$300 Million L.A. Condominium Celebrates Grand Opening
- May 07, 2009
By Erika Schnitzer, Associate EditorLos Angeles—Astani Enterprises Inc., based in Beverly Hills, Calif., recently celebrated the grand opening of Concerto, a new $300-million, 100,000-sq.-ft. condominium development in downtown Los Angeles’ South Park. The community, which will be completed in two phases, is being designed for LEED (Leadership in Energy and Environmental Design) certification.Occupancy of the first building, the 77-unit mid-rise loft building, is slated to begin in June 2009, and occupancy of the first tower, which encompasses 271 units, is planned for the fall of 2009. Phase II will include the second tower, with an additional 281 units. However, “there remains no timeline for the second phase,” says Sonny Astani, chairman of Astani Enterprises Inc. “While the second phase is approved and entitled, it will not break ground until the market improves.”The project has had some difficulty with financing in this market, Astani asserts, explaining that the original construction lender “bailed out of commercial real estate lending under pressure from federal regulators.” However, he tells MHN, Astani Enterprises “lined up a loan from Corus Bank, but the main financial partners in Singapore decided to get out.” Astani and remaining partners “bought out the Singapore partners for $30 million and carried on by personally guaranteeing the loan.” Designed by DeStefano Partners Ltd., Concerto is comprised of two 30-story glass towers and one mid-rise loft building. The project includes 27,500 sq. ft. of retail, 1,000 subterranean parking spaces and a pedestrian paseo connecting the two streets of the site. Signature visual elements include the 10-story tattoo on the façade of Tower 1, the juxtaposition of exterior glass, metal and ceramic tile, and the flowing exterior corner of the Loft Building. Concerto features studios, as well as one-, two- and three-bedroom units ranging in price from $295,000 for lofts to $3.5 million for penthouses. Within Concerto, an acre of elevated private green space surrounds a saltwater pool, cabanas and fire pits, and public green space will include a quiet park and pasea lined with gingko trees.In addition, residents will have access to 24-hour concierge, an indoor/outdoor fitness center, spa, business center, car wash service, an observation deck, underground parking and individual storage units. The first story of the development will be comprised of retail, including shops, cafes and restaurants.”Within two weeks of the sales center opening, Concerto has already compiled an interest list of over 500 potential buyers, of which 25 are currently ready to enter contract,” notes Astani.The development is located in close proximity to the Downtown Art Walk, Gallery Row, the Brewery Art Colony, and the Museum of Contemporary Art.