Last Week in Los Angeles Real Estate 6/29/2015

Beverly Hills is getting yet another hotel. The owners of 9900 Wilshire Blvd., Wanda Group are planning to add a hotel to the $1 billion condo complex called One Beverly Hills. The number of originally planned condos will be reduced to accommodate the new hotel which will be next to the Beverly Hilton Hotel and under construction Waldorf Astoria. The number residences will total 193. The change will require the developers to go before the city again for permission, and construction completion is probably four years away.

The Chinese company Wanda Group is the owner of AMC Theaters and is building the world’s largest film and television studio in Qingdao, China. They are hoping that this development will be help them get a foot in the door to Hollywood.

Los Angeles City Council is cracking down on homeless encampments. The homeless population has risen over the past four years with an 85% increase in car and street camps throughout L.A. County. The new laws would allow authorities to impound homeless people’s property with 24 hours notice and enable them to destroy large items such as sofas and mattresses. The homeless will be permitted to sleep in the street from 9:00 p.m. to 6:00 a.m. but personal items such as tents, must be stored during the daytime.  With homeless shelters full, and the number of homeless increasing, this will help deal with the majority of complaints from the business community, the largest homeless encampment being Downtown. But the greater problem is how to deal with homelessness itself, and the money spent enforcing these new laws might be better spent by providing housing. This is a problem that is not going to be solved soon.

The Los Angeles River is heading for a big facelift including the approval for the 70 foot steel water wheel which will function as an art project and, with the help of an inflatable dam, would syphon 80 gallons of water a minute from the river with a  little creating a stream, and some servicing a network of pipes that would help irrigate the city. There are numerous other projects also, the latest being the slew of public art slated to be added to the area in the next few years. L.A has won a $1 million grant from Michael Bloomberg’s Philanthropies charity to form a Public Art Biennial which will feature water-themed art sites at the waterway and throughout the city. Los Angeles was one of four out of 237 winning cities.

Silicon Beach is growing fast with tech companies continuing to flood in. Real estate in the area is at a premium so there are plans for a new 28,000 square foot glass building to be constructed on the Venice Boardwalk on what is currently a parking lot. 5,200 square feet is slated for retail, and the rest for office space and one residence. Though not yet approved, the development of this project could set the tone for the future growth of Venice.

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