Friday, June 14, 2019
Interest Rates Unchanged
According to FreddieMac, rates are mostly unchanged this week. These historically low rates are at levels not seen since 2017.
L.A. Rents Rise In May
TheRealDeal Reports that L.A. rents rose 5.4% in May after a slowdown late last year. The high housing costs are a major factor in L.A.’s inflation of 3.1% over last year that exceeds national averages.
675 Bixel Purchased – Central City West
Connect California reports that Realm Group, LLC has purchased the 1.5 acre site at 675 Bixel St. The purchase includes plans for Bixel Tower, a 36-Story, 422-unit mixed-use apartment building.
The concrete, steel and glass tower and loft design will incorporate a rooftop sky lounge with one of the largest amenity decks in DTLA. At 40,000 Sqft. it will include pool terrace and spacious dog park.
Civic Center Tower – New Look
Updated designs show a streamlined glass and steel tower that would include 190 studios, 257 1-bedrooms and 229 2-bedroom apartments & four penthouses.
Completion is currently not expected before 2025.
Another Onni Group Tower Rising
Urbanize reports the L.A. city council has approved Onni’s next tower downtown; a 60-story residential tower that will be located 1000 S. Hill; occupying the corner of Olympic and Hill.
The current parking lot will be transformed into 700 one and two-bedroom apartments with 15,000 Sqft. of ground-floor commercial space.
Onni has said construction will take 30 months; concluding in 2022.
CitizenM Hotel Breaks Ground
The affordable luxury hotel will be 11-Story’s and located in the Historic Core on the corner of 4th and Spring.
With use of prefab components, completion is expected for 2020.