It's a tiny step for mankind, and a huge leap for Downtown. The attached presser (after the jump) announces that Park Fifth has received its entitlements and has a construction loan commitment from Beijing Construction Engineering Group (God bless you Chinese people). We know, we know. We can hardly believe it either. The 76-story mixed use project grows ever closer to actually breaking ground, at which point our head will spin around and fly off our body leading to our untimely death and burial under the building's cornerstone.
June 26, 2008
Today is truly a RED LETTER DAY for Park Fifth. This is the day that ALL of our formal approvals from the City of Los Angeles are absolutely FINAL. Over the past three years, we have been through an extensive process that involved obtaining approvals from the Community Redevelopment Agency, Planning Department, City Council and Mayor Antonio Villaraigosa.
Many of these actions had appeal periods associated with them, but as of today, ALL of those appeal periods have expired. That makes it official: Park Fifth is FULLY ENTITLED and ready to move forward.
Approvals Bring Good News
These actions also finalize some very important aspects of Park Fifth:
1. We will fund almost $10 million toward the renovation and improvement of Pershing Square. This park is our front yard and we are committed to making it an attractive, open and friendly environment for the entire neighborhood.
2. From the outset, we have committed to making Park Fifth an environmentally sensitive project. As part of our approvals, Park Fifth will achieve the LEED Silver standard for Green Building or better.
3. Park Fifth will have a direct connection into an MTA station on the Red Line, which will provide our residents with access to the station without going outside.
Park Fifth is pleased to announce that it has secured a construction loan commitment from Beijing Construction Engineering Group (BCEG). This international firm has an extensive background in large projects, having built many of the venues that you will soon see on TV for the upcoming Olympics. Most recently, they have come to the United States and are in the process of funding two large projects in Chicago, both of which involve hotels and residential condominium homes. That makes them the perfect fit for Park Fifth and their involvement will allow us to move forward with groundbreaking later this year. We will be working through all the details over the next several months and we are very pleased to have them on board.
As always, please feel free to call our Sales Office or make an appointment to visit so that we may answer any questions you may have.