JMB seeks to revive 483-unit residential tower plan for Century City

The firm had abandoned the proposal following housing crash

Mar.March 08, 2018 11:08 AM
Rendering of Constellation Park (Credit: JohnsOnFain)

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

Related Articles

From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019

Relevant Group’s Richard Heyman and the project site (Credit: Google Maps)

Relevant Group plans 87-unit apartment complex in South LA

A rendering of the project

Developer files plans to build 87-unit apartment complex in Pico Union

A rendering of the project and Douglas Bystry, President and CEO of Clearinghouse

Koreatown resi complex marks firm’s entry into Opportunity Zones

A rendering of the property, Cityview CEO Sean Burton and Virtu Investments principals Michael Green and Scott McWhorter (Credit: LCP 360) 

Virtu pays $71M for Warner Center complex in Opportunity Zone

Woodridge Capital Partners’ CEO Michael Rosenfeld and Sales Director Mary Ann Osborn with a rendering of the project

A $2.5B litmus test for the Century City luxury market

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up