Downtown LA Update: Streetcar Moving, Tower Trading, Stadium Stalling?

West
Tuesday, March 12, 2013
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Rumors are swirling about the fate of Gensler's Downtown LA Stadium. But thus far we're still in the dark. (Courtesy Gensler)

Rumors are swirling about the fate of Gensler’s Downtown LA Stadium. But thus far we’re still in the dark. (Courtesy Gensler)

In recent weeks we’ve seen a number of important developments in Downtown Los Angeles, like the groundbreaking of the Arquitectonica-designed apartments on Grand Avenue, and the topping out of The Broad next door. The red-hot area continues to make headlines, from the advancement of its upcoming streetcar to the murkiness of its proposed football stadium.

Rendering of the proposed Downtown LA Streetcar. (Courtesy Los Angeles Streetcar Inc.)

Rendering of the proposed Downtown LA Streetcar. (Courtesy Los Angeles Streetcar Inc.)

•The city’s Downtown Streetcar, which last month received funding from a tax on downtown residents, has gotten more good news. According to Curbed LA, LA City Council on March 7 approved an operational plan committing up to $294 million of Measure R transportation tax money to cover the operation and maintenance of the system. The streetcar will travel in a loop along Broadway, Figueroa Street, and other main thoroughfares between the city’s Civic Center to its Convention Center.

•According to Yahoo Sports, anonymous sources in the NFL have said that AEG and Gensler’s Downtown LA stadium (rendered at top) in South Park is looking less and less likely. “The numbers just don’t work, no matter how you look at the deal,” a “league source” told Yahoo. “It’s either too hard for AEG to make money [and pay the debt on the stadium] or too hard for the team. I just can’t see a way for it to work.” Some have said that the NFL favors a new stadium in Chavez Ravine. Stay tuned.

Top of the U.S. Bank Tower in Los Angeles. (cydog66 / Flickr)

Top of the U.S. Bank Tower in Los Angeles. (cydog66 / Flickr)

•The LA Times reports that Singapore developer Overseas Union Enterprise has agreed to buy the Pei Cobb Freed-designed, 72-story U.S. Bank Building, the tallest building in California. The developer will be buying the building from MPG Office Trust for $367.5 million. “Its cylindrical design is an inefficient layout for an office building,” real estate analyst Jed Reagan of Green Street Advisors told the Times.

U.S. Bank Tower in Los Angeles. (Andy Sternberg / Flickr)

U.S. Bank Tower in Los Angeles. (Andy Sternberg / Flickr)

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