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Onni Group is one of the most sophisticated & well capitalized developers in the world.
They bought a large dev site in DTLA in 2016 for $120mm.
They went to the planning commission last May & received approval yesterday. Plan to finish in 2024.
That's an 8-Year timeline.
They bought a large dev site in DTLA in 2016 for $120mm.
They went to the planning commission last May & received approval yesterday. Plan to finish in 2024.
That's an 8-Year timeline.
Hurdles to navigate:
Supporters Alliance for Environmental Responsibility "SAFER" - argued enviro report didn't account for birds hitting glass windows & impacts to air quality
Council of Carpenters - argued they shouldn't move forward without signed agreement with labor unions
Supporters Alliance for Environmental Responsibility "SAFER" - argued enviro report didn't account for birds hitting glass windows & impacts to air quality
Council of Carpenters - argued they shouldn't move forward without signed agreement with labor unions
Downtown City Councilmember Kevin de Leon - not enough affordable units, need to negotiate for a higher amount, ended up with 34 designated for low-income
LA Cultural Heritage Museum - voted to designate full site as a Historic-Cultural Monument
LA Cultural Heritage Museum - voted to designate full site as a Historic-Cultural Monument
What types of hurdles & timelines developers need to navigate in other markets for massive downtown projects comparable to this?
(this project is ground up 1.1k units in 2 towers, 34k SF of retail, and rehab of 300k SF of office)
(this project is ground up 1.1k units in 2 towers, 34k SF of retail, and rehab of 300k SF of office)
