Tall building plans unfold in L.A. and San Diego, and a venue is set to get escalators.
Developer Acquires Land for L.A. Megaproject
A Chinese developer has acquired the land for Olympia (ELEVATOR WORLD, March and August 2017), a US$1-billion residential/retail megaproject in downtown Los Angeles, the Los Angeles Times reported in December 2019. The developer, City Century, closed on the land purchase about three years after first announcing plans to build three high-rise towers on Olympic Boulevard alongside Interstate 110. The news is significant because it comes at a time when other large Chinese developers have pulled back from overseas investments. The source cited Chinese government policies that restrict the flow of money out of the country, as well as a nearly 2-year-old trade war between the U.S. and China. Plans for Olympia call for 1,367 apartments or condominiums. The design by Skidmore, Owings & Merrill calls for slim towers of 43, 53 and 65 stories that would be connected at the lower levels with dining, shopping and landscaped outdoor spaces.
Long Beach Convention Center to Upgrade Infrastructure
The Long Beach Convention and Entertainment Center, located south of Los Angeles, is looking to upgrade infrastructure including escalators, the Long Beach Business Journal reported in December 2019. The center reportedly needs US$50 million worth of improvements ahead of the 2028 Olympics, as it will host multiple games. Long Beach Mayor Robert Garcia has proposed a 1% increase to the city’s transient occupancy tax, which is charged to overnight visitors staying at local hotels or short-term rentals. The proposed tax increase, to appear on the March 3 ballot, would reportedly generate about US$2.8 million annually and go toward the center’s upgrades and local arts organizations.
Funding Paves Way for 28-Story San Diego Apartment Tower
With a US$7-million loan from Parkview Financial, San Francisco-based India & Beech, LLC plans to start construction this year on a 28-story, 150-apartment tower at 460 India Street in the Little Italy area of downtown San Diego, Multihousing PRO reported in December 2019. To rise on the site of a parking lot, the development will also include 11,724 ft2 of retail space and two levels of above-ground parking for 150 vehicles.
Completion is scheduled in 2022. “This project will be a great addition to this dense pocket in San Diego,” Parkview CEO Paul Rahimian said. “Downtown San Diego is a vibrant area, and Little Italy is particularly popular with those seeking an amenity-rich, coastal-adjacent place to live.”