Plans unfold in various parts of the city
A US$2-Billion Megaproject Could Reshape Arts District
Pandemic-related shutdowns have hurt the city’s downtown streets and indicate long-term changes to office life, but builders are pressing ahead with major projects in the belief that the city still has a lot of room to grow when times get better, the Los Angeles Times reported in April. Among them, an Arts District cold-storage plant dating to the 1890s would be replaced with housing, offices, a hotel and shops in a proposal unveiled in April by Denver developers. With a price tag between US$1.5 billion and US$2 billion, the complex would rank among the largest L.A. commercial real estate developments in recent memory. Continuum Partners launched the process for city approval for a 10-building project that includes a residential skyscraper at Central Avenue and Fourth Street, a historically industrial neighborhood dotted with art galleries, apartments and buzzy restaurants that has become increasingly attractive to tech and entertainment companies including Apple TV, Sony and Warner Music.
If approved by the city, Fourth & Central would include 10 buildings and feature a 42-story residential tower. The proposal calls for the complex to have 572 condominiums and 949 apartments, with 216 units set aside for residents with low incomes. Some residential units will be live-work lofts. There also will be a 68-room hotel and offices for rent that developers hope will appeal to firms in creative fields, which have been putting down stakes in the Arts District.
City Approves High-Rise Apartment Tower In Koreatown
A new high-rise apartment complex was approved by the City Planning Commission, reported LA YIMBY. The tower, named Terrace Block, will be located at the intersection of Sixth Street and Shatto Place in Koreatown. The building will be composed of 367 residential units, and 42 of these will be set aside as affordable housing. It will be 384 ft tall and the exterior will feature glass with balconies and metal screens. The property will provide a mix of one-, two- and three-bedroom apartment options, with the ground floor consisting of 36,000 ft2 of office and retail space. The structure will also have a parking lot for 470 vehicles. Gensler is overseeing the design and construction, and both Townline and Forme Development are invested in the project. If approved, groundbreaking is scheduled for July 2022. The completion of Terrace Block is projected to occur in the fall of 2025.
Excavation Begins on John F. Kennedy Boulevard In West Philadelphia
Excavation has begun for a multi-use tower at 3025 John F. Kennedy Boulevard, reported Philadelphia YIMBY. The building, known as Schuylkill Yards West (ELEVATOR WORLD, November 2020), is in University City in West Philadelphia. It will stand 361 ft, have 28 stories and be made of glass and stone. Once it is completed, the building developed by the Brandywine Realty Trust will be the fourth-tallest in West Philadelphia. Permits for the building were submitted in December and the groundbreaking occurred in March. Schuylkill Yards West is being designed by the Practice for Architecture and Urbanism, which designed another Schuylkill Yards building that will stand to the west of 3001 John F. Kennedy Boulevard. Schuylkill Yards West is projected to be finished in September 2023.
Pandemic Lockdowns Drive Home Elevator Demand
Google searches for homes in the U.S. with elevators increased by 15% since the start of the pandemic, with global luxury property agent Savills observing that elevators are a key feature for 119 properties it lists in the U.S., London-based money.co.uk property broker reported in May. Demand for apartments with city and sea views, often necessitating elevators, also increased during the pandemic, the source said. While elevators lead the pack in the U.S., swimming pools top the list for homebuyers in the U.K., Cyprus, France, Greece, Italy, Portugal, South Africa, Switzerland and Thailand.