Everything old is new again! A 24-story condo tower project at Eleventh and Grand, floundering since the mid-aughts, looks to be on track again with a new owner, new name, and a new timeline, reports the LA Times. The "ultra-sophisticated" project formerly known as the Glass Tower will have 151 units, groundfloor retail (restaurants, shopping), and two-story penthouses on the roof. For years the project just could not get off the ground—not in 2008 and not in 2009. By the fall of 2011, the owner listed the lot with its entitlements and that was the last word for years. The project was recently purchased by SF-based Trumark Urban, which plans to make minimal changes to the existing designs so they don't have to go back through the long process for new approvals. They have, however, asked Downtown firm HansonLA to "refresh" the design, and we'll have those to show off tomorrow.
"We're consciously not redesigning it. We're racing to get in the ground by the end of the year," the managing director for Trumark Urban says; the anticipated completion date for the tower is 2016. The $100-million development is temporarily going by the name 1050 Grand (its address), but can hopefully cook up something better than Glass Tower. (Trumark Urban also hinted that they're going to have another new condo project "soon" in the Historic Core.)
The project comes on a block that's busy with building right now: up at Tenth Street, there are a couple of stubby mixed-users coming in. Meanwhile, all of Downtown is desperate for new condos; there's a serious shortage in the whole area.
· 24-story condo tower project in downtown L.A. is being revived [LAT]
· Downtown's Glass Tower Developer Throws In Towel, Lists Entitled Lot [Curbed LA]