With downtown Los Angeles facing a condominium shortage, a Chinese developer has unveiled plans for a $100-million luxury high-rise residential tower near Staples Center.
The building, proposed to the city Planning Commission on Thursday, would rise 37 stories at the southwest corner of Grand Avenue and 12th Street. The tower would have 126 units, which shouldn’t be hard to sell, developer Joseph Lin said.
“Downtown still has a lot of potential to grow,” said Lin, managing partner of City Century, the Los Angeles subsidiary of Shanghai real estate developer ShengLong Group.
Read the entire article at the LA Times.