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$25-Million South Park Car Wash Will Become Hotel/Condos

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The more the neighborhood around LA Live changes, the more that car wash on the corner of Figueroa and Olympic seems out of place. No longer! The LA Times reports it's been sold for an estimated 10 times its value, although obviously the real value is in that location. As predicted, the site is slated to become something more typical for the area: a hotel. The nearly one-acre site, with its squat one-story building, was "one of the most sought-after real estate parcels" in DTLA, and finally sold to local developer/landlord Ben Neman (he helped develop the Historic Core's massive mixed-user Medallion). Though there's no official word on the price, sources say that the final number was "close" to the asking price of $25 million, which is surprising considering the land was most recently assessed at just $2.4 million, but not that shocking considering that South Park as a whole has become a hot spot for Downtown development.

Neman has been serious about buying the site and putting a hotel on it for at least a couple years, but now he's talking about throwing in some luxury condos "in a tall structure", too. (Much to the chagrin of the Hotel Figueroa next door.) LA Live's already got the double Marriott and a Renaissance on the way, which fits in just fine with the city's plans to add a gajillion new hotel rooms around here.
· Downtown L.A. carwash owner cleans up in sale estimated at $25 million [LAT]
· South Park Carwash Site Will Probably Birth Mixed-Use Hotel [Curbed LA]

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