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

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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]