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October 02, 2005

Two interesting new real estate projects in Mid-Wilshire

There are a couple of new real estate projects under construction in the Mid-Wilshire section of Los Angeles that deserve mention. The first is the Perino's Apartments project, located on Wilshire Boulevard, just east of Crenshaw (next door to the historic Los Altos Apartments). This building is going up on the site of the old Perino's Restaurant. There will be 47 apartment units, as well as commercial space for rent. The neon signage will be preserved, as well as some chandeliers and other architectural features. All in all, it's an attractive looking project that cleverly retains some of the spirit of what came before it. Situated next to the Los Altos, this will make for a nice block of apartments. For more information on Los Angeles apartments, take a look at Apartments for rent in Los Angeles.

Also of note in the Mid-Wilshire area is the new Mercury condo project, which is an office-building to condos conversion. Located at 3800 Wilshire Blvd (the southwest corner of Wilshire and Western), this 22-story early 1960s built hi-rise was the former headquarters of the Getty Oil company. Over 200 condo units are expected to come online. The game plan appears to be similar to the project at 1100 Wilshire, with upscale amenities in the units and a rooftop pool and barbeque area in the offering. The new residences will have terrific views.

Posted by ultimatela at October 2, 2005 07:27 PM

Comments

3800 Wilshire is a long ways off. It's for-sale again. Upside bought it back in '03 (for cheap) and was going to do apartments. They called it "The Wilshire at Western". The project didn't pencil out, so they sold it for a tidy profit. (multiple millions, though they spent a few bucks for some demo and a few floors of construction)

Forrest City bought it early '05 and now that they've done asbestos abatement (the bug that I think really got Upside to cash out) and entitlement for condos, they're looking to walk away with a nice profit as well. They bought for $75M and a recent article figures they could sell near $100M. A one year flip netting nearly 33%(less demo, enviro, etc). That's sweeeet.

Don't plan on living in the building anytime before 2007. And if history is any guide, the building will go through several more owners/ideas. Don't get me started on the back-chain this former Getty HQ has.

Posted by: Wilshire Rez at October 28, 2005 12:41 AM

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