Oceanwide Plaza and Circa at 1200 Fig New Highrise Apartments Accelerate Downtown Residential Boom

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.

Circa 1200 Fig

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.

More details and updates at:
www.OceanwideDTLA.com
www.Circa1200Fig.com

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Copyright © 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 homeowner’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.

Based on information from the Association of REALTORS®/Multiple Listing as of [date the AOR/MLS data was obtained] and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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DOWNTOWN GOES UPSCALE – MODERN LOFTS AND CONDOS SURPASS HOUSES IN VALUE

Downtown Los Angeles is officially transitioning this year into a luxury neighborhood as the average condo list price hits $800,000.

luxury-luxvt-robbThe world is still learning about the true nature of Downtown L.A. real estate. During the 1920’s and 30’s, Downtown was a bustling bastion of commerce, arts and entertainment, with bountiful department store and countless theaters.  From 1960 to 1990, the previously functioning Downtown fell into disrepair and decrepitude. With deindustrialization and declining population, abandoned buildings, high local unemployment, crime and huge homeless population, Downtown became a largely inhospitable city landscape. The wealthy and middle class moved away and largely stayed away.

Downtown has transformed. With the installation of the Metro rail system, adaptive re-use ordinance and other measures to promote transportation and enterprise, by 2005, Downtown L.A. had turned the corner, and was seeing rapid growth and improvement.  Ten years later, after $15 billion in new private investment and public infrastructure, the area succeeded in metamorphosing into an exciting upscale neighborhood with a new, modern moniker of DTLA. Downtown is booming, first with historic and industrial loft conversion condominiums, and now with new pricey high-rise condos taking the lead in new listings for sale.

Downtown Los Angeles Real Estate Sales Data

Average Listing Price (last 12 months)

AVERAGE LIST PRICE IN JUNE

Single Family Homes $426,182 Condos/Townhomes $792,837 Multi-family Homes $534,018

Today, the only new construction sites in Downtown are luxury high-rise condominium now for sale at the new residential tower under construction called Metropolis.  The new buildings are designed to rival and surpass South Park’s Ritz-Carlton Residences, but with less hotel interference, and lower HOA dues. Also planned for the near future are two other new luxury highrise condominium projects on Grand Avenue, as well as Hope Street.

luxury-property-presentAs Downtown transitions to an upscale luxury market, more and more homes are marketed as luxury properties. The once ordinary loft, a plain box with four walls, is now marketed as a very rare and special piece of prime real estate.  Once outdated condos built in the 60’s or 80’s are now renovated, modernized and sold as luxury properties with premium views. The average condo in Downtown is now property advertised with slick presentations in the Wall Street Journal and Robb Report.

Get the best deal by seeing what’s not on the internet. Get upscale lofts pocket listings free.  Fill out my online form.


Copyright © 2015 This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not necessarily 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.