Holy cow, we weren't sure we'd ever see the day--there is action again at the famously failed Park Fifth site at Fifth and Olive right by Pershing Square. After the 76-story condo/hotel/retail/restaurant project stalled out in 2008, the paintballed sign that stood on its empty lot became a symbol of recession-thwarted development. But now Downtown News reports that real estate investor MacFarlane Partners is in escrow to buy the site "and plans to construct a mid- and high-rise complex for residential and retail use." We're callin' it: Downtown development is now definitely, officially back. Well, maybe after escrow finally closes next spring. In the meantime, MacFarlane is working on designs for a building of about 600,000 square feet (half of what Park Fifth would've been). It's not clear how tall it'll be, but Councilmember Jose Huizar's office, which has been fretting over stumpy development in Downtown recently, says they're in favor: "it was great to see a big name backing an ambitious project that really has optimal growth in mind."
· Developer to Buy Park Fifth Site and Build Mid- and High-Rise Project [DN]
· Park Fifth Archives [Curbed LA]