More details on the other tower
I can' t recall if it's come up here before, but there's been talk of building a second high rise on the block directly below the Vue. Found this little blurb on Curbed LA this morning, which links to this "sparse on details, but at least it has some details" mention on CoStar Group's ( the developer) website. The details are thus - tallest building, 18 stories, 251 units, 4,00o feet of retail.
IMHO, other than furthering the okay-ness of building towers in Downtown, the most notable thing about this proposed project is that it would be the first major project in San Pedro to actively displace existing commercial tenants. That definitely puts the local development cycle in new territory.
Of course given the instability of the housing market right now, I have to consider all development proposals as being somewhat improbable. It wouldn't surprise me at all to see a lot of the condo units being built end up re-purposed as rental units. At least when this development tries to sell itself on it's "Palos Verdesness" it will be able to monopolize on the street name, unlike one other project that comes to mind.
IMHO, other than furthering the okay-ness of building towers in Downtown, the most notable thing about this proposed project is that it would be the first major project in San Pedro to actively displace existing commercial tenants. That definitely puts the local development cycle in new territory.
Of course given the instability of the housing market right now, I have to consider all development proposals as being somewhat improbable. It wouldn't surprise me at all to see a lot of the condo units being built end up re-purposed as rental units. At least when this development tries to sell itself on it's "Palos Verdesness" it will be able to monopolize on the street name, unlike one other project that comes to mind.
Labels: development, The Vue
6 Comments:
The construction of high end rental units rather than rentals in these softened housing market days is very interesting. It would be curious to see how much you'd have to pay to buy a place you had been renting when the market turns and goes back into crazy mode. Also interesting to see how the new City policy on relocating not uber rich tenants would affect the conversions. I suppose with the high end rentals that would come from this project the effect is moot but who knows. Did anyone see Bernard Parks editorial in the Times on this subject ( Bernard Parks: The Urban Planner? ). It seems that Mr. Parks believes it impossible to protect renters from Condo Conversions while at the same time promoting affordable housing for purchase construction in the same district.
It's called Urban Village at Palos Verdes Street.
Of the 251 units, 15 will be priced as "work force housing" with an approximate size on average, for those few unit, about 609 square feet.
If you would like more information, my I suggest visiting www.pontevista.blogspot.com and look for the post on this new development.
Hopefully both LOTE and my blog will shed more light on this development.
Once upon at time (last year), I heard a rumor that there could be three tall developments down where The Vue and Urban Village will be, but I have no information on that third tower. We'll see.
MW
Wasn't the third tower originally a proposed second tower for either the Urban Village or the Vue, and not a separate development?
Urban Village will be comprised of three structures.
One structure will be a 5-6 story building on Palos Verdes Street right across from The Vue. 36 town houses are scheduled to be built in this building.
The 18-story tower will be at the corned of Palos Verdes Street and 5th Street. It will have 215 units, 15 of which will be designated as "work force housing" units. There will be underground parking with this building.
The third structure is a combination parking structure/open space area. The top level with have grass in a park like setting and I think this is where the tennis courts are going. This top level would be considered the "open space" for the development.
I am wondering if there is enough space left down in that area for someone to construct a residential tower for seniors.
MW
What the hell is a "work force housing" unit? Is that like a closet of a room where the service personnel live when their not scrubbing everyone's floors? Or is it some kind of re-naming of low income housing that somehow seems to highlight class differences?
Plenty of information on the development here:
http://www.crala.org/internet-site/Documents/upload/Palos%20Verdes%20Urban%20Village.pdf
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