TheNiche Posted April 3, 2009 Share Posted April 3, 2009 http://www.chron.com/disp/story.mpl/ap/business/6356940.htmlLOS ANGELES — A major developer planned to announce a $1 billion high-rise office and hotel complex Friday, the first new downtown construction project since the real estate spiral largely scuttled dreams of a resurgent city center.Thomas Property Group's plans call for an 80-story glass-walled building with a slanted profile resembling a ship's sail that would be built on property owned by development partner Korean Air Co.The design includes a 40-story hotel and condo tower and an 18,000-square-foot public park that would replace the 50-year-old Wilshire Grand hotel.Company Chairman and Chief Executive James A. Thomas said the city's first major office high-rise in some 20 years will satisfy what he sees as a rising demand for business real estate as downtown grows after the recession."There is no place that has the amenities, the attractions that downtown Los Angeles has," he told The Associated Press on Thursday, a day ahead of the official announcement....LA has been losing jobs for some time now. It isn't in good shape. And it is not as well poised to participate in a national recovery because California isn't especially friendly to businesses. If companies must once again expand their labor force, they are presented with an opportunity to move to Phoenix or Las Vegas, and I'm sure that many will. In the mean time, the glut of vacant office space would continue to impact rents for years to come.As for the statement that there's no place with the same amenities, there is. It is downtown Houston, which is quite a bit larger, has more amenities, and is a less costly place to do business. Link to comment Share on other sites More sharing options...
Montrose1100 Posted April 3, 2009 Share Posted April 3, 2009 If all the other +60 storey projects have been put down, why would this break the mold? As for the history comment, that doesn't hold true to a lot of other cities around the globe, but I guess he's only talking about American cities. Cities could become as dense and high-rise full if the growth demand & grid was there.Downtown Los Angeles has a lot of midrise old buildings. So the History, is there. Link to comment Share on other sites More sharing options...
Urbannizer Posted August 29, 2009 Share Posted August 29, 2009 This one is pretty much dead. Link to comment Share on other sites More sharing options...
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