After an initial stoppage scare, the M2A Architects-designed Medallion, which is rising at the corner of Fourth and Main, is expected to be finished by early 2010, according to developer Saeed Farkhondehpour. Phase 1 will bring 100 apartments, a retail courtyard, and a rooftop bar, and as far as the units themselves, Farkhondehpour describes them as "absolute luxury." According to Farkhondehpour, prices will average about $2 a square foot, and residences will have high-finishes, bamboo floors, and bamboo kitchen cabinets. Asked if there was any worry about the downtown rental market, which seems to be getting more units by the week, Farkhondehpour replies, "Of all the places, the Old Bank District has held up better than any other part." Meanwhile, Loopnet currently has the listing for the retail, and Farkhondehpour says he hopes a restaurant will come in. Additionally, there's a rooftop bar planned for atop the parking structure that's under construction on Los Angeles Street.
And there's no time frame for Phase 2 of the project ("Things are very rough right now," says Farkhondehpour). Indeed. When it is completed, Phase 2, which'll be located on the same block, will bring more apartment units and more retail. Meanwhile, the Loopnet listing has another name for this neighborhood. "A brand new ground up development which will consist of a full city block in the new "SoHo' of Downtown Los Angeles." Downtowners, then you can expect a new Apple store very soon.
· Downtown Medallion's Retail Courtyard [Angelenic]