clock menu more-arrow no yes mobile

Filed under:

Downtown's Glass Tower Developer Throws In Towel, Lists Entitled Lot

New, 21 comments

The Downtown News's latest "What's for Sale" feature covers the northeastern corner of Eleventh and Grand Ave., which for the last six years, lived as a surface parking lot and the proposed future home of developer Amir Kalantari's mixed-use Glass Tower. Dead, alive, dead, alive--the project's dead for now, because of (what else?) financing troubles. However, in June, Kalantari managed to extend the property's entitlements for a 128-unit residential tower (and possibly some retail) for another five years. That should sweeten the deal for a buyer looking to invest in South Park. The Downtown News seems to think a hotel would fit nicely here, especially with the nearby Farmers Field football stadium looking like more of a reality all the time. The fallow 0.6 acre lot is listed at $12.5 million, or about $462 per square foot, which according to DN's calculations is a bit high going by comparable properties. A 2.7 acre parking lot on Figueroa across from the Staples Center, entitled for 650 residential units, recently sold for $31 million, or $264 per square foot.
· What's for Sale [Downtown News]
· 1050 S. Grand [LoopNet]
· South Park's Glass Tower Stirs [Curbed LA]