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Downtown condo trend on the rise to 76 stories

Developers plan a $1-billion L.A. complex. Doubters fear a glut.

May 08, 2007|Roger Vincent | Times Staff Writer

Namco Capital Group owns and operates about 10 million square feet of commercial and residential property in Southern California. It bought the Los Angeles Marriott Downtown hotel this year.

Also investing in the project is Africa-Israel Investments Ltd., a publicly traded development company based in Israel. The company says it has more than $4 billion of real estate investment in the United States, but this is its first L.A. venture.

For The Record
Los Angeles Times Thursday May 10, 2007 Home Edition Main News Part A Page 2 National Desk 1 inches; 46 words Type of Material: Correction
High-rise graphic: A graphic accompanying an article in Tuesday's Section A about a high-rise residential and hotel complex planned for downtown Los Angeles gave the height of the Empire State Building as 1,472 feet. The Empire State Building's website lists its total height as 1,454 feet.

Although the taller tower would have more floors than the 72-story U.S. Bank Tower two blocks away, it would be shorter in height because residential stories are not as high as office stories.

A spokeswoman for Maguire Properties Inc., owner of U.S. Bank Tower, said that the company "welcomes the addition to the downtown skyline" and that Park Fifth would "bring critical mass and further enhance the central business district."

Park Fifth developers promise to bring what could be the third five-star hotel for downtown, which hasn't had a top-class hostelry for decades. No operator has been selected for the hotel in Park Fifth, but Mandarin Oriental has agreed to be part of the $2-billion Grand Avenue project, set to break ground this year, and Ritz-Carlton will manage a hotel at the $2.5-billion L.A. Live project under construction near Staples Center.

roger.vincent@latimes.com

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(BEGIN TEXT OF INFOBOX)

Project at a glance

The planned Park Fifth development will include:

- Two towers -- one 76 stories tall, the other 43 stories

- A 14-story hotel

- A total of 1.4 million square feet of space

- 732 condominiums

- 218 hotel rooms

- Six floors of underground parking

Source: Times research

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