37-Story Condo Tower Planned For Twelfth and Grand in Booming South ParkMay 22, 2015
Back in February, a Shanghaibased developer dropped $26 million
Developer City Century envisions a 37story, 126unit condo tower, designed by Richard Keating, who designed the Gas Company Tower on Bunker Hill (there's no mention of retail for the groundfloor, which is unusual these days). "This is going to be an architectural building, not just a big slab," Keating assures. The 44,412squarefoot lot is not very roomy, so he's planning a "thin, delicate looking" highrise. There was once talk of putting two towers
When the $100million project is completed, units are expected to list for between $600,000 and $4 million—about $1,000 per square foot, similar to the pricey prices at the nearby Metropolis megaproject, which is still under construction. The high rise will have windows that residents can open (pretty rare in Downtown towers) and balconies. City Century managing partner Joseph Lin says that he's gunning for the future residents to be locals who were just waiting for the right skyscraper: "We are purposefully not trying to sell in China." (Chinese buyers have snapped up many units in nearby luxury towers.)
That zoning change still needs to come through, though, in addition to the usual approvals for a project like this. Lin says if city officials sign off, work can start in early 2016, with construction taking just under two years.
· Chinese developer unveils plans for luxury condo tower in downtown L.A.