0.5$ billion skyscraper in LA moves forward despite COVID-19 outburst
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The developers of a 0.5$ billion skyscraper project in downtown Los Angeles are moving forward to the realization of the project despite the recession that will be caused by the COVID-19 outburst.
•The construction industry has been highly affected by the pandemic spread. Sales have plummeted, ongoing projects have been halted and new endeavors have been suspended.
•Despite this unfortunate incident, Crown Group, an Australian developer plans to move forward with the 43-story tower that will host apartment facilities and a hotel. In particular, the firm's officials are currently trying to obtain approval by LA authorities and begin construction works by the end of 2021.
•Nevertheless, the size of the project has been affected as the firm made mention of plans for a 70-story skyscraper back in 2018.
•According to Crown Group, the cost of the 319 apartments will range between $600,000 and $1 million.
•The residents and the guests of the hotel will have access to a swimming pool, a restaurant and a bar that will also be established in the skyscraper.
•The developers stated that the building will be functional by 2025 and, according to their estimates, the economic depression associated with coronavirus will have been highly mitigated by that time. Therefore, they wish to continue with the project as soon as possible.
•The design of the structure will be innovative and unique. The facility will bring to mind a redwood tree. Its rooftop will not be horizontal but it will take a shape similar to the top of a tree, something that was previously forbidden in Los Angeles as roof decks should be flat to facilitate helicopter landings. Moreover, the ground and the 7 first floors will be covered by a wall of plants giving the impression of growing tree roots. The design is handled by Koichi Takada Architects, a firm based in Sydney.
•A hotel in a brand-new and impressive building established downtown would normally be a promising investment. Before the COVID-19 spread, hotel businesses were very successful in the center of Los Angeles. “Downtown L.A. was doing very well and absorbing all of the rooms that came into it very quickly,” Bruce Baltin, a consultant for CBRE Group, a U.S. commercial real estate services and investment firm, stated. Yet, the operator of the facility has not been announced.
Sources: LAtimes, Therealdeal, Dailynews