JMB Realty is resurrecting a plan that was scuttled 15 years ago.
In 2004, JMB Realty proposed a 483-unit high-rise condo complex in the form of two towers, in Century City. However, following the housing crash in 2007, JMB scuttled the project. Eventually, the company came back with a modified proposal: just one 37-story, 700,000 square-foot office tower, which was ultimately approved in 2015. However, JP Morgan Chase, which also has property in the area, opposed the development, arguing that the project was too dense for the neighborhood.
This February, JMB resurrected its original 2004 plans, and filed permits to move forward with construction of the project at the corner of Constellation Boulevard and Avenue of the Stars. However, currently the permits are only being requested to construct one tower.
Part of the Chicago-based company’s decision to resurrect the project comes following the boom in housing prices, and the added cache of the opening of Westfield Century City Mall following its two-year, $1-billion renovation.
In the third quarter of 2017, the median price of a condo in Century City and Westwood was $883,000, up 13.6 percent from the same period the previous year, according to Douglas Elliman.
The project is being designed by Johnson Fain Architects, and includes a two-story amenity center and a landscaped outdoor deck. A new pocket park would be situated in the southeast corner of the property, next-door to what will eventually become one of the Purple Line’s subway stations.
Scott Johnson of Johnson Fain, was named 2017 Citizen of the Year by the Century City Chamber of Commerce, in recognition of his work in creating Fox Plaza in Century City.
According to a source familiar with the new project, JMB could begin construction as early as this summer, reports Urbanize.LA
