Category: Condominiums Downtown Los Angeles

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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.

Be among the first to find out if the new highrise will contain rental apartments or condominiums for sale. Get Olympic Tower updates in your email. Fill out the online form:

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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.

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Something’s Broken at SB Grand

SEE THE NEW UPDATE ON SB GRAND AT
https://www.laloftblog.com/2017/09/15/sb-grand/

All Downtown Los Angeles loft buildings have issues, but one stands out as possibly the most troubled loft project ever in DTLA. The ShyBary Grand has some advantages: genuine historic lofts at good prices, but the worst thing may be the way it makes one feel.

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The Homeowner’s Association does not provide all of the financial documentations that one might expect. Several homeowners have not paid HOA dues in a long, long time. We don’t know what kind of reserves the HOA has or does not have.

buyer-mistakes-la-cp-ad-rsiBecause more than 50% of residents are renters, most lenders will not finance units at SB Grand. When the developer sold the condos, they only sold about 70% of them to real home buyers, and held out around 30% for the developer and other commercial interests to rent out. Weird  — it’s the only condo building that has a leasing office.  The units rent cheap, and take a long time to rent out.  The result is that SB Grand is a condominium that is all but devoid of ownership pride.  In fact, the building’s true personality comes out every Spring Break as the pool gets fun and frolicky.

Hectic with a capital HECK!  While SB Grand is not in Skid Row, it might as well be, as Skid Row comes to the building nearly all day long every day because the neighboring Metro station is the closest station to Skid Row. Around the SB Grand, the homeless are the least of the problem; the main problem is the almost homeless. That’s where the hectic, frantic situations occur outside. Like a pimp and ho version of General Hospital –  How about General Rehab?

Loiterers stand around in front and nearby almost constantly. Many of them are yelling, sometimes obscenities, sometimes threats, sometimes drop to the ground from drug overdoses, sometimes get rescued by paramedics, and sometimes get a gun in the face compliments of undercover Metro police.

Inside the building is a different type of turmoil. The renters sometimes have people over, questionable dealings, sometimes arguments occur in the common areas.  The renters sometimes litter in the building and throw cigarettes down onto neighboring balconies below.

Oh, and parking is not included, but the HOA dues are low.

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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Corey Chambers, Realty Source Inc, BRE#01889449