Downtown Boom Attracts Suburban Builders
Today's edition of the Los Angeles Downtown News featured a story on the latest residential towers planned for the South Park district near the Staples Center arena and the future L.A. Live complex. While this development project is unremarkable in the sense that Downtown is in the midst of an unprecedented residential building boom, it is interesting to note that its builders will be KB Home and Lennar Corp., two of the largest suburban homebuilders in the nation. These two companies have profited greately from suburban sprawl but now see their future in urban high-rise living; such a paradigm shift speaks to the changes that have occurred in Downtown Los Angeles, the larger Southern California metropolis, and the real estate market. Read on:
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Two More Towers
Mega Builders Join South Park Housing Frenzy
by Kathryn Maese
The forest of residential towers being planned around Staples Center just got denser. Last week two major housing developers announced plans to create as many as 700 units in two high-rises.
KB Home and Lennar Corp., among the biggest homebuilders in the nation, said they will partner on a 40-story and a 27-story structure on Figueroa between 11th and 12th streets across from Staples Center. Pending city approvals, the four-acre project could break ground as early as June, said KB Home spokeswoman Caroline Shaw.
"What we're really announcing is the launch of KB Urban, a concept that will help us to develop more high density projects in city centers," Shaw said. "We chose L.A. because it's in our own backyard and it's a vibrant place. We want to contribute to the Downtown revitalization."
The proposed venture, dubbed Fig Central, would add to more than a dozen housing towers in the blocks surrounding the planned L.A. Live project, a $1.5 billion entertainment district helping to fuel the area's comeback with a slate of restaurants, clubs, retail and a 1,100-room Convention Center headquarters hotel.
Last summer, a subsidiary of Lennar, Newhall Land, purchased the property from Anschutz Entertainment Group (AEG), the developer of L.A. Live. The site is one of many around Staples Center that has been sold by AEG to housing developers. The district is entitled for up to 2,000 housing units.
South Group developer Tom Cody, who purchased the sister site to the south with plans to develop 648 units in two 30-plus-story towers - he hopes to break ground in the middle of next year - said Fig Central will knit together the entertainment district with the emerging residential community.
"The plans I've seen are spectacular," Cody said. "It's an enormous endeavor and it is very complimentary from the standpoint that we want to see that retail happen. They know how to execute complicated, large-scale projects that have a positive impact on neighborhoods like this. It gives us the confidence that we are in the right place at the right time."
Like many of Downtown's new residential projects, Fig Central could include ground floor retail, in this case up to 250,000 square feet. An artist's rendering depicts a shopping area to be developed by LNR Property Corp. fronting Figueroa Street, along with mammoth billboards and television screens in keeping with the flashy L.A. Live design.
Lennar spokeswoman Marlee Lauffer would not comment on the project's specifics, saying the details of the deal are still being worked out. Lauffer, however, noted that the firm is looking to establish itself in the Downtown market, and recently opened an office in Wells Fargo Tower.
"We are getting involved in the urban market in L.A. and are excited about the great opportunities in Downtown, particularly around Staples Center," she said. "There is strong demand in the marketplace and there is great synergy occurring there."
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Two More Towers
Mega Builders Join South Park Housing Frenzy
by Kathryn Maese
The forest of residential towers being planned around Staples Center just got denser. Last week two major housing developers announced plans to create as many as 700 units in two high-rises.
KB Home and Lennar Corp., among the biggest homebuilders in the nation, said they will partner on a 40-story and a 27-story structure on Figueroa between 11th and 12th streets across from Staples Center. Pending city approvals, the four-acre project could break ground as early as June, said KB Home spokeswoman Caroline Shaw.
"What we're really announcing is the launch of KB Urban, a concept that will help us to develop more high density projects in city centers," Shaw said. "We chose L.A. because it's in our own backyard and it's a vibrant place. We want to contribute to the Downtown revitalization."
The proposed venture, dubbed Fig Central, would add to more than a dozen housing towers in the blocks surrounding the planned L.A. Live project, a $1.5 billion entertainment district helping to fuel the area's comeback with a slate of restaurants, clubs, retail and a 1,100-room Convention Center headquarters hotel.
Last summer, a subsidiary of Lennar, Newhall Land, purchased the property from Anschutz Entertainment Group (AEG), the developer of L.A. Live. The site is one of many around Staples Center that has been sold by AEG to housing developers. The district is entitled for up to 2,000 housing units.
South Group developer Tom Cody, who purchased the sister site to the south with plans to develop 648 units in two 30-plus-story towers - he hopes to break ground in the middle of next year - said Fig Central will knit together the entertainment district with the emerging residential community.
"The plans I've seen are spectacular," Cody said. "It's an enormous endeavor and it is very complimentary from the standpoint that we want to see that retail happen. They know how to execute complicated, large-scale projects that have a positive impact on neighborhoods like this. It gives us the confidence that we are in the right place at the right time."
Like many of Downtown's new residential projects, Fig Central could include ground floor retail, in this case up to 250,000 square feet. An artist's rendering depicts a shopping area to be developed by LNR Property Corp. fronting Figueroa Street, along with mammoth billboards and television screens in keeping with the flashy L.A. Live design.
Lennar spokeswoman Marlee Lauffer would not comment on the project's specifics, saying the details of the deal are still being worked out. Lauffer, however, noted that the firm is looking to establish itself in the Downtown market, and recently opened an office in Wells Fargo Tower.
"We are getting involved in the urban market in L.A. and are excited about the great opportunities in Downtown, particularly around Staples Center," she said. "There is strong demand in the marketplace and there is great synergy occurring there."
Lennar Corp. and KB Home are planning up to 700 units in two towers just east of Staples Center. It's the first Downtown venture for both companies. Rendering courtesy of KB Home.
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While we're on the subject of the Downtown housing boom, here's a funny cartoon, also from today's Los Angeles Downtown News (click to enlarge):
posted by Mitch Glaser @ 7:30 PM
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