Realty Today reports that the housing market in most of Los Angeles is setting all kinds of records. And LA Curbed says “Everything is busting record highs, from average sale prices across the board to the number of sales closed, which rose to the highest second-quarter total in a decade.” Downtown Los Angeles is currently undergoing an extraordinary revival as new towering construction projects continue to revitalize South Park.
The luxury apartments boom in Downtown is not welcomed by everyone. A group of homeless advocates staged a protest demonstration at the groundbreaking celebration of the new Circa luxury apartments that are slated to open at 1200 S Figueroa in 2017.
When completed in 2017, two circular towers will join the skyline of South Park, featuring retail space and nearly 650 apartments. Rents will range from $2,800 for a 700-sq. ft. one-bedroom apartment to $20,0000 a month for the penthouse, said developer Scott Dobbins.
Mayor Eric Garcetti was among the dignitaries at the groundbreaking event, praising the developers for bringing housing and jobs to L.A. The half-billion dollar Circa project is the latest in a batch of high-end mixed-use developments to hit downtown, including Metropolis and Oceanwide Plaza.
But some residents are outraged by the incoming condominiums and apartments. About 20 protestors with the Los Angeles Community Action Network tried to drown out the mayor during his speech before Circa supporters.
Protestor General Dogon said new luxury apartments will further gentrify downtown.
“What comes with a condo? You got Starbucks, these $25 German hamburger stores,” Dogon said. “People who’ve been living downtown like myself for over 50 years can’t afford to live here no more.”
Garcetti has said increasing affordable housing is a top priority. But after his speech, he said developments such as Circa are also critical.
“We need to see housing at the higher ends too because we have a shortage at all levels,” Garcetti said.
Circa developers point out they’ve contributed to affordable housing. As part of a deal with the city, the developer gave $8 million to go toward building a $78 million YWCA residential facility for at-risk youth.
Adjacent to Circa is the planned site for the Oceanwide Plaza project, sometimes misspelled as Oceanside (there is no ocean in Downtown, but the Santa Monica Beach Metro station will be completed soon), and formerly known as Fig Central.
Oceanwide Plaza is a $1 billion development that will change the Los Angeles skyline with a collection of three high-rise towers adjacent to the Staples Center and L.A. Live. The project will bring a 183-room hotel, 504 luxury condominiums, and 15,400 square meters of commercial space. The 49-story north tower will rise 206 meters and will include a five-star hotel, 164 condos, hotel ballrooms, nightclub, premium fitness center, celebrity chef restaurant, and an opulent spa.
The development’s twin 162-meter south towers will each climb to 40 stories and will include 170 condo units per high-rise. The buildings will sit atop a seven-story parking podium that will feature an upscale shopping center, restaurants, and an elevated private park with greenery and a playground. The project is envisioned to be an extension of L.A. Live and will add abundant retail to an area of the city’s downtown that is currently dominated by event venues and restaurants. Oceanwide Plaza is being developed by Oceanwide Plaza LLC, a subsidiary of Beijing-based Oceanwide Holdings Group, and is located at the corner of Figueroa and 11th Street in downtown Los Angeles. Those who are interested in new condominiums in Downtown Los Angeles can get on the L.A. Loft Blog’s New Homes Interest List.
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Copyright © This free information provided courtesy Corey Chambers, Realtor, Realty Source Inc BRE#01889449 We are not necessarily associated with the owner or management. For more information, contact (213) 478-0499 or visit LAloftLease.com. Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer, seller or renter is already under contract with another broker.