Park Fifth Towers

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This Park Fifth Towers(Los Angeles) contains information about a building currently under construction.
It may contain information of a speculative nature, and the content may change dramatically and frequently as construction progresses and new information becomes available.

Park Fifth is a planned $1 billion double tower luxury residential high-rise condominium complex overlooking Pershing Square in Los Angeles. The skyscrapers are part of the revitalization boom in Downtown Los Angeles.^[1] . Park Fifth will consist of 732 residential units in 2 towers, with the tallest of the two towers becoming the tallest residential tower west of Chicago, at 76 stories at 250 m (820 ft). The shorter tower will reach 43 stories and be connected by a 15-story residential bridge. The Park Fifth project will also include a five-star hotel, to be operated by one of the leading names in luxury hospitality yet to be named. The hotel will occupy the lower floors through the bridge area, and the condominium units in the 43-story tower will be identified with the hotel brand and offer their residents and guests, access to the hotel’s amenities and services. The project will stand at 5th and Olive streets on the site of the former Hazard's Pavilion, then Clune's Auditorium, the historic home to the Los Angeles Philharmonic, which was demolished by developer David Houk in 1985 to make way for an office and hotel complex. The office boom of the 80's collapsed before Houk could build on the site.^[1] Also the site is directly blocking the historic Subway Terminal Building, the original home of the Los Angeles Red Cars.

Amenities are rumored to include two rooftop pools,an observation deck on the 76-story tower, rooftop gardens on the 15th and 36th floors of the 43-story tower with built-in fire pits, fitness rooms in each tower, 20-seat theater viewing rooms, music and video libraries in each tower, and classrooms for wine tastings, cooking classes and other educational seminars.

1 Construction
2 See also
3 References
4 External links

[edit] Construction

The initial Environmental Impact Report from the Los Angeles Community Redevelopment Agency indicated significant negative impacts on the city's pedestrian and traffic conditions, historical and aesthetic concerns, and the local water table. A more extensive Envronmental Impact Report addressing these issues is currently being prepared. Pending city approval, the Project would break ground in 2008, and the smaller tower including the hotel could be open by 2010. The project will be built by Turner Construction, who built Library Tower, at 633 West Fifth Street, which currently holds the title for largest building west of Chicago. The project was designed by the New York arhitectural firm of Kohn Pedersen Fox (KPF). The design was recently honored with an award from the NYAIA in the unbuilt category.

Announced on June 5, of 2007, every resident of Park Fifth will have membership to MOCA, a contemporary museum located in Downtown.[1]

Prices are expected to start in the $400,000's.[2]

November 11, 2007, the Los Angeles Downtown News reports on rumors circulating that at least one of the project's financiers has dropped out. There are also reports on numerous staff layoffs. Representatives from the project deny problems.[3]

Erika Nelson, vice president of marketing for Park Fifth, revealed that construction was delayed until later in 2008 due to delays in getting through the entitlement process, but said that they still expect to open the first of the two buildings at the end of 2010.[4] A slow housing market, troubled economy, and slump in downtown Los Angeles revitalization has put many new projects on hold indefinitely.[5]