The proposed Megatoys condo project near First and Garey Streets in the Arts District—you know, the one we reported on that was subsequently greeted with peals of laughter from economy-hardened commenters—got an initial thumbs-up from the planning department yesterday, reports the Downtown News. The next step for the six-story mixed-use project (it would replace a toy factory, hence the moniker) is a meeting with the planning commission in October. The project is being pushed by Megatoys owner Charlie Woo, a fella respected for his business acumen but a newcomer to residential development. Woo tells the Downtown News, “Right now the economy is bad and people are pessimistic, but I think in a year or two’s time the situation will change. I think our timing is just right and the real estate market will be in an upswing soon. I think the recession actually provides us with the opportunity to do a more efficient, better project at slightly lower costs.” Previously, there was worry the project would suffer ground vibration due to its proximity to rail lines for freight, Amtrak, and the soon-to-open Gold Line extension, but according to an environmental study, your fine China should be safe and sound.
2.9 acre parcel
15,576 square feet of retail space
766 parking spots
Garey Street between First and Second would be closed to cars and become a pedestrian-only street flanked by stores. Units would also bridge Garey Street.
Groundbreaking could occur within two years