JMB seeks to revive 483-unit residential tower plan for Century City
The firm had abandoned the proposal following housing crash
Nearly 15 years after it was first proposed, a 483-unit high-rise condo complex in Century City is back on the books. Well, half of it, at least.
JMB Realty is moving forward with its plan that calls for two residential towers at the corner of Constellation Boulevard and Avenue of the Stars, Urbanize reported. The Chicago-based real estate investment firm company recently filed permits to restart the project, although starting with just one tower.
The complex was first proposed in 2004. JMB pulled the plan when the housing market crashed, then eventually said it would instead build a 37-story office tower. The city approved that proposal in 2015.
Now, JMB is back to pre-recession development plans amid rising housing rates. In the third quarter of 2017, the median price of a condo in Century City and Westwood was $883,000, up 13.6 percent from the same period a year prior, according to Douglas Elliman.
The project is being designed by Chinatown-based firm Johnson Fain.
The condos will be near the Westfield Century City shopping center, which recently completed a $1 billion upgrade. In December, Unibail-Rodamco agreed to purchase Westfield Corp. for $15.7 billion.
JMB Realty isn’t the only developer looking to cash in on high home prices. Developer Jerry Snyder has proposed a residential tower at the Museum Square campus, after having already received approval to construct an office building there. [Urbanize] — Hannah Madans