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
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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
1. 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
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12. 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
16. Objectives of the Study Vision
1. Define an efficient, cost 1. Economy / Simplicity
effective hotel and office plan.
2. Create a great urban place. 2. Community
3. Create an exemplary 3. Man / Nature
sustainable project appropriate
to Southern California.
4. Create an iconic building which 4. Lyricism
results from a poetic
interpretation of the above.