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| A developer hopes to create 850 housing units in City West by renovating the Pacific Exchange structure and building two new 30-story towers. Rendering courtesy of Golden Hills Properties. |
Plans Call for 850 Housing Units on Pacific Exchange Plot
by Chris Coates
A company with ties to several projects in the Historic Core has announced plans for a mammoth residential development centered on the Pacific Exchange building. Through a combination of adaptive reuse and ground-up construction, the firm hopes to create 850 rental and for-sale units in three City West structures.
However the developer, Golden Hills Properties, has yet to file permits with the city or secure funding, both potentially challenging and time-consuming endeavors. Company General Manager Michael Delijani said he hopes to break ground on the projected 1 million-square-foot development by early 2006.
"The view is amazing," Delijani said. "Everything about this project is unique."
The only existing structure in the development is the 150,000-square-foot Pacific Exchange building, a 10-story edifice bounded by Second and Miramar streets, Beaudry Avenue and Huntley Drive. Golden Hills Properties purchased the boxy white building in the late 1990s, Delijani said. The structure housed the Pacific Exchange, a regional trading exchange that consolidated its San Francisco and Los Angeles operations in 2001.
Initial plans call for a pair of 30-story glass and steel towers to rise on two 100,000-square-foot asphalt parking lots adjacent to the existing building. Preliminary renderings have been created by Nadel Architects, which has worked on designs for the Hall of Justice in the Civic Center and 1100 Grand, a loft development at 11th Street and Grand Avenue.
The majority of the current eight-floor structure is a parking garage; the office space and former equities trading floor are confined to the top two stories. The unusual layout means some of the windowless parking garage will be converted into housing, Delijani said. The top two floors will hold about 150,000 square feet of residential space.
The property's office space has been rented since the stock exchange closed in May 2001. Delijani said the developers have bought out the handful of existing leaseholders.
Costly Endeavors
Delijani said the new high-rises would total about 850,000 square feet and likely house condominium units. Early plans for amenities call for wireless Internet access, tennis courts and a pool. Proposals also include ground floor retail and possibly a rooftop restaurant, Delijani said.
Herb Nadel, a principal with Nadel Architects, cautioned that plans are in the early stage. He said the developers are exploring a number of options, including turning some of the main building's parking elements into offices.
"The market is there," Nadel said. "There are wonderful opportunities from this piece of property."
Delijani said the project includes three phases of construction, with the first scheduled to get underway by early 2006. While Delijani would not disclose an expected completion date or an overall cost, construction of similar-sized Downtown projects have building schedules lasting three years or more and price tags that can soar well beyond $100 million.
For example, MJW Investments' three-phase Santee Court in the Fashion District envisions 578 units in a $130 million project. The CIM Group's four-phase, 1,200-unit South Village development (which includes a Ralph's supermarket) is priced at $220 million. In Little Tokyo, developer Trammell Crowe Residential is building the three-phase 868-unit Alexan Savoy complex; construction is expected to last 39 months.
Historic Core Activity
The project's timing could be complicated by the current lack of secured funding. Delijani said he has verbal agreements with lenders, though he would not name them.
Hamid Behdad, the director of the city's adaptive reuse program, said no permits for the project have been filed with the city. He said there is not a typical timetable for the approval process. "It depends how fast the architects will put together a submittal package," he said.
The endeavor marks Golden Hills Properties' first residential project Downtown. Delijani, however, has been involved in Downtown development for the past two decades. He serves on the Historic Core Business Improvement District and the Downtown Los Angeles Neighborhood Council. He has helped in the revitalization and refurbishment of the Palace and Los Angeles theaters on Broadway.
Delijani said the Pacific Exchange piqued his interest because of its panoramic views and central location. "I know how difficult it is during the rush hour," he said. "Getting in and out of this building is a piece of cake."
City West has seen several large-scale developments in recent years. Near Crown Hill, Westwood-based developer Meta Housing is building two mixed-income projects, Northwest Gateway and Emerald Terrace apartments, with a total of about 360 units. Along Third Street, crews are working on the 2,000-seat Central L.A. High School. At Third and Bixel streets, developer GH Palmer Associates is spending $46 million to build the 297-unit Visconti, scheduled for completion this spring.
Contact Chris Coates at chris@downtownnews.com.
page 1, 2/7/2005
© Los Angeles Downtown News. Reprinting items retrieved from the archives are for personal use only. They may not be reproduced or retransmitted without permission of the Los Angeles Downtown News. If you would like to redistribute anything from the Los Angeles Downtown News Archives, please call our permissions department at (213) 481-1448.
However the developer, Golden Hills Properties, has yet to file permits with the city or secure funding, both potentially challenging and time-consuming endeavors. Company General Manager Michael Delijani said he hopes to break ground on the projected 1 million-square-foot development by early 2006.
"The view is amazing," Delijani said. "Everything about this project is unique."
The only existing structure in the development is the 150,000-square-foot Pacific Exchange building, a 10-story edifice bounded by Second and Miramar streets, Beaudry Avenue and Huntley Drive. Golden Hills Properties purchased the boxy white building in the late 1990s, Delijani said. The structure housed the Pacific Exchange, a regional trading exchange that consolidated its San Francisco and Los Angeles operations in 2001.
Initial plans call for a pair of 30-story glass and steel towers to rise on two 100,000-square-foot asphalt parking lots adjacent to the existing building. Preliminary renderings have been created by Nadel Architects, which has worked on designs for the Hall of Justice in the Civic Center and 1100 Grand, a loft development at 11th Street and Grand Avenue.
The majority of the current eight-floor structure is a parking garage; the office space and former equities trading floor are confined to the top two stories. The unusual layout means some of the windowless parking garage will be converted into housing, Delijani said. The top two floors will hold about 150,000 square feet of residential space.
The property's office space has been rented since the stock exchange closed in May 2001. Delijani said the developers have bought out the handful of existing leaseholders.
Delijani said the new high-rises would total about 850,000 square feet and likely house condominium units. Early plans for amenities call for wireless Internet access, tennis courts and a pool. Proposals also include ground floor retail and possibly a rooftop restaurant, Delijani said.
Herb Nadel, a principal with Nadel Architects, cautioned that plans are in the early stage. He said the developers are exploring a number of options, including turning some of the main building's parking elements into offices.
"The market is there," Nadel said. "There are wonderful opportunities from this piece of property."
Delijani said the project includes three phases of construction, with the first scheduled to get underway by early 2006. While Delijani would not disclose an expected completion date or an overall cost, construction of similar-sized Downtown projects have building schedules lasting three years or more and price tags that can soar well beyond $100 million.
For example, MJW Investments' three-phase Santee Court in the Fashion District envisions 578 units in a $130 million project. The CIM Group's four-phase, 1,200-unit South Village development (which includes a Ralph's supermarket) is priced at $220 million. In Little Tokyo, developer Trammell Crowe Residential is building the three-phase 868-unit Alexan Savoy complex; construction is expected to last 39 months.
The project's timing could be complicated by the current lack of secured funding. Delijani said he has verbal agreements with lenders, though he would not name them.
Hamid Behdad, the director of the city's adaptive reuse program, said no permits for the project have been filed with the city. He said there is not a typical timetable for the approval process. "It depends how fast the architects will put together a submittal package," he said.
The endeavor marks Golden Hills Properties' first residential project Downtown. Delijani, however, has been involved in Downtown development for the past two decades. He serves on the Historic Core Business Improvement District and the Downtown Los Angeles Neighborhood Council. He has helped in the revitalization and refurbishment of the Palace and Los Angeles theaters on Broadway.
Delijani said the Pacific Exchange piqued his interest because of its panoramic views and central location. "I know how difficult it is during the rush hour," he said. "Getting in and out of this building is a piece of cake."
City West has seen several large-scale developments in recent years. Near Crown Hill, Westwood-based developer Meta Housing is building two mixed-income projects, Northwest Gateway and Emerald Terrace apartments, with a total of about 360 units. Along Third Street, crews are working on the 2,000-seat Central L.A. High School. At Third and Bixel streets, developer GH Palmer Associates is spending $46 million to build the 297-unit Visconti, scheduled for completion this spring.
Contact Chris Coates at chris@downtownnews.com.
page 1, 2/7/2005
© Los Angeles Downtown News. Reprinting items retrieved from the archives are for personal use only. They may not be reproduced or retransmitted without permission of the Los Angeles Downtown News. If you would like to redistribute anything from the Los Angeles Downtown News Archives, please call our permissions department at (213) 481-1448.
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