LA’S NEIGHBORHOODS-Century City landlord JMB Realty Corp. has dropped plans to develop an office skyscraper on Avenue of the Stars and instead has put the land up for sale.
The property is expected to be developed into condominiums instead of offices as investment in high-end Los Angeles County condos escalates. Most of the biggest land sales in the last few years have involved sites intended for high-density residential development.
JMB already has city approval to build 483 residential units on the vacant lot at 1950 Avenue of the Stars, near the Hyatt Regency Century Plaza Hotel, but pulled the plug on that proposal after the housing market crash.
JMB switched its plans for the site to a 37-story office tower, but now luxury residential sales have roared back and developers are competing for the best condo sites. A new owner could quickly resurrect JMB's plans for the condo development. Inquiries about acquiring the property for housing prompted JMB to put it on the market, a company representative said.
"After receiving several unsolicited offers on the residential, it became apparent that this was a unique opportunity we could not ignore," JMB spokeswoman Marie Garvey said. (Read the rest here.)
Vol 13 Issue 48
Pub: Jun 12, 2015