A Developer with a vision calls for razing the Century Plaza Hotel, what was he Thinking?
As I was reading today’s LA Times (business section dated December 18,2008) I was just amazed at the brilliant move of Real Estate developer Michael Rosenfeld.
The RE Market is in a downturn and more then likely at the bottom, he in turn is Planning to demolish the Century Plaza Hotel and develop in it’s place two 50-story towers, with a pedestrian- friendly area.
The Design he envisions, has rows of trees, pedestrian walkways which would connect the new housing and an expanded Century City shopping center. There would be new trendy restaurants office areas and of course super luxury Condominiums. The trend has been started already. ( please read my post about : Do you think the Real Estate market is bad, look at ‘The Century” in Century City,CA)
In this soft economy, he can get the politicians to back the concept, since they need revenues, such as building permits, taxes and favors to call in later. The mayor and the councilman both showed positive commentaries for the project. Then Rosenfeld will not only generate income to the city, but will provide employment opportunities for many people who are involved with such a Mega Project. The beauty of this concept is, that he can get it done relatively inexpensively, since there are little or no construction jobs available to the local tradesmen. Hence he can negotiate favorable terms for the labor as well as the materials.
By the time the new Century Plaza project is completed around 2015 or so, even the most doomsday scenario supporters will agree the economy will more then likely have turned around and the Real Estate Market should be chugging along. The result will be a totally redesigned (for the good), Century City and a great profit to Rosenfeld and partners who support him emotionally and financially.
Now, do not think this will be a walk in the park. He will face much opposition from the local residents of this area. Traffic will be a strong argument against it. The environmental impact of construction will be sighted. Ultimately he will prevail and another space will be created that will attract locals and tourist from all over the world alike. This will be the Rockefeller Plaza of Los Angeles. Many years later he will go down in Los Angeles history as one of the few difference makers. Let’s hope he will have the energy to continue with the difficult challenges he will encounter.
If you are a consumer who is considering buying or selling a home,investment real estate, vacation homes, or beach properties in Southern California, Los Angeles,Beverly Hills,Culver City,Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at EndreBarath@TheMLS.Com or visit one of my websites at http://www.endrebarath.com