To build the Century, Related employed architect Robert A.M. Stern, who designed several of Related's high-end buildings, including the Time Warner Center and 15 Central Park West, both in New York and both of which have penthouses that sold for more than $40 million.
Although cities like New York have had a penthouse culture for many years, trophy residences in L.A. have traditionally been more mansion-in-Bel-Air than urban-penthouse oriented. But Wine and other high-end developers think that L.A.'s time has come.
"Los Angeles has a growing population of wealthy multi-property owners who want a place that is like a mansion but has a central location and resort-style amenities," he said. "Seeing penthouses in other cities has also made them more aware and open to the idea of a penthouse in Los Angeles."
Stern plans to create a resort-like atmosphere by setting his oval-shaped building at an angle and back from the street amid lushly landscaped, tiered gardens. Residents will enter from Avenue of the Stars by way of a long and winding driveway reminiscent of a grand old-world property.
The top seven floors will be termed "penthouses," Wine said, as they will be placed back from the rest of the building and offer architectural elements such as multiple and expansive decks and entertaining spaces. These 10 units will include six that are 6,000-square-foot half-floor condos priced at $18 million, two 8,000-square-foot two-level units priced at $27 million each, and two full-floor 10,000-square-foot units priced at $30 million.
Each will offer up to 2,000 square feet of outdoor space, and the building will house a gym, spa, restaurant and outdoor pool with cabanas. There are 24-hour concierge services. The building is due to open at the end of 2009; construction and sales started late last year. Thirteen of the 140 units have sold so far, including one of the half-floor penthouses that was listed at $15 million.
Another new building with trophy penthouses is Park Fifth, billed as the tallest residential tower west of Chicago. Here the architects, Kohn Pederson Fox, wanted to "create an iconic building" and unique living experience by "taking the Southern California lifestyle vertical" in a downtown location, said Erika Nelson, vice president of marketing for Park Fifth.
