for downtown; investment in smaller buildings can be taken as a sign of bullish confidence in the local economy.
February Home Sales Up
3/16/2013 - The Associated Press reports that, this year, february home sales in Southern California reached their highest point since 2006. Almost 16,000 homes were sold with a median price of $320,000, further proof that the economy is on the mend.
New Housing Project in The Heart of Hollywood
3/14/2013 - According to Curbed LA, development on 49 small houses has begun on Melrose, between Gramercy and St. Andrews. Once grading is complete, the lots will be parceled off and sold individually, rather than together.
New Development on Corner of Olympic and Hill
3/12/2013 - Curbed LA reports that a new mixed use development will soon appear on the northwest corner of Olympic and Hill. The seven story project will be designed by TCA Architects, and will include 281 residential units, three creative live/work spaces, and 15,000 square feet of retail space on the ground floor. If all goes according to plan, the project will open in the early summer of next year.
S&P/Case-Shiller Index: Good News for Home Values
2/26/2013 - Today the S&P Dow Jones Indices released data illustrating an average annual gain of 7.3% for home values nationally. According to the S&P/Case-Shiller Index, home values in Los Angeles rose an average 10.2% in 2012, with a 1.1% gain in December alone. The news is better than most had anticipated and would appear to confirm both the end of the recession, and the beginning of a new expansion.
Big Plans for Broadway
2/22/2013 - According to the Los Angeles Downtown News, developer Geoff Palmer has announced plans for a large two building housing project to be located on either side of Olympic Boulevard, between Broadway and Main Street. The first building will feature 439 units in ten stories, with 247 units in six stories planned for the second. If all goes well, both buildings will open in early 2017. This is third development announced for the Broadway/Main Street corridor this week.
Fashion District Project Moves Forward
2/21/2013 - Yesterday, the Los Angeles Department of City Planning published a notice of preparation of an environmental impact report and scoping meeting for the massive redevelopment project planned for the fashion district. The project will encompass almost the entirety of the property located between 9th, 12th, San Julian, and San Pedro Street. It is anticipated that the project will take nearly thirty years and, once completed, will feature 945 residential units, up to 210 hotel rooms, 294,641 square feet of industrial, office, and medical space, 224,862 square feet of retail space, and 312,112 square feet of educational campus floor area. The scoping meeting is currently scheduled for March 6th, and comments may be submitted for formal consideration until March 22nd.
New Apartment Towers Planned for Broadway and Main
2/20/2013 - The Los Angeles Downtown News is reporting that developer Izek Shomof plans to construct a 22 story apartment tower at his newly acquired property, located at 4th and Broadway. Barry Shy, another developer, has announced plans to construct a 40 story tower at 6th and Main. Both properties are located between the Historic Core and Bunker Hill, near the Pershing Square Metro Station. The growing residential density in downtown is welcome news for both the local economy, and the environment; as new businesses rise to meet a growing demand, we should see fewer cars as downtowners find it more convenient to walk or take public transit on a much shorter commute.
Market Lofts Sold
2/19/2013 - Today, the CIM Group, one of the first developers to capitalize on the Los Angeles Adaptive Reuse Ordinance of 1999, announced that it has sold the Market Lofts, located on 9th Street, between Hope and Flower. The 55,000 square foot property houses 267 condominiums, over 6 retail spaces, and a Ralphs Supermarket. For many, this sale marks a turning point for the Los Angeles economy, and signals a symbolic end to the recession that has plagued the downtown real estate market for the past five years.
The Future of Parking
2/17/2013 - On Thursday, Los Angeles based AutoParkiT will unveil the city's first ever fully automated parking facility. The facility, which is located at 14309 Burbank Boulevard, and is annexed to a high end apartment complex, allows users to securely store and retrieve their cars in an impressively efficient and effective manner. In addition to saving over 6,000 gallons of gasoline per year, the automated facility is over 25% more compact than a typical traditional parking facility. If it proves popular with users, we can probably expect to start seeing similar facilities elsewhere throughout the city before long.
Good News for The Mortgage Industry
2/12/2013 - The Home Buying Institute reports that mortgage delinquencies fell by almost 14% last year, per a survey published by Transunion. It is anticipated that this news will lead to increased confidence, and investment in the mortgage industry. The drop in delinquencies may be due in large part to the efforts of mortgage lending programs such as NeighborhoodLIFTS, administered by Neighborworks, a nonprofit organization, in partnership with the City of Los Angeles and Wells Fargo Bank, which recently celebrated its one year anniversary. Such programs provide down payment assistance to qualifying applicants who otherwise could not purchase a home, on condition that those applicants complete a home buyer education training course. It is anticipated that the training will lead to more responsible borrowing, which would have the effect of reducing delinquencies.
Millennium Hollywood Project Presses Forward
2/7/2013 - According to CBS Local, on Tuesday, Millennium Partners submitted the findings of a fiscal study detailing the projected impact of its acclaimed Millennium Hollywood Project. The study follows an environmental impact report released in October of last year. While public hearings are still underway, several prominent business leaders have endorsed the project, and its future looks bright. Once completed, the project will boast a staggering 492 residential units, 200 luxury hotel units, 215,000 square feet of office space, 34,000 square feet of restaurant space, 35,100 square feet of sports club space, 15,000 square feet of commercial retail space, and approximately 2,000 parking spaces. Additionally, it is projected that the project will create 2,915 construction jobs, and 1,257 permanent new jobs. The project reinforces a positive outlook for L.A.'s economy, and its success will undoubtedly help to spur future growth and development.
Construction on Blossom Plaza to Begin This Summer
2/5/2013 - The Los Angeles Downtown News is reporting that, after nearly five years in suspension, the long awaited Blossom Plaza Project may finally see the light of day. One of many projects that stalled as a result of the recession, Blossom Plaza has become a symbol of economic stagnation, and so, news of its return bodes well for the future of Los Angeles. If all goes according to plan, the mixed use development, with an estimated combined total of 240 residential, retail, and restaurant spaces, will open its doors in 2015. It is anticipated that the development contract, which was originally awarded to Bond Chinatown Ventures, will be awarded to Forest City, a national firm that has completed large-scale developments in nine states (including California), with ongoing development in nineteen others.
Home Prices and Sales Rise in 2012
2 /1/2013 - This week, The Los Angeles Times reported that luxury home sales in California rose 26.9% last year. This phenomenal jump, explained the Time's Lauren Beale, is due in large part to the return of investor confidence in the market. "Sales are up because well-heeled U.S. and international buyers, confident that the housing recovery is solid, are looking for places to park their cash ..." writes Beale. Specifically, international spending on real estate in the U.S. rose an additional 24%. The future appears even brighter; Bloomberg News reports that some economists predict that housing prices will rise 7.2% nationwide this coming year, marking the highest national gain since 2007. While home values across California rose an average of 8% in 2012, this number is still nearly 40% below the market's high in early 2006, making now the ideal time to buy for consumers and investors alike.