Month: February 2016

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New Live/Work Ordinance Adopted by L.A. City Council

Construction of Lofts Los Angeles
Historic and Industrial Live/Work Lofts

On February 10, 2016, the Los Angeles City Council adopted the “HI” Hybrid Industrial Live/Work Zone Ordinance. The new rule creates a new zone classification in the City of Los Angeles called the Hybrid Industrial (HI) Zone, along with accompanying land use and development standards. The new law comes online March 30, 2016. The main purpose of this new zone classification is to allow the development of residential live-work units, hotels and other specified commercial uses on property within an existing industrial zone and designated as Hybrid Industrial in the General Plan.

The newly approved HI Zone is the first industrial zone of its kind in Los Angeles. In addition to adding an assortment of residential and commercial uses on industrial land, projects sited on land zoned as HI must provide public benefits and other development requirements, such as below-ground parking. The new rules provide development incentives in exchange for affordable housing, additional non-residential floor area, public art and public open space.

The new ordinance is not likely to create a huge impact because it requires builders to construct very expensive underground parking below historic buildings, partially defeating the purpose of re-purposing.

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Historic and Industrial Lofts
Historic and Industrial Live-Work Lofts
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Olympic Tower Los Angeles

OlympicTowerLA.com  811 W Olympic Blvd, Los Angeles, CA 90015

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A new mixed-use hotel, retail and residential building development is under way in Downtown Los Angeles on Olympic.  Across the street from The Ritz-Carlton, the new building will replace what is currently Downtown’s most convenient car wash.  The cars of DTLA will get a little dirtier as there are no other quick drive-through car washes in the booming neighborhood.

With some unusual features including a weird pinch in the middle, Curbed LA calls the new building design “bonkers”.

At the end of 2015, plans were unveiled for a redevelopment of the Downtown Car Wash in South Park, Olympic Tower 60-story tower with LED signs and live plants interwoven into its exterior, along with a rooftop garden.  374 residential units, 33,500 square feet of office space, a 10,800-square-foot conference center, and more than 65,000 square feet of restaurant and retail space will join a 373-room hotel.

Architecture firm Nardi Associates says that the building will feature a structural grid with live plantings, like a gigantic “urban tree”.  An open-air atrium will be encased by a metal structure with a sloping roofline, so the highrise will have a sharp roof instead of a helipad.

In 1980,  the car wash developer paid only $525,000 for the parcel. By 2005, the land was valued at $2.4 million. In 2014, developer Ben Neman bought the parcel for $25 million.

The building’s height means that it would block views of the Hotel Figueroa. There is no word on whether the residential portion will be rental or condo, but rental is more likely based on what most other developers have been choosing.

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Copyright © 2016 This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 Not associated with the home owner’s association, seller or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.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 or seller is already under contract with another broker.