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Another Day, Another Downtown $245 Million Project - Los Angeles Downtown News - For Everything Downtown L.A.!: News

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Another Day, Another Downtown $245 Million Project

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Posted: Friday, October 4, 2013 9:25 am

DOWNTOWN LOS ANGELES — Developer Sonny Astani has had his ups and downs in Downtown. A low point was when he lost the Concerto, a high-rise he developed in South Park, during the depths of the recession after his lender got into financial trouble. Another owner took over and the property eventually opened as the Apex.

Now, there’s another high point. Astani last week announced that his Astani Enterprises and parking company L&R Group have sold a lot at 12th Street and Grand Avenue for $45 million; they spent $29 million to acquire the property last November.

The three-acre site has been sold to the Scottsdale, Arizona-based private equity firm Wolff Company. Astani had previously revealed to Los Angeles Downtown News that he would develop the site as a project dubbed G12. Astani now plans to partner on the $245 million project with Wolff Company.

“I am thrilled to have a chance to work with the buyer to develop the last open acreage in the South Park area of Downtown,” Astani said in a prepared statement. “G12 will be an incredible live/work neighborhood that is also close to USC.”

Plans call for the complex to break ground in January and be completed within two years. The development will have 640 units along with 40,000 square feet of retail space, a screening room and two pools. Plans also call for having 740 bike parking spaces, and just 595 slots for cars.

Copyright 2013 Los Angeles Downtown News

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4 comments:

  • Debbie Rolfe posted at 1:02 pm on Mon, Oct 7, 2013.

    Iheartdtla Posts: 1

    Great! Maybe Sonny Astani could take a measly $200,000 from the $16MM profit between the purchase price of the land last year and the sales price this year and use it to replace the miserable excuse of an elevator he installed in Vero a few years ago. Really? One elevator in the lobby that services 6 stories? And hydralic equipment that was outdated at time of construction? We have maintenance calls 2-3 times a week and recently it was shutdown for 3 weeks while they found a company back east to make parts from scratch since there are no spare parts for this discontinued model. Orginal plans for building were to have 2 elevators but Mr. Astani decided to cheap out.....eliminate an elevator and build more units. Did I mention it's not air-conditioned and is sweltering? Just like the hallways. Buyer beware of Sonny Astani.

     
  • rick jamison posted at 11:15 am on Mon, Oct 7, 2013.

    rnj310 Posts: 1

    Another day, another seven story box for DTLA. How exciting.

     
  • Juanito Crandello posted at 7:24 pm on Fri, Oct 4, 2013.

    Juanito Posts: 121

    Why not name it Villa Encino?

     
  • Liliana Vasquez-Duran posted at 11:28 am on Fri, Oct 4, 2013.

    happycow Posts: 6

    Great news everyone more unaffordable apartments!!!