Back in the boom times, renderings of downtown shiny towers were plentiful, and ground-breakings were always just around the corner. One of those now-scrapped condo tower developments was Portland-based South Group's 12th and Figueroa project, which would have risen on a prime piece of downtown real estate, a parking lot located right across from Staples Center. Bloomberg reports the site is now for sale. There's no listing price, but Brendan McArthur, vice president at Jones Lang LaSalle, which got the listing last Thursday, tells us the parking lot, now owned by an unnamed financial group, could sell for upwards of $30 million.
Weee! More importantly, might some towers finally go up right across from LA Live?
(Bonus: New development may block views of LA Live for existing downtown condo owners, which would be a good thing, from the complaints we hear.)
Meanwhile, official web site for the listing here.
According to Bloomberg, the most expensive downtown development site to sell in the last two and half years was a property on Alameda Street, which went for $25 million. Meanwhile, the other big parking lot near Staples Center is that Moinian Group-owned lot.
And another view:
· L.A.’s ‘Manhattanization’ Spurs $30 Million Parking Lot Listing [Bloomberg]