Los Angeles is a city that is always changing and growing. To that end, here’s a look at some of the city’s latest property developments and changes.
South LA Shopping Center Project Temporarily Stalled
A new South LA Shopping Center that was scheduled to be completed by this winter appears to have hit a roadblock. Breaking ground a little over a year ago with a projected price tag of $200 million, the outdoor mall is slated to feature retail storefronts, a grocery store, a large courtyard for public performances, a well-lit outdoor space for pedestrians and a parking structure. While the lot has been cleared and some of the fencing and scaffolding have been put into place, no other changes appear to have taken place on the property. According to the Chief Operating Officer of Sassony Development, which is the project’s developer, the project has faced numerous hurdles related to obtaining building permits and meeting the other conditions that have been established by the city.
Cecil Hotel Undergoing Major Overhaul
Located at the edge of the Historic core, the Cecil Hotel will finally be receiving the makeover that it has desperately needed. New York-based Simon Baron Development promises the building will look very different once the company is done with its overhaul. While some of the historic elements within the hotel will be saved, the development company reports that most of the interior features are not worth saving. As such, the renovations will result in a new building with a mix of low-income and market-rate apartments as well as hotel space.
In all, the renovations are expected to cost about $100 million to complete. Once finished, it will offer a boutique-like hotel along with 301 units of micro apartments. While Simon Baron Development holds the 99-year ground lease on the property, the micro units will be designed and run by another New York-based company known simply as Ollie. The micro units are expected to range in size from 150 to 325-square-feet, with each offering space-saving features such as beds that fold into sofas.
Residents will also enjoy a variety of amenities, including group meals on the rooftop, a rooftop pool, a gym and guest lecturers. Meanwhile, each micro apartment will come fully furnished and will include cable, Wi-Fi and housekeeping services. Residents will also have private restrooms. The units will not have kitchens, however, and burners will not be permitted due to restrictions meant to preserve the rooms as residential hotel units. Ollie currently estimates that the units will cost residents approximately $1,500 per month to rent. Work on the hotel is expected to begin in the spring of 2017 with the entire project taking two years to complete.
The Bloc Offers New Experiences
Replacing the monolithic Macy’s plaza, The Bloc offers a new, open shopping experience within a sunken, open-air central courtyard. Known as The Square, the courtyard is meant to serve as a location for musical performances in Downtown LA. The artsy Alamo Drafthouse is also scheduled to ultimately be included in the complex.
These are just a few of the developments and changes taking place in Los Angeles. If you are interested in learning more, contact our team of luxury real estate experts. We specialize in high-end real estate in Southern California’s most exclusive communities.
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(all data current as of 5/25/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.