Developer unveils high-rise condos for site near Century City in Los Angeles
Plans were unveiled Wednesday for a $184-million luxury condominium tower on a highly sought-after site on Santa Monica Boulevard between Beverly Hills and Century City.
Miami-based developer Crescent Heights said it had begun the process of seeking approval from Los Angeles officials to build a 283-unit tower at 10000 Santa Monica Blvd. The condos would be on the small side for the local luxury market, selling at an average of $1.5 million for 1,200 to 2,000 square feet.
The project “is styled to be modern, elegant, chic and environmentally friendly,” spokesman Steven Afriat said. It would look like “a totally modern aesthetic in glass,” he added, with few of the glass pieces being the same size.
The previous owner, Irvine builder SunCal Cos., had planned to build a 45-story luxury condominium tower designed by prominent French architect Jean Nouvel. SunCal had paid $110.2 million for the property in 2006 after winning a bidding war with New York real estate mogul Donald Trump. The housing market cooled in the recession, however, and SunCal filed for Chapter 11 bankruptcy protection on the property in late 2008.
Crescent Heights bought the land in November for $59 million, according to public documents. Its proposed 486,000-square-foot building would rise between 36 and 39 stories. Approval, planning and construction could take about six years, Afriat said.
An earlier owner of 10000 Santa Monica Blvd. demolished a five-story office building completed in the 1970s that housed several tenants, including Jimmy’s restaurant.
Other residential projects developed by Crescent Heights include the Remington on Wilshire Boulevard and the Regatta in Marina del Rey.
This can’t be a good thing for traffic in LA