Wednesday, July 28, 2004

Housing: Skyscrapers into Condo's in LA

In LA there's a $100 million project to convert a 37 story commercial office skyscraper with low occupancy into a residential condominium. $40 million for the building purchase, and up to $60 million for the makeover. Really.

July 28, 2004

Buyers Seek a Home Life for Empty L.A. Tower
The new owners plan to turn the 37-story office building downtown into plush condominiums.

By Roger Vincent, Times Staff Writer

A long-pending $40-million sale of a ghostly skyscraper on the edge of downtown Los Angeles has been completed and the new owners plan to start converting the office building to plush condominiums in the fall...

The recent housing renaissance downtown made the unusually shaped tower a viable contender for residential use. Average prices for downtown condominiums have risen from $194 a square foot in early 2001 to $437 last quarter, said CB Richard Ellis real estate broker Mark Tarczynski, who represented both sides in the transaction with his partner David Louie.

The makeover could cost as much as $60 million, said David Martin, managing partner of TMG Partners, a San Francisco developer that specializes in mixed-use urban projects. Work is scheduled to be completed next summer. [emphasis added]

And people say there is no housing bubble.

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