The reality right now is that if you're a downtown developer with a project under construction, success simply means finishing-- and hopefully selling or leasing out the project--without falling into bankruptcy or seeing some other type of financially-related stallage. All you need to do is consider all the other unfinished projects sitting around downtown (705 W. Ninth to Barn Lofts to the Roosevelt to whatever the heck is going on at the Hewitt First Lofts). The Medallion in the Old Bank District, no stranger to construction stops, is months away from finishing, and to date is on track to do so, according to developer Saeed Farkhondepour.
There are 96 planned apartments, with rental prices expected to fall at $2.25 a square foot (that's a 25 cents more than Farkhondepour said last year, but then again, this project was touted as an upscale, Soho-like building). There'll also be 83,000 square feet of retail and a parking garage that can hold about 750 cars (the development sits on a former parking lot, as well as the old-timey Westminster hotel); part of the parking lot is also open to the public. Additionally, there's a half acre park in the middle of the project, which'll be open to anyone (in the same way the park at the Los Angeles Police headquarters is open). "It's open, it’s accessible, and the theory is that some people can walk through it," says Barry A. Milofsky, partner at project architect firm M2A Architects. Who doesn't want another little pocket park? Go, Medallion, go.
· Downtown's Medallion to SoHo-ify Neighborhood [Curbed LA]