With the new construction of huge shiny, super luxury high-rise condominium towers Metropolis, Ten50, OceanWide Plaza and 1133 Hope St, one begins to wonder if Downtown Los Angeles is headed for a high-rise condo glut. #1212flower #southpark
When two huge towers are added onto that at 1212 Flower St., the risk of an upper class housing overage becomes palpable. Let’s explore the need and merits of the new build before jumping to any conclusions. Here’s this week’s real estate news:
One block east of Staples Center and the L.A. Live complex, Onni kicked off construction in October for 1212 Flower Street, a two-tower residential development.
The mixed-use complex replaces the parking lot of a mid-century style office building. The coming new luxury condominium towers shall rise to 40 and 31 stories, and will bring to Downtown LA a whopping 730 residential condo units for sale, along with a modest 8,000 square feet of ground-level retail space.
As with the tower at 820 Olive Street, 1212 Flower is being designed by Chris Dikeakos.
2 Tower DTLA Development Under Construction
The Pico Metro Station now will be sandwiched between high-rises. Metro might need to really upgrade that little station next door. A parking lot near Pico Station is making way for the future residential / retail complex. | NEW HOMES INTEREST LIST
After a recent ground breaking ceremony for its neighboring 1133 S Hope St., the newest Downtown development has begun preparing for construction.
Canadian real estate developer Onni Group has set up the construction zone fencing around the surface parking lot at 1212 Flower Street. The one and a half acre site, next to Pico Station, is scheduled to soon support two of highrise luxury tower condominium buildings that will be one of Downtown’s largest residential buildings full of sparkling new homes for sale. The buildings will contain parking accommodations for up to 830 cars.
Documents filed with the L.A. Department of Planning indicate that the towers that shall be some of the tallest residential skyscrapers in the area. The glass and steel structures have been designed by Canadian Chris Dikeakos Architects of Vancouver, British Columbia.
The property is already home to a 70,000-square-foot office building, which will not be torn down because the 1960s 5-story structure has recently benefitted from several substantial renovations and upgrades, such as a new gymnasium in the basement.
1212 Flower is not the first big construction project done by Onni in the Downtown area. After Level DTLA and 820 S. Olive Street, the company has also purchased the historic Los Angeles Times Building. Onni is expected to tear down part of the Times Building to make way for the construction of a multi-family residential complex. It is not yet known if the Times Building will turn into the “Times Lofts” condos for sale or “Times Apartments” for lease.
The Flower Street project is being heaped on top of an exploding number of new towers that are replacing parking lots all around block across from the east side of the Staples Center. The upcoming new towering Circa apartments and Oceanwide Plaza mixed-use condo / hotel / shopping center developments are among the most spectacular, sprawling and imposing of the bunch.
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