{"id":494,"date":"2013-10-02T23:41:15","date_gmt":"2013-10-02T23:41:15","guid":{"rendered":"https:\/\/astanienterprises.com\/?p=494"},"modified":"2020-06-07T23:42:27","modified_gmt":"2020-06-07T23:42:27","slug":"another-major-apartment-retail-complex-planned-for-downtown-l-a","status":"publish","type":"post","link":"https:\/\/astanienterprises.com\/?p=494","title":{"rendered":"Another Major Apartment-retail Complex Planned for Downtown L.A."},"content":{"rendered":"<p id=\"yui_3_17_2_1_1591573276051_131\" class=\"\">Source ::\u00a0<em>Los Angeles Times<\/em><br \/>\nDate :: 10.02.2013<br \/>\nBy :: Roger Vincent<\/p>\n<h3>Developer Sonny Astani Will Build The Project On A South Park Parcel That He And A Partner Sold To Scottsdale, Ariz., Investors.<\/h3>\n<p class=\"\">Another major apartment and retail complex is slated for construction in downtown Los Angeles across the street from Mack Urban&#8217;s proposed residential project in South Park.<\/p>\n<p class=\"\">Beverly Hills developer Sonny Astani is set to develop the $245-million project on behalf of a new owner, an Arizona investment firm.<\/p>\n<p class=\"\">Astani, a prolific developer in Los Angeles, secured city approval to build 640 apartments over shops and restaurants on the site bounded by Olive Street, Grand Avenue, Pico Boulevard and 12th Street.<\/p>\n<p class=\"\">Astani and parking lot giant L&amp;R Group owned the 3-acre parcel now used to park cars and Astani planned to develop the project. But recently they sold the land for $45 million to an investment partnership controlled by Wolff Co., a Scottsdale real estate private equity firm. Astani and L&amp;R bought the property for $29 million in 2012.<\/p>\n<p class=\"\">As part of the deal, Astani agreed to develop the apartment complex on behalf of the Wolff partnership, which will own it.<\/p>\n<p class=\"\">The seven-story edifice will be called G12, a reference to its location at Grand and 12th. It will have 1 acre of open space, two swimming pools and two fitness centers. There will be spaces to park 740 bicycles and 595 cars, Astani said.<\/p>\n<p class=\"\">Work on G12 is set to begin in January and be completed within two years.<\/p>\n<p id=\"yui_3_17_2_1_1591573276051_135\" class=\"\">Astani is also developing projects elsewhere downtown, in Hollywood and on the Westside.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source ::\u00a0Los Angeles Times Date :: 10.02.2013 By :: Roger Vincent Developer Sonny Astani Will Build The Project On A South Park Parcel That He And A Partner Sold To Scottsdale, Ariz., Investors. Another major apartment and retail complex is slated for construction in downtown Los Angeles across the street from Mack Urban&#8217;s proposed residential [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/astanienterprises.com\/index.php?rest_route=\/wp\/v2\/posts\/494"}],"collection":[{"href":"https:\/\/astanienterprises.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/astanienterprises.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/astanienterprises.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/astanienterprises.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=494"}],"version-history":[{"count":1,"href":"https:\/\/astanienterprises.com\/index.php?rest_route=\/wp\/v2\/posts\/494\/revisions"}],"predecessor-version":[{"id":495,"href":"https:\/\/astanienterprises.com\/index.php?rest_route=\/wp\/v2\/posts\/494\/revisions\/495"}],"wp:attachment":[{"href":"https:\/\/astanienterprises.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/astanienterprises.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/astanienterprises.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}