Park Fifth Towers
Encyclopedia
Park Fifth was a planned $1 billion double tower luxury residential high-rise condominium complex overlooking Pershing Square in Los Angeles
.
The skyscrapers were to be part of the revitalization boom in Downtown Los Angeles
. Park Fifth 1 would have been a 732 residential unit tower, making it the taller of the two towers, and the tallest residential tower west of Chicago
, at 76 stories and 250 m (820 ft). Park Fifth 2 would have been the shorter tower reaching 43 stories, both connected by a 15-story residential bridge. The Park Fifth project would have also included a five-star hotel. The hotel would have occupied the lower floors through the bridge area, and the condominium units in the 43-story tower would have been identified with the hotel brand and offered their residents and guests access to the hotel’s amenities and services.
The project was to 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. The site was to directly block the historic Subway Terminal Building
, the original home of the Los Angeles Red Cars.
Amenities were 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.
The project would have been 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 were expected to start in the $400,000's.http://www.park-fifth.com/
November 11, 2007, the Los Angeles Downtown News reported on rumors circulating that at least one of the project's financiers had dropped out. There were also reports on numerous staff layoffs. Representatives from the project denied 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 was 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 had 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, reported in an email to prospective tenants of a construction loan from the Beijing Construction Engineering Group (BCEG), though final details were still being worked out. No timetable for construction was revealed.
October 4, 2008, David Houk said he would break ground on the project next year if he could secure funding, implying that the previous financiers had backed out.http://www.latimes.com/business/la-fi-variety4-2008oct04,0,5662496.story
October 20, 2008 Rich Marr, project manager, stated that the project had been pushed back to the second quarter of 2009, citing the need for more capital and to finish engineering and architectural work. http://www.labusinessjournal.com/weekly_article.asp?aID=130499
December 12, 2008, Namco, the main financier of the project, was facing legal action for fraud and breach of contract and would not be investing in Park Fifth. The other investor, Africa Israel Investments was expected to pull out of the project. Citing lack of funding, a poor economy, and lack of public interest, developer David Houk conceded, "We have construction financing available, but don't have anybody to sign it because we don't have partners." http://www.ladowntownnews.com/articles/2008/12/08/news/news_briefs/12-08-08-at01.txt
June 2009, The project owners put the property up for sale. http://www.labusinessjournal.com/article.asp?aID=953946102.763602.1799499.32708503.7436102.584
As of 2010, the project is not expected to go forward. http://www.ladowntownnews.com/articles/2009/12/30/news/doc4b3bec246190c724635222.txt
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
.
The skyscrapers were to be part of the revitalization boom in Downtown Los Angeles
Downtown Los Angeles
Downtown Los Angeles is the central business district of Los Angeles, California, United States, located close to the geographic center of the metropolitan area...
. Park Fifth 1 would have been a 732 residential unit tower, making it the taller of the two towers, and the tallest residential tower west of Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
, at 76 stories and 250 m (820 ft). Park Fifth 2 would have been the shorter tower reaching 43 stories, both connected by a 15-story residential bridge. The Park Fifth project would have also included a five-star hotel. The hotel would have occupied the lower floors through the bridge area, and the condominium units in the 43-story tower would have been identified with the hotel brand and offered their residents and guests access to the hotel’s amenities and services.
The project was to stand at 5th and Olive streets on the site of the former Hazard's Pavilion
Hazard's Pavilion
Hazard's Pavilion was a large auditorium in Los Angeles, California, located at the intersection of Fifth and Olive Streets. Showman George "Roundhouse" Lehman had planned to construct a large theatre center on the land he purchased at this location, but he went broke and the property was sold to...
, which was demolished to build Temple Auditorium, later renamed Clune's Auditorium, which was the historic home to the Los Angeles Philharmonic
Los Angeles Philharmonic
The Los Angeles Philharmonic is an American orchestra based in Los Angeles, California, United States. It has a regular season of concerts from October through June at the Walt Disney Concert Hall, and a summer season at the Hollywood Bowl from July through September...
. 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. The site was to directly block the historic Subway Terminal Building
Subway Terminal Building
The Subway Terminal Building, now known as Metro 417, is an Italian Renaissance Revival building in Downtown Los Angeles located at 417 South Hill Street. It was designed by architects Schultze and Weaver and was built in 1925. It served as the downtown terminus for the "Hollywood Subway" branch...
, the original home of the Los Angeles Red Cars.
Amenities were 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.
History
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 had received entitlements and city council approval.The project would have been built by Turner Construction, who built Library Tower, at 633 West Fifth Street, which currently holds the title for largest building west of Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
. 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
Museum of Contemporary Art, Los Angeles
The Museum of Contemporary Art, Los Angeles is a contemporary art museum with three locations in greater Los Angeles, California. The main branch is located on Grand Avenue in Downtown Los Angeles, near Walt Disney Concert Hall...
, a contemporary museum located in Downtown.http://forum.skyscraperpage.com/showthread.php?t=130839&page=17
Prices were expected to start in the $400,000's.http://www.park-fifth.com/
November 11, 2007, the Los Angeles Downtown News reported on rumors circulating that at least one of the project's financiers had dropped out. There were also reports on numerous staff layoffs. Representatives from the project denied 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 was 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 had 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, reported in an email to prospective tenants of a construction loan from the Beijing Construction Engineering Group (BCEG), though final details were still being worked out. No timetable for construction was revealed.
October 4, 2008, David Houk said he would break ground on the project next year if he could secure funding, implying that the previous financiers had backed out.http://www.latimes.com/business/la-fi-variety4-2008oct04,0,5662496.story
October 20, 2008 Rich Marr, project manager, stated that the project had been pushed back to the second quarter of 2009, citing the need for more capital and to finish engineering and architectural work. http://www.labusinessjournal.com/weekly_article.asp?aID=130499
December 12, 2008, Namco, the main financier of the project, was facing legal action for fraud and breach of contract and would not be investing in Park Fifth. The other investor, Africa Israel Investments was expected to pull out of the project. Citing lack of funding, a poor economy, and lack of public interest, developer David Houk conceded, "We have construction financing available, but don't have anybody to sign it because we don't have partners." http://www.ladowntownnews.com/articles/2008/12/08/news/news_briefs/12-08-08-at01.txt
June 2009, The project owners put the property up for sale. http://www.labusinessjournal.com/article.asp?aID=953946102.763602.1799499.32708503.7436102.584
As of 2010, the project is not expected to go forward. http://www.ladowntownnews.com/articles/2009/12/30/news/doc4b3bec246190c724635222.txt