Curbed LA: “22-Story Zombie Condo Tower Begins Its Rise in South Park”

January 21, 2015

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Curbed LA: “22-Story Zombie Condo Tower Begins Its Rise in South Park”

Wednesday, January 21, 2015, by Benjamin Gross

The zombie project formerly known as the Glass Tower has finally broken ground in crane-packed South Park, making it the first high-rise condo tower to rise in the area since before the recession (more than seven years, according to the LA Business Journal) and one of only two Downtown condo projects in the works now, according to GlobeSt. The 22-story tower at Grand and Eleventh was first proposed in 2005 and construction was expected to begin way back in 2008. It repeatedly failed to get off the ground, though, and was finally sold and resurrected in 2014 by developer Trumark Urban. It’ll have 151 “luxury” condos starting on the sixth floor, plus 5,700 square feet of retail space on the ground floor and a fitness center and pool on the fifth floor. The renderings here are from a May 2014 city document granting the developer an extension. The design was refreshed later in 2014 after the property was bought by Trumark Urban, but most of the details will remain the same. The tower should open in 2016.

 

GlobeSt: “Trumark Urban Plans $110M Downtown Development”

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January 21, 2015

GlobeSt: “Trumark Urban Plans $110M Downtown Development”

By Kelsi Maree Borland | Los Angeles

The 22-story tower will have 5,672 square feet of ground floor retail.

The 22-story tower will have 5,672 square feet of ground floor retail.

LOS ANGELES—Trumark Urban has broken ground on a 22-story, 151-unit multifamily condo development in Downtown Los Angeles. The development will cost approximately $110 million, and Trumark Urban secured a $77.8 million construction loan to fund the project. The property will come online sometime in 2016.

Construction began last week, immediately after the developer secured the construction loan. PCCP secured the funds on behalf of the developer, and John Manning and Chris Casey of JLL Capital Markets arranged the loan.

“While developers are placing significant bets on the rising demand for rental units in Downtown LA, there have been very few new condo units developed in the area,” Ron Bonneau, SVP with PCCP, tells GlobeSt.com. “As housing prices continue to rebound in Los Angeles, the borrower sees the opportunity to be one of the first new condo projects to market in downtown, where there has been no significant new supply delivered since before the downturn and inventory of for-sale housing units is at its lowest level in over five years.  The ability to provide financing to Trumark—an experienced firm with a strong track record—on a site, which will be one of the first to market was attractive to PCCP.”

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Commercial Property Executive: “Trumark Lands Financing for Luxury Downtown LA Condo Project”

 

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January 21, 2015 

Commercial Property Executive: “Trumark Lands Financing for Luxury Downtown LA Condo Project”

By Barbra Murray, Contributing Editor 1050 S  Grand

Trumark Urban, the condominium development arm of The Trumark Group of Cos., has taken a big step forward in its development of 1050 S. Grand, a 22-story luxury residential tower that will sprout up in Downtown Los Angeles. With the assistance of commercial real estate services firm JLL’s Capital Market team, Trumark has secured $77 million in construction financing for the 151-residence project.

PCCP, L.L.C. provided the financing, which came in the form of a non-recourse loan.  JLL did double duty for Trumark, as the firm also orchestrated joint venture equity for 1050 S. Grand. The total development cost on the project is $100 million.

Located in the South Park neighborhood of downtown, the site of 1050 S. Grand has been entitled for development since 2007, but nary a building appeared over the years due in no small part to the financial crisis. Trumark, however, wasted precious little time getting its condo project off the ground after completing the purchase of the site in June 2014.

A condominium in downtown Los Angeles appears to be a safe bet in the current market.

“There is a huge demand for multi-family product, especially condominiums, in Los Angeles and 1050 S. Grand is currently the only condominium development ready to begin construction,” John Manning, managing director with JLL, noted in a prepared statement.

The numbers tell the story. According to The Mark Co., in the third quarter of 2014, new-construction condos in downtown increased 13 percent year over year on the pricing index.

Trumark expects to begin marketing units at 1050 S. Grand in early 2016.

Rentv.com: “Construction Started on 151-Unit Downtown LA Res Tower”

January 20, 2015

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Rentv.com: “Construction Started on 151-Unit Downtown LA Res Tower”

1/20/15
Trumark Urban is underway with development of a 22-story, 151-unit luxury condominium in downtown Los Angeles. Construction, which started last week and is expected to be completed in 2016, was funded with a $77.8 mil senior loan provided by PCCP LP. 

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New Home Floor Plans for Young Families: Planning for Future Multi-Generational Living

January 19, 2015

More families than ever include three or more generations under one roof. According to AARP, 51 million Americans now have at least two adult generations, and 32 percent of all adults anticipate that they will eventually share their home with a parent. The fact that multigenerational living is here to stay means that new home floor plans for young families are changing as well. Here are some things you should keep in mind to prepare for multi-generational living in the future.

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4 Smart Credit Score Tips For Soon-To-Be Home Buyers

January 12, 2015

A savvy home buyer makes a few important decisions up front. The location, the price range, and the buying time frame must all be determined.

One integral part of the buying process that is often overlooked is the prospective home buyer’s credit health. If the credit score is low, purchasing a home will be much more difficult.

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Los Angeles Downtown News: “Seven Groundbreakings Downtown Is Waiting for in 2015”

January 5, 2015

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Los Angeles Downtown News: “Seven Groundbreakings Downtown Is Waiting for in 2015”

Posted: Monday, January 5, 2015 2:00 pm

DOWNTOWN LOS ANGELES – Sometimes the simplest statements say it best: Downtown is hot.

This isn’t just in the mode of restaurants and bars. Rather, the Central City is now a highly desired destination for investors, and money is pouring into the community. Area residents and workers will get constant reminders of that in the coming year, as a steady diet of groundbreakings is scheduled, with hotels, housing towers and even a couple mega-projects. Here are seven of the most anticipated new developments.

Heart of Glass: Plans for a condominium high-rise on the northeast corner of 11th Street and Grand Avenue fizzled amid the recession. Then, last June, San Francisco-based Trumark Urban bought the site of the already entitled structure, known as the Glass Tower, and announced it would spend $100 million on a 24-story edifice. Trumark is aiming to break ground this month, with plans to open by the end of 2016. The 151-unit tower is being designed by Downtown architecture firm HansonLA, and initial renderings depict several Rubik’s Cube-like accents jutting out along an edge of the structure.

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Grand Visions: At one time, developer Related Cos.’ Downtown mega-project The Grand was the most anticipated groundbreaking of 2008. The recession halted the effort, and only in the past 15 months have things changed. Architect Frank Gehry is still on board, though designs have shifted, and Related has a new partner in SLS Hotel owner Sam Nazarian. Current plans call for a groundbreaking in December. The $850 million project would reinvent the upper reaches of Grand Avenue with a 300-room SLS Hotel that would contain 25-35 condominiums, and a residential tower that would be approximately 420 feet tall with up to 450 apartments. There would also be a podium with a stacked mix of shops and restaurants situated around a central plaza that opens to Grand Avenue. If all goes according to plan, The Grand would open in late 2018.

Going Big: One of the most-discussed and debated projects in the Arts District,950 E. Third St., is expected to break ground in the first quarter. The project has already been through several designs, as developers Legendary Development and Associated Estates scrapped an initial vision after neighbors complained it would not fit with the area. Current designs of the 472-unit residential complex include more green and communal space and a public walkway from Third Street to Traction Avenue. Although there’s been no word yet on tenants for the approximately 20,000 square feet of retail space, the developers have said they want independent stores, not chains.

The Inn Crowd, Part I: The ties between the Financial District and South Park will strengthen when the renovation of the old Commercial Exchange Building at 416 W. Eighth St. begins in the third quarter. The 1924 edifice at the southeast corner of Eighth and Olive streets will become the Freehand Hotel, with 226 rooms geared toward young travelers. The project, with a number of hostel-style rooms with up to eight beds, will be a complement to the increasing number of luxury hotels opening in Downtown. The Freehand, a partnership between Ron Burkle’s Yucaipa Company and the Sydell Group, is scheduled to open in the summer of 2016.

The Inn Crowd, Part II: The transformation of the southern part of Broadway will get another boost when a renovation of the Case Hotel begins. Work is expected to start early in the year on the 1924 building at 1106 S. Broadway. Developers Channing Henry, Frank Stork and the Kor Group intend to turn the 13-story property across the street from the Herald Examiner Building into a four-star boutique hotel with 151 rooms. The developers have said they hope to open the project, which is two blocks south of the Ace Hotel, in the first half of 2016.

Take the Fifth: Before the recession, plans for a 73-story, $1.3 billion tower were broached for the parking lot at the northeast corner of Olive and Fifth streets. The project known as Park Fifth never got off the ground. Developer MacFarlane Partners acquired the site last summer and now aims to build on the property overlooking Pershing Square, though the vision isn’t quite as grand: A seven-story residential building with 315 apartments is expected to break ground this year, according to a project representative. A 24-story tower with 300 units would follow, though the developer has not announced a construction start date.

A Second Taste of Carmel: San Francisco-based Carmel Partners, which is nearing completion on a massive apartment complex with a Whole Foods at Eighth Street and Grand Avenue, is only getting started in Downtown: The developer expects to break ground on a 27-story apartment tower at 801 S. Olive St. in the first quarter. The high-rise will bring 363 units, with studios, one- and two-bedroom apartments and four penthouses. The project being designed by GMP Architects will include a fifth-floor deck with a fitness center, a dog park, a rooftop deck and a pool. There would also be 10,000 square feet of street-facing retail space as part of a three-story parking podium, which would be wrapped in translucent panels. The company expects construction to last about two-and-a-half years, with an anticipated opening in the third quarter of 2017.

 

Should You Buy A New Home Or A Used One?

 

You might be asking yourself which is better, a new home or a used home. Many people enjoy older homes while others prefer to buy new homes. Sometimes, it is a matter of preference. Other times, you might have to buy what available for sale when you are looking.

Here are some of the reasons to buy a brand new home.

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