The homeowners of 1100 Wilshire got what they asked for, but apparently paid an extremely hefty price.
CORRECTION: The L.A. Loft Blog incorrectly reported that Chase Bank purchased or leased control of 1100 Wilshire guest parking. The L.A. Loft Blog has since learned that the former guest parking is primarily controlled by the commercial space owner Wilshire Commercial LLC. The free guest parking was lost in connection with ongoing litigation between 1100 Wilshire Property Owners Association and Wilshire Commercial LLC.
Some homeowners have since complained that the problems mentioned in the L.A. Loft Blog (loss of guest parking and reduced maintenance) are caused, not by Chase Bank, but by a rogue homeowners board that has launched expensive lawsuits without majority homeowner approval. The homeowners board and management believe that they are working in the homeowners best interests to reverse adverse impacts to the homeowners caused by actions of Wilshire Commercial LLC.
What is, for the moment, still among the most respected buildings in the Downtown Los Angeles area has been trying for years to get all of its 3 or so commercial spaces filled up with businesses. Everything was going great until they gave away the farm to Chase Bank. (Lesson learned: Always be very cautious when dealing with banks because they are naturally the best swindlers out there — for banks, it really is all about the money). Now Chase affects 1100 Wilshire, which you can easily see after they pulled down the 1100 sign, replacing it with the Chase sign. The sad result so far is that the extra money from Chase does not appear to cover the cost of all of the extra wear and tear on all of the interior areas from the parking and elevator halls to the once-pristine lobby, which is not so pristine any more. There is so much soil and wear from the foot traffic, that busy maintenance crews now appear to have trouble keeping up. Worst of all, LA Loft Blog sources say that the HOA actually lost control of its valuable, once plentiful guest parking to the retail owner due to ongoing litigation with the building’s retail space owner Wilshire Commercial LLC. It’s now a lot harder to have visitors over, so the once-social residents must now kiss their many friends goodbye.
Now the Chase problem is unfortunately only the beginning of 1100 Wilshire’s woes. Homeowners recently called an emergency meeting to try to come up with a strategy to prevent the future blockage of 1100 Wilshire’s pool deck by the upcoming 36-story behemoth Bixel Tower. 1100’s glorious 17th floor sundeck with high-end infinity pool, outdoor kitchens, hot tub spa with views, private party patio, cabanas and fire pit, the entire 17-th floor rooftop sun deck and south-facing units could soon be blacked out by the upcoming Bixel Tower. This will block the natural light and views, thus diminish the property values of 1100 Wilshire condominiums.
Our guess is that the residents of 1100 Wilshire, angry at recent results of dealings with Wilshire Commercial LLC and Chase Bank, will vent their frustrations at Bixel tower, perhaps putting a damper on Bixel’s sky-high aspirations.
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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 We are not associated with the homeowner’s association 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.