Office Parties
LOS ANGELES
DOWNTOWN
NEWS INSIDE
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A death at the Biltmore, an LAUSD audit, and other happenings Around Town. Nine things to know about the $25 million Renato Apartments.
W W W. D O W N T O W N N E W S . C O M
November 1, 2010
Volume 39, Number 44
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The Shine Is on the Medallion While New Storefronts Sit Vacant, Apartments Fill Quickly at the $125 Million Project
Sliding down the Bonaventure hotel.
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PICK THE
PROS Pick football games, win prizes.
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Saying thanks to public safety workers.
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photo by Gary Leonard
Commercial landlord Saeed Farkhondehpour never intended to get into the residential development business, but so far the Medallion apartments are paying off. Leasing began in August, and already 44 of the 96 units are occupied. The grassy hill is a small park for residents. by RichaRd Guzmán city editoR
Bieber fever infects Downtown.
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A wild dance in City Hall.
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I
t was never Saeed Farkhondehpour’s intention to go into the residential development business. He was quite happy as a landlord with about 800 retail spaces in the Toy and Fashion districts. Now, however, he’s glad he added residences to his latest commercial venture. In fact, the 96 units that sit atop the approximately $125 million Medallion development so far are outshining the commercial aspect of the project.
Former Los Angeles Theatre Center Partners Embroiled in Bitter Lawsuit staff wRiteR
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21 CALENDAR LISTINGS 25 MAP 26 CLASSIFIEDS
It is all somewhat of a surprise, he admits, considering he initially intended the project to be a link to his other commercial properties. “I like the location and we did it for the commercial end of it,” he said. “The residential market right now is much more solid than the retail. I wish commercial was doing this well.” Farkhondehpour bought the property in 2002 for $32 million. At the time, it was a parking lot, and though the developer said he proceeded cautiously, only securing construction loans, the project did see Medallion, page 13
Civil War at the LATC by Ryan VaillancouRt
Five great entertainment options.
“Leasing is going good, it’s easy, not like commercial,” said the 50-year-old developer. The residential portion of the project opened in August. Rents range from $1,350-$2,400 for 620-square-foot studios up to 1,030-square-foot two-bedroom units in the development at 334 S. Main St. The project also includes 200 retail spaces totaling 85,000 square feet. So far, just nine of those spaces have been filled, Farkhondehpour said. In contrast, 44 apartments have been leased in two months.
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ive years ago, the Latino Theater Company and the Latino Museum of History, Art and Culture joined forces in the effort to win a long-term lease at Spring Street’s Los Angeles Theatre Center. Together, the cultural entities secured millions in grants and beat back a challenge by a prominent local developer teamed with another theater company to get 20-year rights to the city-owned building. Now, a bitter battle has broken out between the former partners. Although the LATC is in the midst of its fall
schedule, for the past year some of the center’s most biting drama has unfolded in a courtroom. In June 2009, the Latino Museum filed a lawsuit against the city and the Latino Theater Company, alleging that it has been denied its rights under the lease. It also charged that it has been erroneously billed, and suffered damages as a result. The LTC fired back in a counter-suit in March, saying that the museum had pledged to help cover a $4 million renovation of the center, but never paid up. The parties are now in settlement talks. In its initial complaint, the museum see LATC, page 12
photo by Gary Leonard
Jose Luis Valenzuela, executive director of the Latino Theater Company, at Spring Street’s Los Angeles Theatre Center. The arts group and its former partner in the building, the Latino Museum of History, Art and Culture, have sued each other.
The Voice of Downtown Los Angeles