clock menu more-arrow no yes

Filed under:

South Park Carwash Site Will Probably Birth Mixed-Use Hotel

New, 26 comments

The carwash/restaurant/ticket place that sits dead-center in the LA Live/South Park action is this close to being sold, the Los Angeles Business Journal reports (sub. req.), and it sounds like it'll almost definitely be the future home of a mixed-use hotel. Owner Robert Bush is talking to three potential buyers and will likely get his asking price of $25 million, though no deal is set yet. While talks are only really serious with one buyer, all three have "indicated a desire to build a mixed-use hotel project." Should the speculation pan out, the sale will amount to $682 a square foot, the most expensive land sale in DTLA this year. One of the potential buyers is Ben Neman, a business guy who owns at least six other Downtown area properties--he has preliminary plans to build a 476,000 square foot mixed-use hotel, with retail and residences. There's apparently still demand for hotels in the area, even with construction of a double Marriott next door, a new Wilshire Grand hotel tower in the Financial District, and an Ace Hotel opening on Broadway (though that's a bit of a schlep from South Park). A hospitality consultant says he wouldn't be surprised if a W, a Kimpton, or a Garden Inn sets up shop at the busy corner.
· Hotel Room at a Premium [LABJ]

LA LIVE

800 West Olympic Boulevard, Los Angeles, CA 90015 Visit Website