Century City landlord JMB Realty Corp. has dropped plans to develop an office skyscraper on Avenue of the Stars and instead has put the land up for sale, possibly setting the stage for the construction of a condominium complex, it was reported today.
The property is expected to be developed into condominiums instead of offices as investment in high-end Los Angeles County condos escalates, the Los Angeles Times reported in an article posted on its website this morning. Most of the biggest land sales in the last few years have involved sites intended for high-density residential development.
JMB already has city approval to build 483 residential units on the vacant lot at 1950 Avenue of the Stars, near the Hyatt Regency Century Plaza Hotel, but pulled the plug on that proposal after the housing market crash.
JMB switched its plans for the site to a 37-story office tower, but now luxury residential sales have roared back and developers are competing for the best condo sites. A new owner could quickly resurrect JMB’s plans for the condo development.
Inquiries about acquiring the property for housing prompted JMB to put it on the market, a company representative told The Times
No price has been set JMB’s 5.5-acre property. Opening bids are due July 10, at which point final competition among the top bidders will begin, real estate broker Laurie Lustig-Bower of CBRE Group Inc. told The Times. Potential buyers from 21 countries have surfaced, she said. Among them are Asian conglomerates seeking to partner with U.S. developers and large overseas developers.
The lot, once part of 20th Century Fox’s studio backlot, is now in the middle of prosperous Century City. A station for a planned subway line could open on Avenue of the Stars within a decade, according to The Times.
