LA may get its own High Line, Wanda Group’s $1.2B project in Beverly Hills … & more Los Angeles br上海千花网龙凤论坛 iefs
Rendering of 670 Mesquit
LA’s High Line?
Los Angeles may soon have its very first Bjarke Ingels-designed development, complete with an elevated park decked over a rail line. In December, two partners announced their plan to seek city approval for a starchitect-designed mega-project along the L.A. River.
One is the Gallo family, which owns part of the site. The Gallos, who number among California’s richest clans, made their fortune from E J Gallo Winery. They are teaming up with investment firm V.E. Equities to build the Arts District development, which would include 250 rental units, two boutiq上海千花网 ue hotels and 800,000 square feet of office space.阿爱上海同城
Plans have not yet been filed, but observers say that the development would accelerate the neighborhood’s transformation from gritty to gentrified.
Called 670 Mesquit, the project would also include a pedestrian deck that would extend over the train tracks that divide the river from the Rancho Cold Storage facility on Mesquit Street, which the Gallo family owns.
The design, which would necessitate approval from several public agencies, has drawn comparisons to New York City’s High Line.
LA brokerage merges with SF mega-firm
Los Angeles-based boutique residential brokerage John Aaroe Group is merging with one of San Francisco’s largest brokerages, Pacific Union International.
The combined firm will have 1,100 agents working in 38 offices across California.
Founded in 2009, John Aaroe Group, whose CEO is Mark McLaughlin, has nine locations in Los Angeles, including Beverly Hills, Sherman Oaks and the Sunset Strip. The merger will help the firm expand its international reach and increase its use of technology, president John Aaroe said in a release.
Three years ago, Pacific Union — America’s ninth-largest real estate brokerage by sales volume — launched a marketing program in Beijing called Chinese Concierge to pursue Chinese investors, who make up a growing percentage of both single-family and commercial buyers in L.A.
With the merger, John Aaroe Group will be able to tap into both Pacific Union’s Northern California market and its Chinese market, according to a company spokesperson, but day-to-day operations will not change. No L.A. agents will relocate to San Francisco, but they will pursue more listings up north, according to John Aaroe broker Aaron Kirman.
“With Asian buyers, a lot of them are looking to buy in both San Francisco and L.A., or at least looking at both cities,” he said.
Chinese Wanda Group notches Beverly Hills victory
The Beverly Hills City Council has voted in favor of a controversial $1.2 billion project proposed by a subsidiary of Chinese giant Wanda Group, paving the way for it to move forward.
Dubbed One Beverly Hills, the development includes a 134-key boutique hotel, 193 luxury condominiums and retail space at 9900 Wilshire Boulevard.