{"id":255344,"date":"2010-01-31T10:40:14","date_gmt":"2010-01-31T15:40:14","guid":{"rendered":"tag:typepad.com,2003:post-6a00d8341c630a53ef0120a835d4d5970b"},"modified":"2010-01-31T10:42:40","modified_gmt":"2010-01-31T15:42:40","slug":"new-life-for-76-story-park-fifth-skyscraper-in-downtown-l-a-maybe","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/255344","title":{"rendered":"New life for 76-story Park Fifth skyscraper in downtown L.A.? Maybe"},"content":{"rendered":"<p><img decoding=\"async\" alt=\"http:\/\/www.downtownla.com\/php\/uploads\/sponsor\/c5e2b1de33f8734c350392a0c3ab210f.jpg\" src=\"http:\/\/www.downtownla.com\/php\/uploads\/sponsor\/c5e2b1de33f8734c350392a0c3ab210f.jpg\" style=\"margin: 7px; float: left; width: 144px; height: 239px;\" title=\"http:\/\/www.downtownla.com\/php\/uploads\/sponsor\/c5e2b1de33f8734c350392a0c3ab210f.jpg\"><\/img>Given the recession, many in downtown Los Angeles assumed a mega-project once planned for the Pershing Square was dead.<\/p>\n<p>But there are now signs that Park + Fifth might still have a chance.<\/p>\n<p>Plans for the $1-billion high-rise condominium complex overlooking Pershing Square Park in downtown Los Angeles were unveiled in 2007 amid fanfare, with developers calling it the tallest residential building west of Chicago.<\/p>\n<p>The centerpiece was a 76-story condo tower and a 14-story five-star<br \/>\nhotel. It would front on the park, as does the historic Biltmore Hotel,<br \/>\ncatty-cornered to the planned development.<\/p>\n<p>A series of delays has stalled the project, just as other large luxury developments planned for downtown L.A. continue to wait in the wings. The Frank Gehry-designed Grand Avenue complex, for instance, is still scheduled to rise on Bunker Hill.<\/p>\n<\/p>\n<div class=\"float\" style=\"clear: both;\">\n<p>The Downtown News <a href=\"http:\/\/www.ladowntownnews.com\/articles\/2010\/01\/28\/news\/doc4b620a14c951a394526611.txt\">reports there is now<\/a> a new potential investor in the mix for Park + Fifth:<\/p>\n<blockquote>\n<p><span>The potential partner, Gabriel Hertzberg of the Triangle<br \/>\nInternational Oil Company, said that he plans to take over for Park<br \/>\nFifth\u2019s financially troubled former capital partners, Africa-Israel<br \/>\nInvestments and the Brentwood-based investment company Namco Capital<br \/>\nGroup. Hertzberg also said that he would purchase the site and provide<br \/>\na construction loan for the project. This would mark<br \/>\nHertzbergs\u2019s first real estate development. He refused to disclose the<br \/>\nloan amount, but said that it would amount to hundreds of millions of<br \/>\ndollars.<\/span><\/p>\n<\/blockquote>\n<p>&#8211;Shelby Grad<\/p>\n<p><em>Image: An artist&#8217;s rendering of proposed skyscraper. Credit: Park + Fifth <\/em><\/p>\n<blockquote>\n<p><span><\/span><\/p>\n<\/blockquote>\n<p>\n\t\t \u00a0<span><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Given the recession, many in downtown Los Angeles assumed a mega-project once planned for the Pershing Square was dead. But there are now signs that Park + Fifth might still have a chance. Plans for the $1-billion high-rise condominium complex overlooking Pershing Square Park in downtown Los Angeles were unveiled in 2007 amid fanfare, with [&hellip;]<\/p>\n","protected":false},"author":4131,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-255344","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/255344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4131"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=255344"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/255344\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=255344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=255344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=255344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}