5-OH Rising Out of Park Fifth’s Ashes in Los Angeles

Newsletter, West
Monday, March 17, 2014
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5-OH IS THE NEW RESIDENTIAL DEVELOPMENT SLATED FOR THE FORMER SITE OF PARK FIFTH (HARLEY ELLIS DEVEREAUX)

5-OH IS THE NEW RESIDENTIAL DEVELOPMENT SLATED FOR THE FORMER SITE OF PARK FIFTH (HARLEY ELLIS DEVEREAUX)

At long last, the recession-doomed site of the high-rise condo complex known as Park Fifth is seeing some action. This particular patch of ground, across the street from Pershing Square near downtown Los Angeles, has been the subject of a tug-of-war between would-be investors and market forces for at least seven years. Park Fifth, a pair of 76- and 41-story towers designed by Kohn Pedersen Fox, went down with the real estate bubble in 2008. Even the current project, dubbed 5-OH, has seen a lot of uncertainty during its relatively short life. “We went through a lot of studies and a lot of different client groups,” said Harley Ellis Devereaux’s Daniel Gehman. “[There were] a lot of shifting sands.” Read More

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