If you were hoping to buy a unit at the Renaissance Tower Apartments, well, that’s too bad because the Olympic Blvd building isn’t going to be turned into a condominium building anytime soon, according to Joseph Scarlatti, lead consultant at San Diego-based Westone Management Consultants, the firm handling the tract map. Finalization of the tract map change (news which leaked out last week), which allows the condo conversion, is at least 18 months away, and even if approved, there’s no short-term plan to convert the apartments into condos.
According to Scarlatti, the process of applying for the map change started way back in 2006, when the real estate market was booming. According to Scarlatti, the size of the building is one reason for the lengthy application process.
Meanwhile, changing the tract map enhances the value of the project down the road in case the owner wants to sell the development or refinance it, according to Scarlatti. And both Scarlatti and the rep for BlackRock, the asset manager for the owner of the building, declined to reveal who owns the building, located at 501 W. Olympic Boulevard. "We cannot comment on client activity," said the BlackRock rep.
So secretive! But a source familiar with the project says the owner is California Public Employees' Retirement System (CalPERS), a group that does quite a bit of business with BlackRock. UPDATE: A press rep for CalPERs confirms the pension fund is an investor in the building.
· Downtown's Renaissance Tower Going Condo [Curbed LA]
**Originally, the post contained quotes from the BlackRock rep--the quotes should have been attributed to Scarlatti and were accidentally attributed to Blackrock due to an editing error. Our apologies.