LOS ANGELES-Some Downtown L.A. projects have switched from condominiums to apartments in light of changing market conditions, but developers of the Ritz-Carlton residences at L.A. LIVE say that sales are exceeding expectations, and the South Collection reports steady sales. Less than a third of the 224 high-rise homes at the Ritz-Carlton are still available, according to its developer, a partnership headed by the Anschutz Co.’s AEG subsidiary.
The 224 Ritz-Carlton Residences at L.A. LIVE will top a 54-story glass and steel structure also housing the Ritz-Carlton and the JW Marriott Hotel Los Angeles. Designed by the Gensler architectural firm , the hotel and residential tower will span two million sf on 2.5 acres of the 27-acre L.A. LIVE site.
The Ritz-Carlton will share the floors below the 224 residences with the four-star JW Marriott Hotel. The hotel project will include ballrooms, meeting spaces, rooftop decks, swimming pools, resort facilities and 1,001 hotel rooms.
Nearby at the South Collection, a development of the South Group that is near the Staples Center in the middle of South Park and L.A. LIVE, the developer says that it is selling units despite other delayed projects, rising residential inventory and sagging home sales. The South Collection consists of a trio of residential buildings called Evo, Luma and Elleven.
The 311-unit Evo is scheduled for completion this summer, the 236-unit Luma is occupied with its final few residences now selling, and the 179-unit Elleven is fully occupied. Elleven also stakes a claim as California’s first LEED Gold certified condo, with Luma and Evo expected to be LEED certified later this year.