LOS ANGELES | METRO Project Rundown 2.0 (non-downtown) - Page 554

hughfb3 · #**11061** Posted **Jul 27, 2023, 9:52 PM**

Quote:

Originally Posted by craigs

Yeah, 36-story residential buildings are expensive to build and thus they command higher rents/unit costs. I got guff for advocating more 8-story residential buildings in this thread, but cost was my whole point: the taller the tower, the more expensive the units must be. It's not that units in an 8-story building will be cheap--new housing is never cheap anymore--but they can be significantly more affordable than towers like Hallasan.

A couple weeks ago UrbanizeLA did a post about Carmel demolishing over 20 single family residences at Expo Bundy station for 600 unit apartment building. I made a comment that apartments are good; single family for sale housing to multi family is great, but what would be greater is replacing it with for sale multi-unit condos as that would allow increased accountability for neighborhoods… And that comment received 12 downvotes and many replies. It’s simple in that a landlord can increase or decrease rent and that will determine the rate of attrition. Because of drastic increase of land value, an apartment today will have rent increase way faster than one from 30 years ago and turnover in for rent homes is much faster than 30 years ago. A mortgage is steady, sans housing price fluctuations

My question was why haven’t we see any major new condo construction in LA since 2010 Century City’ “The Century” tower and Westwood’s Emaar tower. In short… REGULATIONS. A few informed posts replied that there are laws that hold developers accountable for building defects for 10 years and those condo owners can sue the developer within those 10 years, whereas apartment buildings aren’t held to the same standards. These are the laws that get to level the playing field. I can afford to purchase but there isn’t enough inventory of for sale housing being built, so I’ve stayed in my apartment for 12+ years while the new landlords increase rent every chance they get, turning my once stable building into a turn and burn of transient riff raff

https://la.urbanize.city/post/single...obundy-station

caligrad · #**11062** Posted **Jul 27, 2023, 10:38 PM**

^^^ Its interesting. For some of these towers, if you break down the cost and do the math for how much some of these rental towers could go for if they were turned to condos and etc. Depending on the building, for developers to come out even, they could sale individually for 450-500 each. To make a solid profit, 600k-700k and that's for 2 bedrooms. I did the cost breakdown for The Current in Long Beach. So, it makes you wonder. Why not just go condo, make a profit and walk away? and before anybody say "Thats pricey for Long Beach". Its right on the beach..... Towers along the same stretch and are decades older are selling condos for the same and higher prices. If i was a developer, i would always go condo and walk away if the pricing made sense. Let individual owners decide if they want to rent or not. I live in a building that raises the rent yearly like clockwork 10%.

But who knows. We all know how backwards and weird city leaders are. They all want the job, just to sit there and do nothing. There's no reason why Mayor Bass can't fix the red tape and regulations on building new housing in this city, yes, she needs other city leaders to join in but at least get the ball rolling/conversation started.

dktshb · #**11063** Posted **Jul 28, 2023, 12:09 AM**

Quote:

Originally Posted by craigs

Yeah, 36-story residential buildings are expensive to build and thus they command higher rents/unit costs. I got guff for advocating more 8-story residential buildings in this thread, but cost was my whole point: the taller the tower, the more expensive the units must be. It's not that units in an 8-story building will be cheap--new housing is never cheap anymore--but they can be significantly more affordable than towers like Hallasan.

And if done correctly they make for a better urban pedestrian experience than these tall towers on podiums.

dktshb · #**11064** Posted **Jul 28, 2023, 12:10 AM**

Quote:

Originally Posted by caligrad

^^^ Its interesting. For some of these towers, if you break down the cost and do the math for how much some of these rental towers could go for if they were turned to condos and etc. Depending on the building, for developers to come out even, they could sale individually for 450-500 each. To make a solid profit, 600k-700k and that's for 2 bedrooms. I did the cost breakdown for The Current in Long Beach. So, it makes you wonder. Why not just go condo, make a profit and walk away? and before anybody say "Thats pricey for Long Beach". Its right on the beach..... Towers along the same stretch and are decades older are selling condos for the same and higher prices. If i was a developer, i would always go condo and walk away if the pricing made sense. Let individual owners decide if they want to rent or not. I live in a building that raises the rent yearly like clockwork 10%.

But who knows. We all know how backwards and weird city leaders are. They all want the job, just to sit there and do nothing. There's no reason why Mayor Bass can't fix the red tape and regulations on building new housing in this city, yes, she needs other city leaders to join in but at least get the ball rolling/conversation started.

If they turn into condos they're going to be purchased by wealthy investors and sit empty. Better for the City that they are rentals, IMO.

ChelseaFC · #**11065** Posted **Jul 28, 2023, 1:17 AM**

Quote:

Originally Posted by caligrad

Why not just go condo, make a profit and walk away? and before anybody say "Thats pricey for Long Beach". Its right on the beach..... Towers along the same stretch and are decades older are selling condos for the same and higher prices. If i was a developer, i would always go condo and walk away if the pricing made sense. Let individual owners decide if they want to rent or not. I live in a building that raises the rent yearly like clockwork 10%.

They can still turn them into condos in the future if they want. Basically get to double dip when market conditions improve and bet on appreciation.

homebucket · #**11066** Posted **Jul 31, 2023, 7:45 PM**

Quote:

LACMA's Wilshire-spanning revamp takes shape
Construction progresses for the $750-million David Geffen Galleries
JULY 31, 2023, 8:15AM STEVEN SHARP

Just over a half-year after we last dropped in, the Wilshire-spanning David Geffen Galleries continue to take shape at the LACMA campus.

The $750-million project, which replaced older structures designed by William Pereira and Hardy Holzman Pfeiffer, consists of a two-story building which will feature approximately 350,000 square feet of space when completed. That total includes roughly 110,000 square feet of gallery space, as well as a new theater, education spaces, restaurants, a shop, a covered multipurpose event space, and back-of-house functions.

The Peter Zumthor-designed building, which has an amorphous footprint, will use concrete as its primary finish - a material which is described on the museum's website as having "a sublime aesthetic character and beautiful sense of gravitas." Likewise, glass wraps the exterior of the upper gallery level, which the museum indicates will be used to display works such as sculptures, tiles, and ceramics which can be shown safely in natural light.

...

Completion of the David Geffen Galleries remains on place to occur in late 2024, according to the website.

LACMA's overhaul is one of the most visible signs of change on the Mid-Wilshire corridor, which has recently seen the completion of the $388-million Academy Museum of Motion Pictures at Wilshire and Fairfax Avenue, and may soon welcome a revamped a new master La Brea Tar Pits and George C. Page Museum under a new master plan from Weiss/Manfredi. Likewise, construction continues for the extension of Metro's D Line subway, which will have a stop at Wilshire and Fairfax.

https://la.urbanize.city/post/lacmas...mp-takes-shape

homebucket · #**11067** Posted **Jul 31, 2023, 7:47 PM**

And the photos:

https://la.urbanize.city/post/lacmas...mp-takes-shape

hughfb3 · #**11068** Posted **Jul 31, 2023, 7:48 PM**

I tell ya what... the Expo line adjacent areas are getting fancy. Between Culver City getting an Erewhon and campuses for Apple and HBO, I now find out that the Olympic & Bundy development just outside of the Expo line Bundy station is getting a Gelsons.

Easy · #**11069** Posted **Aug 1, 2023, 12:45 AM**

Quote:

Originally Posted by hughfb3

I tell ya what... the Expo line adjacent areas are getting fancy. Between Culver City getting an Erewhon and campuses for Apple and HBO, I now find out that the Olympic & Bundy development just outside of the Expo line Bundy station is getting a Gelsons.

The quality of the TOD along the corridor is exceeding my wildest expectations. Much of the corridor will have transformed within 15 years after Expo's opening.

JRinSoCal · #**11070** Posted **Aug 1, 2023, 4:30 AM**

LACMA looking good and moving fast. Love seeing so many cranes building LA. I'm a bit concerned about that portion of Wilshire underneath the Museum as it looks pretty dark and scary and can attract homeless emcampments. Are there any plans to make that less scary for pedestrians? They better light it the F up.

ChelseaFC · #**11071** Posted **Aug 1, 2023, 4:32 AM**

Quote:

Originally Posted by JRinSoCal

LACMA looking good and moving fast. Love seeing so many cranes building LA. I'm a bit concerned about that portion of Wilshire underneath the Museum as it looks pretty dark and scary and can attract homeless emcampments. Are there any plans to make that less scary for pedestrians? They better light it the F up.

Some bright modern LED strips could make it look really cool.

And as you say, serve a practical purpose as well. No one needs be walking over needles and pills under the museum.

JRinSoCal · #**11072** Posted **Aug 1, 2023, 4:38 AM**

Okay after looking closely at the renderings I can see the area is nothing compared to what a major street cutting under a freeway overpass is like. It looks like plenty of natural light flowing thru and beautifully inviting for pedestrians to wonder thru. Can't wait to experience this in person.

homebucket · #**11073** Posted **Aug 3, 2023, 8:29 PM**

The specs for 3545 Wilshire:
- A 22 floor tower and a 14 floor tower
- 428 units
- 10,000 sq ft for retail
- Parking for 850 cars

The site:
https://goo.gl/maps/4P4AvpXEP1K1HZGR8

Quote:

Jamison's Opus apartment towers unwrapped at 3545 Wilshire Boulevard in K-Town
Two buildings will feature a combined 428 apartments
AUGUST 03, 2023, 8:15AM STEVEN SHARP

Across the street from the Wilshire/Normandie subway station in Koreatown, glass now encases the exteriors of two new residential towers from the neighborhood's most prolific builder, Jamison Services, Inc.

The two-tower complex at 3545 Wilshire Boulevard, named "Opus," spans a half city block along the west side of Ardmore Avenue between Wilshire to the south and 6th Street to the north. When completed the project will feature 428 apartments, 10,000 square feet of ground-floor commercial space, and an 850-car parking garage.

Gruen Associates is designing Opus, which places a taller 22-story along the southerly property line facing Wilshire, and a shorter 14-story structure fronting 6th Street to the north. Above-ground parking occupies the center of the site, splitting the two high-rise buildings.

In addition to housing, Opus will also feature residential amenities including rooftop decks, a dog park, fitness centers, a club room, co-working spaces, a game room, a private screening room, and an indoor golf range.

The complex, which began construction in March 2022, is on pace to open for residents in 2024.

Jamison has considered several options for the 3545 Wilshire site within the past decade, once proposing a podium-type apartment complex for the property, only to later pivot to plans for a taller project with a 32-story tower facing Wilshire. However, after a feasibility found that a lower-scaled tower would shorten the project's construction timeline and reduce its budget by approximately 20 percent, prompting the change to the now under-construction project.

https://la.urbanize.city/post/jamiso...ulevard-k-town