So much for that. While the Los Angeles Business Journal notes that it's still possible that the 76-tower will be built, the Park Fifth site at Fifth and Hill streets has been put up for sale. According to the Journal, the property is being marketed by Cushman & Wakefield without an asking price. "Given the recession and the frozen state of capital markets, it’s unclear what the property might fetch." The listing of the project, which was designed by Vancouver, Canada-based architect Chris Dikeakos Architects, is being blamed on funding difficulties related to the economy. Despite the sale, developer David Houk tells the paper he hopes to "stay involved in a future version of the project if possible."
April 2007: Downtown News profiles Park Fifth project, a development that would be taller "than Downtown's 72-story Library Tower - currently the tallest building west of the Mississippi."
June 2007: Wait: Not taller! Since everyone cares about height, developer David Houk clarifies the mine-is-bigger-than-yours-issue to the Planning Report: "First of all, to clarify the “tallest” issue: we are building a 76-story residential tower. The floor to ceiling height of a residential tower is dramatically different than an office building. While the number of floors seems like a lot, the actual height is slightly taller than the Gas Company tower. It’s nowhere near the size of the U.S. Bank tower. We are planning, to the best of our knowledge, the tallest residential tower west of Chicago, but not the tallest building."
November 2007: Rumors surface that Park Fifth investor is looking for a new funding partner. Blogdowntown interviews the development's project director, who insists rumors are overblown; he says that "Park Fifth is progressing on schedule. Completion of the first tower is set for 2010, while the second tower will be completed in 2011."
April 2008: Developer Houk tells the Downtown News he will build community benefits into the project, such as a pedestrian connection to the nearby Metro Red Line station and two major public art displays in collaboration with the Museum of Contemporary Art.
June 2008: Park Fifth reps announce the project has received its entitlements and has a construction loan commitment from Beijing Construction Engineering Group. It's unclear if the "commitment" meant that any money actually was given out.
December 2008: LABJ profiles Ezri Namvar, that Brentwood businessman who allegedly ran a ponzi scheme, and reveals that Namvar had invested in the Park Fifth project.
October 2008: LABJ lists six big projects currently in danger of being canceled. Park Fifth is on the list.
January/February 2009: Park Fifth sign hit attacked by...clowns?
June 2009: Site is listed for sale. Houk admits that disgraced investor "Namvar’s problems are part of the reason" behind the sale of the project, but refuses to diss the Brentwood businessman. " “I have nothing but good things to say about Ezri,” Houk said. “He helped us a lot until he ran into trouble.”
Loading comments...