Park Fifth Towers

Park Fifth is a planned $1 billion double tower luxury residential high-rise condominium complex overlooking Pershing Square in Los Angeles.The skyscrapers are part of the revitalization boom in Downtown Los Angeles.Cara Mia DiMassa, [http://www.latimes.com/news/local/la-me-downtown21feb21,0,4218500.story Downtown L.A. has gained people but lost jobs, report says] , "Los Angeles Times," February 21, 2007.] Park Fifth 1 would be a 732 residential unit tower, making it the tallest of the two towers, and the tallest residential tower west of Chicago, at 76 stories and Convert|250|m|ft|0|abbr=on. Park Fifth 2 would be the shorter tower reaching 43 stories, both connected by a 15-story residential bridge. The Park Fifth project would also include a five-star hotel, to be operated by one of the leading names in luxury hospitality yet to be named. The hotel would occupy the lower floors through the bridge area, and the condominium units in the 43-story tower would be identified with the hotel brand and offer their residents and guests access to the hotel’s amenities and services.The project would stand at 5th and Olive streets on the site of the former Hazard's Pavilion, which was demolished to build Temple Auditorium, later renamed Clune's Auditorium, which was the historic home to the Los Angeles Philharmonic. It was demolished by developer David Houk in 1985 to make way for an office and hotel complex. The office boom of the '80s collapsed before Houk could build on the site.Cara Mia DiMassa, [http://www.skyscrapercity.com/showthread.php?t=471777&page=3. Downtown L.A. new Park Fifth Project, report says] , "Los Angeles Times," February 21, 2007.] Also, the site is directly blocking the historic Subway Terminal Building, the original home of the Los Angeles Red Cars.

Amenities are rumored to include two rooftop pools, an observation deck on the 76-story tower, rooftop gardens on the 15th and 36th floors of the 43-story tower with built-in fire pits, fitness rooms in each tower, 20-seat theater viewing rooms, music and video libraries in each tower, and classrooms for wine tastings, cooking classes and other educational seminars.

Construction

The initial Environmental Impact Report from the Los Angeles Community Redevelopment Agency indicated significant negative impacts on the city's pedestrian and traffic conditions, historical and aesthetic concerns, and the local water table. A more extensive Envronmental Impact Report addressing these issues was drafted in February, 2008. As of June 2008, the project has received entitlements and city council approval.The project would be built by Turner Construction, who built Library Tower, at 633 West Fifth Street, which currently holds the title for largest building west of Chicago. The project was designed by the New York arhitectural firm of Kohn Pedersen Fox (KPF).

Announced on June 5, of 2007, every resident of Park Fifth would have membership to MOCA, a contemporary museum located in Downtown. [http://forum.skyscraperpage.com/showthread.php?t=130839&page=17]

Prices are expected to start in the $400,000's. [http://www.park-fifth.com/]

November 11, 2007, the Los Angeles Downtown News reports on rumors circulating that at least one of the project's financiers has dropped out. There are also reports on numerous staff layoffs. Representatives from the project deny problems. [http://www.downtownnews.com/articles/2007/11/12/news/news_briefs/at05.txt]

Erika Nelson, vice president of marketing for Park Fifth, revealed that construction is delayed until later in 2008 due to financing problems, delays in environmental impact reports, and entitlement processes. [http://www.latimes.com/news/local/la-me-downtown25feb25,1,3176879.story?page=1&track=rss] A slow housing market, troubled economy, and slump in downtown Los Angeles revitalization has put many new projects on hold indefinitely. [http://www.latimes.com/business/la-fi-downtown13mar13,1,3949492.story]

June 26, 2008, Rich Marr, project manager, reports in an email to prospective tenants of a construction loan from the Beijing Construction Engineering Group (BCEG), though final details are still being worked out. No timetable for construction was revealed.

October 4, 2008, David Houk says he will break ground on the project next year if he can secure funding, implying that the previous financiers have backed out. [http://www.latimes.com/business/la-fi-variety4-2008oct04,0,5662496.story]

ee also

*Grand Avenue Project
*LA Live

References

External links

* [http://www.emporis.com/en/wm/ci/sh/?city=los+angeles Emporsis.com-Los Angeles]
* [http://skyscrapercity.com/forumdisplay.php?f=427 Los Angeles Downtown Boom]
* [http://www.laparks.org/pershingsquare/pershing.htm Official Site for Pershing Square]