Landlord Barry Shy wants $100M for massive site in DTLA’s historic core

Los Angeles /
Jun.June 05, 2017 11:30 AM

A site in the heart of Downtown’s historic core that’s primed for a 38-story skyscraper has hit the market for $100 million.

Developer Barry Shy listed the one-acre parking lot at 601 S. Main Street for 23 times more than he paid for it in 2012. It comes complete with entitlements to build a 452-unit rental complex with 25,000 square feet of retail space.

Shy first submitted plans for the project, dubbed SB Omega, in 2014, Curbed reported. If built according to the plans, the tower would be the tallest structure in the historic core and one of the tallest Downtown, according to marketing materials. Still, it would pale in comparison to the Wilshire Grand and the U.S. Bank Tower just blocks away, both of which exceed 1,000 feet.

It wasn’t immediately clear why Shy was walking away from the project, but listing agent Rommy Shy told Curbed that the property has already received significant interest from potential buyers.

A number of buyers continue to be active in the market, despite simmering concern about oversupply and a slight pullback in the availability of financing. Projects in the pipeline and under construction now total nearly 30,000 new units, according to a recent report by the Downtown Center Business Improvement District.

Commercial office deals are still happening, too, though some say they will slow. Tom Barrack and Rising Realty Partners recently paid $456 million for the 42-story office tower at 300 S. Grand Avenue, for instance, The Real Deal reported. [Curbed] — Cathaleen Chen


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
Wei Huang, Jose Huizar and a rendering of the 77-story tower at 333 S. Figueroa Street (Shenzhen New World Group, Getty)

Huizar-linked Chinese developer sued by construction contractor

Huizar-linked Chinese developer sued by construction contractor
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
Larry Gagosian and the building (Credit: Google Maps)

Gagosian inks lease at former Masonic temple on Wilshire Boulevard

Gagosian inks lease at former Masonic temple on Wilshire Boulevard
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...