03/08/17

Flurry of New Condos Set to Transform Los Angeles Skyline

A flood of development to Downtown Los Angeles is poised to give the city’s unremarkable skyline—a flat, unfocused sprawl of buildings—a massive facelift over the next decade.

Among the flurry of construction in the West Coast metropolis are high-end residential towers, including multimillion-dollar condominiums, such as the penthouses at the new Metropolis mini-city on the edge of South Park and the Financial District.

In Downtown, more than 2,500 new condo units were under construction and more than 6,000 new residential units were proposed in the third quarter of last year, according to the latest market report by the city’s Downtown Center Business Improvement District.

Angelenos are seeing a resurgence of the city’s center thanks to the residential construction boom, which is transforming Downtown into a “live, work, play” area, said Michael Rudis, a senior research analyst for Newmark Grubb Knight Frank, in Knight Frank’s Global Cities 2017 report.

“The region’s growing population and traffic congestion is causing planning departments to work enthusiastically with developers to construct high-density, transit-oriented developments,” Mr. Rudis said.

Accordingly, prices for new developments are on the rise as amenity-rich multi-family buildings come on the market. Average price per square foot was $1,095 by the end of 2016, a 14% increase from a year prior, according to the latest quarterly report from appraisal firm Miller Samuel.

New apartment units are also selling swiftly. On average, it took a third less time to sell condos in new developments than it did a year ago, according to the Miller Samuel report.

Indeed, the condo market all around Los Angeles has seen significant growth over the past year. In Beverly Hills, the median condo sales price grew 12.5% in 2016, to $1.35 million; and in Century City-Westwood, the median sales price grew 17%, to $900,000, according to Miller Samuel.

Here’s a snapshot of new high-end developments, where units will sell in the coming year.

TEN50 at 1050 S. Grand Ave., South Park

Ten50 boasts itself as the first high-rise condominium building in Downtown Los Angeles in nearly a decade. The 25-story glass-lined residences, designed by architecture firm HansonLA, are expected to be completed early this year, according to the development’s website.

The $100 million project will offer around 250 parking spaces, as well as a sixth-floor pool deck with cabanas, a fitness center, entertainment rooms and green landscaping. Developers are also marketing the building as having the first drone landing pad, which they envision will be useful for the kind of drone deliveries Amazon has been testing.

Number of units: 151
Price range: From the $600,000s to over $4 million
Developer/architect: Trumark Urban/HansonLA
Apartment sizes: One bedrooms and two bedrooms
Amenities: Fitness studio and yoga deck, screening room, drone delivery, pool, lounge and private dining room
Website: ten50.la

Source
Mansion Global
Beckie Strum

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