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Sonny Astani

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BUSINESS
February 19, 2011 | By Roger Vincent, Los Angeles Times
Los Angeles developer Sonny Astani has given up his legal battle to retain ownership of a never-completed $260-million condominium project in downtown Los Angeles. Units in the 30-story tower near Staples Center will be finished by a new group of owners headed by hedge fund Starwood Capital Group, according to a U.S. Bankruptcy Court reorganization plan announced Friday. Astani agreed to sell his interest in the Concerto project for $9.5 million, according to court documents.
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BUSINESS
October 2, 2013 | By Roger Vincent
Another major apartment and retail complex is slated for construction in downtown Los Angeles across the street from Mack Urban's proposed residential project in South Park. Beverly Hills developer Sonny Astani is set to develop the $245-million project on behalf of a new owner, an Arizona investment firm. Astani, a prolific developer in Los Angeles, secured city approval to build 640 apartments over shops and restaurants on the site bounded by Olive Street, Grand Avenue, Pico Boulevard and 12th Street.
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BUSINESS
November 11, 2012 | By Roger Vincent
A decision by the State Bar of California to move its longtime headquarters in downtown Los Angeles has cleared the way for a $250-million apartment and retail complex on what is now the State Bar's parking lot near Staples Center. Beverly Hills developer Sonny Astani and parking lot giant L&R Group of Cos. bought the 3-acre property from the lawyers' group for $29 million. It is surrounded by Olive Street, Grand Avenue, Pico Boulevard and 12th Street. “This is probably the last large parking lot downtown that is unentitled and undeveloped,” Astani said.
BUSINESS
November 12, 2012 | By Roger Vincent, Los Angeles Times
With apartments holding strong as the hottest class in commercial real estate, developer Rick Caruso is testing the limits of the luxury category in Los Angeles with his residential complex that just opened on Burton Way. The developer, best known for his plush outdoor shopping centers such as the Grove, spent $65 million building an 87-unit complex where the cheapest apartment is $4,500 a month and many cost more than $10,000. "Those are New York rents," Caruso acknowledged. At about $8 a square foot, they are quadruple the Los Angeles average.
OPINION
February 2, 2008
Re "L.A. vision: a towering sign," Jan. 27 Regarding these giant electronic signs, five descriptive terms I noted in the article included futuristic, cinematic, art, beautiful and vision(ary). I suggest five other terms that more accurately apply, the same five that have always applied since the first billboards were erected: commercialism, intrusive, eyesore, blight and parasitic. I might consider rethinking these electronic billboards -- and that's all they are, high-tech billboards -- only if developer Sonny Astani agrees to plaster giant advertisements for beer and toilet paper across the exterior walls of his personal home.
BUSINESS
June 24, 2012 | By Roger Vincent
A long-vacant site in the heart of downtown Los Angeles has been sold to investors who are expected to start work within two months on one of the largest new apartment buildings to be built in the region since the economic downturn. The seller was Beverly Hills developer Sonny Astani, who secured city approval to build a 700-unit, steel and glass apartment building with a rooftop pool on nearly a full city block. It would include enough ground floor retail space for a grocery store and almost an acre of open space.
BUSINESS
October 28, 2012 | By Roger Vincent
A $100-million apartment and shopping complex is be ing planned for a formerly neglected stretch of Hollywood Boulevard that once held a legendary rehearsal studio where generations of actors learned to dance and wield swords. Commercial real estate developer Sonny Astani said he bought a 1.9-acre site on Hollywood near Western Avenue for almost $11 million. Among the structures on the property is a building that was part of Falcon Studios, a performing arts school founded in 1929.
BUSINESS
June 25, 2012 | By Roger Vincent, Los Angeles Times
A long-vacant site in the heart of downtown Los Angeles has been sold to investors who are expected to start work within two months on one of the largest new apartment buildings to be built in the region since the economic downturn. The seller was Beverly Hills developer Sonny Astani, who secured city approval to build a 700-unit, steel-and-glass apartment building with a rooftop pool on nearly a full city block. It would include enough ground floor retail space for a grocery store and almost an acre of open space.
BUSINESS
November 12, 2012 | By Roger Vincent, Los Angeles Times
With apartments holding strong as the hottest class in commercial real estate, developer Rick Caruso is testing the limits of the luxury category in Los Angeles with his residential complex that just opened on Burton Way. The developer, best known for his plush outdoor shopping centers such as the Grove, spent $65 million building an 87-unit complex where the cheapest apartment is $4,500 a month and many cost more than $10,000. "Those are New York rents," Caruso acknowledged. At about $8 a square foot, they are quadruple the Los Angeles average.
BUSINESS
July 9, 2012 | By Roger Vincent, Los Angeles Times
A $125-million high-rise apartment complex in downtown Los Angeles that was planned before the economic downturn will finally get underway in September, the developer said. Wood Partners started planning the 22-story project in 2006 but shelved it two years later as the economy stalled, said Brian Hansen, the Atlanta company's director of development for Southern California. "Right now the downtown apartments market is doing very well," Hansen said. "Unlike most urban centers, housing is lacking.
BUSINESS
November 11, 2012 | By Roger Vincent
A decision by the State Bar of California to move its longtime headquarters in downtown Los Angeles has cleared the way for a $250-million apartment and retail complex on what is now the State Bar's parking lot near Staples Center. Beverly Hills developer Sonny Astani and parking lot giant L&R Group of Cos. bought the 3-acre property from the lawyers' group for $29 million. It is surrounded by Olive Street, Grand Avenue, Pico Boulevard and 12th Street. “This is probably the last large parking lot downtown that is unentitled and undeveloped,” Astani said.
BUSINESS
October 29, 2012 | By Roger Vincent, Los Angeles Times
A $100-million apartment and shopping complex is being planned for a formerly neglected stretch of Hollywood Boulevard that once held a legendary rehearsal studio where generations of actors learned to dance and wield swords. Commercial real estate developer Sonny Astani said he bought a 1.9-acre site on Hollywood near Western Avenue for almost $11 million. Among the structures on the property is a building that was part of Falcon Studios, a performing arts school founded in 1929.
BUSINESS
October 28, 2012 | By Roger Vincent
A $100-million apartment and shopping complex is be ing planned for a formerly neglected stretch of Hollywood Boulevard that once held a legendary rehearsal studio where generations of actors learned to dance and wield swords. Commercial real estate developer Sonny Astani said he bought a 1.9-acre site on Hollywood near Western Avenue for almost $11 million. Among the structures on the property is a building that was part of Falcon Studios, a performing arts school founded in 1929.
BUSINESS
July 9, 2012 | By Roger Vincent, Los Angeles Times
A $125-million high-rise apartment complex in downtown Los Angeles that was planned before the economic downturn will finally get underway in September, the developer said. Wood Partners started planning the 22-story project in 2006 but shelved it two years later as the economy stalled, said Brian Hansen, the Atlanta company's director of development for Southern California. "Right now the downtown apartments market is doing very well," Hansen said. "Unlike most urban centers, housing is lacking.
BUSINESS
June 25, 2012 | By Roger Vincent, Los Angeles Times
A long-vacant site in the heart of downtown Los Angeles has been sold to investors who are expected to start work within two months on one of the largest new apartment buildings to be built in the region since the economic downturn. The seller was Beverly Hills developer Sonny Astani, who secured city approval to build a 700-unit, steel-and-glass apartment building with a rooftop pool on nearly a full city block. It would include enough ground floor retail space for a grocery store and almost an acre of open space.
BUSINESS
June 24, 2012 | By Roger Vincent
A long-vacant site in the heart of downtown Los Angeles has been sold to investors who are expected to start work within two months on one of the largest new apartment buildings to be built in the region since the economic downturn. The seller was Beverly Hills developer Sonny Astani, who secured city approval to build a 700-unit, steel and glass apartment building with a rooftop pool on nearly a full city block. It would include enough ground floor retail space for a grocery store and almost an acre of open space.
BUSINESS
October 2, 2013 | By Roger Vincent
Another major apartment and retail complex is slated for construction in downtown Los Angeles across the street from Mack Urban's proposed residential project in South Park. Beverly Hills developer Sonny Astani is set to develop the $245-million project on behalf of a new owner, an Arizona investment firm. Astani, a prolific developer in Los Angeles, secured city approval to build 640 apartments over shops and restaurants on the site bounded by Olive Street, Grand Avenue, Pico Boulevard and 12th Street.
BUSINESS
October 29, 2012 | By Roger Vincent, Los Angeles Times
A $100-million apartment and shopping complex is being planned for a formerly neglected stretch of Hollywood Boulevard that once held a legendary rehearsal studio where generations of actors learned to dance and wield swords. Commercial real estate developer Sonny Astani said he bought a 1.9-acre site on Hollywood near Western Avenue for almost $11 million. Among the structures on the property is a building that was part of Falcon Studios, a performing arts school founded in 1929.
BUSINESS
February 19, 2011 | By Roger Vincent, Los Angeles Times
Los Angeles developer Sonny Astani has given up his legal battle to retain ownership of a never-completed $260-million condominium project in downtown Los Angeles. Units in the 30-story tower near Staples Center will be finished by a new group of owners headed by hedge fund Starwood Capital Group, according to a U.S. Bankruptcy Court reorganization plan announced Friday. Astani agreed to sell his interest in the Concerto project for $9.5 million, according to court documents.
OPINION
February 2, 2008
Re "L.A. vision: a towering sign," Jan. 27 Regarding these giant electronic signs, five descriptive terms I noted in the article included futuristic, cinematic, art, beautiful and vision(ary). I suggest five other terms that more accurately apply, the same five that have always applied since the first billboards were erected: commercialism, intrusive, eyesore, blight and parasitic. I might consider rethinking these electronic billboards -- and that's all they are, high-tech billboards -- only if developer Sonny Astani agrees to plaster giant advertisements for beer and toilet paper across the exterior walls of his personal home.
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