(This article originally appeared in the May 1, 2012 edition of the Century City News)
New Projects Planned For Century City Could Impact You
By Bess Hochman
With the resurgence of real estate development, active members of our community are monitoring projects in Century City that are in various stages of development. There has been particular concern about how these projects could negatively impact our infrastructure including our streets and flow of traffic.
Chicago based developer and Landlord JMB has scrapped its plans to build luxury residential high rise units for a high rise office tower instead. It plans to take advantage of the high rents that Century City commands along with vacancy rate stabilization across the office sector.
JMB had received approvals earlier to build 2 high rise towers and one 12 story loft condo building at Constellation and Avenue of the Stars, formerly the site of City National Bank and the Constellation Club. Now JMB is planning a 37 story office tower called “Century City Center.” Given its scale and intensive commercial use, the new project raises significant traffic impact issues.
There is still uncertainty and controversy over the proposed Constellation Boulevard site of the subway line under development. This location for the subway stop in the heart of Century City
is just steps away from the JMB project and from the Westfield Shopping Mall.
There has been a contentious dispute between those who support the Century City subway stop site and the Beverly Hills Unified School District because the location of the proposed Constellation site requires tunneling under the Beverly Hills High School. The school district would prefer the subway stop to be located at Santa Monica Blvd.
Both JMB Realty and Westfield Corporation own real estate properties in Century City which would benefit greatly from the Constellation stop as the Westside extension of the new subway line. The school district is fighting this location raising safety and construction issues like the sinkhole created in Hollywood related to subway tunneling there. There is also the methane gas risk arising out of the oil fields under the high school.
Another developer changing course is the owner of the Hyatt Regency Century Plaza Hotel, a landmark site. He has backed down from his original proposal to demolish the Hotel and is instead planning a high rise development next to it.
A third project located at the eastern border of Century City where it adjoins Beverly Hills is progressing. Plans are being finalized with the City for construction of about a 39 story residential 1, 2 and 3 bedroom condo project. The units will range from 1600 to 2000 square feet and start at an average of 1.5 Million Dollars.
To find Luxury homes and condos, including short pays and foreclosures in your area or for a free consultation, contact Bess at 310.291.4111. Bess Hochman is a Real Estate Broker & top producer for more than 15 years. Bess is also distinguished by holding a law degree. Her high-end clientele include celebrities, attorneys, and other professionals that understand the value of a real estate broker with legal expertise and experience. A native of Beverly Hills, Bess credits her success to repeat referrals by her satisfied clients.
Contact Bess:310.291.4111.E-mail: Bess.CenturyCityNews@yahoo.com
* The sources of information may or may not have been based on information from the combined /Westside Multiple Listing Service as of 4-27-12. Some listings may not be available as of publication.
c. 2012 Bess Hochman
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“Bess is a master negotiator!” says Michael Donaldson, attorney & author of Negotiating For Dummies
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