Reversing the Trend: Asian Investment in Los Angeles - The Korean Air Green, TO D, Mixed-Use, Fully Entitled, Downtown Development (David Martin) - ULI Fall Meeting 102611

Reversing the Trend: Asian Investment in Los Angeles

Christopher C. Martin, FIAI -- Moderator

Ayahlushim Getachew -- Panelist

David C. Martin, FAIA -- Panelist

William Roschen, FAIA -- Panelist

Project Economics• Total project cost estimated at +$1 billion• Office cost = $500-575/sf (all-in)

– Up to 1.5 million SF– 50% pre-leasing likely required to secure

financing• Hotel cost +/- $550,000/key (all-in)

– 650-1,100 keys– 25 yr. TOT Subvention - $54 to $79 million

(NPV$) – 50-65% LTC financing

Reversing the Trend: Asian Investment in Los Angeles

Objectives of the Study

1. Define an efficient, cost effective hotel and office plan.

2. Create a great urban place.

3. Create an exemplary sustainable project appropriate to Southern California.

4. Create an iconic building which results from a poetic interpretation of the above.

Vision

1. Economy / Simplicity

2. Community

3. Man / Nature

4. Lyricism

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Development Program

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Alternative Elevator Schemes

Reversing the Trend: Asian Investment in Los Angeles

Reversing the Trend: Asian Investment in Los Angeles