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