Flurry of New Condos Set to Transform Los Angeles Skyline
New luxury units coming to LaLa Land this spring
March 8, 2017 By Beckie Strum
A flood of development to Downtown Los Angeles is poised to give the city’s unremarkable skyline—a flat, unfocused sprawl of buildings—a massive facelift over the next decade.
Among the flurry of construction in the West Coast metropolis are high-end residential towers, including multimillion-dollar condominiums, such as the penthouses at the new Metropolis mini-city on the edge of South Park and the Financial District.
In Downtown, more than 2,500 new condo units were under construction and more than 6,000 new residential units were proposed in the third quarter of last year, according to the latest market report by the city’s Downtown Center Business Improvement District.
Angelenos are seeing a resurgence of the city’s center thanks to the residential construction boom, which is transforming Downtown into a “live, work, play” area, said Michael Rudis, a senior research analyst for Newmark Grubb Knight Frank, in Knight Frank’s Global Cities 2017 report.
“The region’s growing population and traffic congestion is causing planning departments to work enthusiastically with developers to construct high-density, transit-oriented developments,” Mr. Rudis said.
Accordingly, prices for new developments are on the rise as amenity-rich multi-family buildings come on the market. Average price per square foot was $1,095 by the end of 2016, a 14% increase from a year prior, according to the latest quarterly report from appraisal firm Miller Samuel.
New apartment units are also selling swiftly. On average, it took a third less time to sell condos in new developments than it did a year ago, according to the Miller Samuel report.
Indeed, the condo market all around Los Angeles has seen significant growth over the past year. In Beverly Hills, the median condo sales price grew 12.5% in 2016, to $1.35 million; and in Century City-Westwood, the median sales price grew 17%, to $900,000, according to Miller Samuel.
Here’s a snapshot of new high-end developments, where units will sell in the coming year.
Metropolis Los Angeles Tower 2 at 877 Francisco St., Downtown
GREENLAND HOLDING GROUP
The Metropolis mega project in Los Angeles, by Shanghai-based developer Greenland, will feature four towers, including one hotel and three condominiums. The first phase was the hotel and Tower 1, a 38-floor condo offering apartments and penthouses with views over Los Angeles.
The second phase of Metropolis includes Tower II, a 40-floor condominium with a similar concept to Tower I, with designer-appointed units and a ninth-level, 1.5-acre recreational area. Additional amenities include an outdoor, four-lane swimming pool and spa; activities like volleyball, yoga and cycling; a dog park and children’s play area, according to the developer.
The second phase of the project—which also includes Tower 3, the tallest condo of the bunch at 58 stories—is expected to be completed next year. In the meantime sales have started on Tower 2 through brokerage Douglas Elliman.
Number of units: 514
Price range: $700,000 to over $2 million
Developer/architect: Greenland USA/Gensler
Apartment sizes: Studios, one bedrooms, two bedrooms
Amenities: A 1.5-acre sky park and resort-style pool
The Residences at 8500 Sunset Blvd., West Hollywood
The Residences are comprised of two eight-story towers in the heart of West Hollywood’s Sunset Strip. “For decades the Strip has been one of the most-recognized and vibrant destinations in Los Angeles for its array of leading culinary, distinctive retail, and renowned entertainment establishments,” Terry Wachsner, principal of property management at CIM Group, said in a statement about the new development.
The building will offer 190 condominiums, including 17 studios, 118 one-bedrooms, 55 two-bedrooms and eight multi-level two-bedroom residences. Pricing and sales are expected to begin soon.
Number of units: 190
Price range: Not yet revealed
Developer/architect: CIM Group/Skidmore, Owings & Merrill LLP and Lorcan O’Herlihy Architects
Apartment sizes: Studios, one bedrooms, two bedrooms
Amenities: Open-air plaza and a pool deck with views of the Los Angeles skyline
TEN50 at 1050 S. Grand Ave., South Park
Ten50 boasts itself as the first high-rise condominium building in Downtown Los Angeles in nearly a decade. The 25-story glass-lined residences, designed by architecture firm HansonLA, are expected to be completed early this year, according to the development’s website.
The $100 million project will offer around 250 parking spaces, as well as a sixth-floor pool deck with cabanas, a fitness center, entertainment rooms and green landscaping. Developers are also marketing the building as having the first drone landing pad, which they envision will be useful for the kind of drone deliveries Amazon has been testing.
Number of units: 151
Price range: From the $600,000s to over $4 million
Developer/architect: Trumark Urban/HansonLA
Apartment sizes: One bedrooms and two bedrooms
Amenities: Fitness studio and yoga deck, screening room, drone delivery, pool, lounge and private dining room
Beverly West at 1200 Club View Drive, Santa Monica
Beverly West, a luxury 22-floor condominium located across from the Los Angeles Country Club, has launched sales in the building in select waves.
Seventeen units hit the market in early February ranging from $3.54 million to $12.15 million.
The most expensive of the bunch, Unit 16S, has 4,158 square feet of living space featuring Armani Casa interiors with panoramic views. The building’s amenities include a fitness center, a saltwater pool and a sunbathing deck. Most floors only have two apartments, which are accessible from private elevators.
Number of units: 35
Price range: $3.5 million to over $20 million
Developer/architect: Emaar North America/Richard Keating
Apartment sizes: Two bedrooms, three bedrooms and four bedrooms
Amenities: Fitness center, a saltwater pool and a sunbathing deck
Mr. C Residences at 1224 Beverwil Drive, Beverly Hills
This development, designed by architect Ray Kappe and designer Marcello Pozzi, houses just five ultra-high-end townhouses serviced by the neighboring Mr. C Beverly Hills hotel. Residents will have access to the hotel’s concierge services and acclaimed—and pricey—restaurant, Mr. C, according to the development’s website.
Residents will also get access to the hotel’s pool terrace, spa and beauty facilities, private fitness center with classes, and event spaces. Sales on the units, marketed by The Agency, will begin soon, according to the real estate agents.
Number of units: 5
Price range: Not yet announced
Developer: Morning View Hotels
Architect: Ray Kappe
Designer: Marcello Pozzi
Apartment sizes: Four-floor townhouses from 1,990 to 3,358 square feet
Amenities: Spa and salon, concierge, meeting rooms, swimming pool, fitness center
Cavalleri at 6487 Cavalleri Road, Malibu
The developer of this 10-acre, gated development is taking a former rental community and converting it into luxury condominiums in California’s star-speckled Malibu (which is less than an hour from Los Angeles). The final project, which is expected to finish this year, will contain 40 two-bedroom units and 28 three-bedroom units, ranging in size from 1,577 to 2,200 square feet.
The extensive grounds will provide space for an array of outdoor amenities, including walking trails, tennis courts, a meditation labyrinth and a dog park, according to the developers. Landscape architect Pamela Burton will reintroduce native plants to the green areas. The building is also minutes from beaches and top dining spots.
Number of units: 68
Price range: From $900,000 to more than $1.895 million
Developer/architect: Pacific Eagle Holdings Corporation/Edmonds + Lee Architects
Apartment sizes: Two bedrooms and three bedrooms
Amenities: A 52-foot swimming pool, outdoor dining pavilion, yoga terrace, two tennis courts and acres of gardens