Parker Center conversion project rises to $700 million: report

Initial estimates put tally at around $480 million

TRD LOS ANGELES /
Jun.June 12, 2018 05:00 PM
Parker Center at 105 N. Los Angeles Street (Credit: Getty Images)

UPDATED, 9:30 a.m., June 15: Just how much will it take to get rid of the building named after a controversial figure in Los Angeles’ policing past? Upwards of $700 million, it turns out.

A new city-commissioned report published last month shows the total project cost of demolishing the Parker Center and constructing a new office tower on the site would cost about $708 million. That includes the cost of design, project management, fees and permits, contingencies, as well as furniture, fixtures and equipment, according to a spokesperson from the Department of Public Works.

An Environmental Impact Report from 2016 had estimated the cost of construction at $483 million. The previous estimate did not account for rising construction costs or “soft costs,” such as project management, the Los Angeles Times reported.

The building was named after William Parker, the controversial former LA police chief who transformed the department but was also emblematic of the force’s racist past.

Alternatives to the current development plan involve hiring a private party to oversee construction and maintenance, or retrofitting the Welton Becket-designed building and constructing a new tower next door. Both of those options would have been more expensive, and City Council chose not to proceed with retrofitting option.

Several City Council committees will review the project in the coming months.

In March of 2017 the Los Angeles City Council voted unanimously in favor of a $483 million, 27-story office tower at the former Los Angeles Police Department headquarters at 105 N. Los Angeles Street.

Preservationists, largely the L.A. Conservancy, opposed the project since it would involve eradicating the history of the city’s police force. Many backed the project for that same reason, considering it was named after Parker, who faced accusations of racism and police brutality during his tenure as chief from 1950 to 1966. [LAT] — Natalie Hoberman

Correction: A previous version of the story incorrectly stated the project’s total cost had increased by more than $200 million.


Related Articles

arrow_forward_ios
Korean Air chairman and CEO Walter Cho Won-tae and the Wilshire Grand Center at 900 Wilshire Boulevard (Credit: Jae Joon Lee via Wikipedia and Fredchang931124 via Wikipedia)

Korean Air eyes sale of Wilshire Grand

Korean Air eyes sale of Wilshire Grand
OUE Limited executive chairman and CEO Stephen Riady and Silverstein Properties’ Larry Silverstein, with US Bank Tower at 633 West Fifth Street (Credit: Spencer Platt/Getty Images, and Wikipedia)

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy
Fire Chief Ralph Terrazas and the fire (Credit: Gary Coronado/Los Angeles Times via Getty Images)

Cannabis warehouse that burned in massive fire was never inspected

Cannabis warehouse that burned in massive fire was never inspected
US Bank Tower at 633 West Fifth Street and Silverstein Properties' Larry Silverstein (Getty, Wikipedia Commons)

Silverstein Properties confirmed as buyer of US Bank Tower

Silverstein Properties confirmed as buyer of US Bank Tower
OUE Limited executive chairman and CEO Stephen Riady and the US Bank Tower (Credit: Wikipedia)

Downtown’s US Bank Tower in contract to sell for $430M

Downtown’s US Bank Tower in contract to sell for $430M
Welton Jordan of EAH Housing, and the block in South Park where the nonprofit development organization wants to build a 64-unit complex (Credit: Google Maps)

Two affordable housing projects will add 120 units to transformed South Park

Two affordable housing projects will add 120 units to transformed South Park
The sale of the Ace Hotel was the biggest L.A. County hotel buy in 2019 (Credit: Google Maps)

Here are the biggest LA hotel sales of 2019

Here are the biggest LA hotel sales of 2019
Greenland Holdings has already decided to sell one downtown Los Angeles Metropolis tower and convert another into apartments, as it struggles to sell two others.

Can influencers and college students save Greenland’s Metropolis?

Can influencers and college students save Greenland’s Metropolis?
arrow_forward_ios

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

Loading...