JMB Realty Exploring Residential Or Office For Vacant Century City Site
Chicago-based JMB Realty Corp. is looking into resurrecting half of Constellation Park, an old proposal to build two high-rise residential condominiums on vacant property along Avenue of the Stars in Century City.
JMB filed initial permits with the Los Angeles Department of City Planning to revisit the former approved 1.3M SF residential project at the northeast corner of Avenue of the Stars and Constellation Boulevard in Century City, Urbanize LA reported earlier this month. Urbanize said JMB for now is proposing to construct one of the two towers.
JMB Realty Vice President of Development and Operations Sarah Shaw told Bisnow that JMB is still exploring its options.
She said the vacant land is also approved for high-rise office.
“The current market demand has led us to explore the residential project,” she wrote in an email. “Of course, given that markets can change, we continue to retain the option to build the approved office project as well.”
In 2006, JMB initially received approvals for Constellation Park, a development that consists of 483 condos in two high-rise buildings and one 12-story building on a 5.5-acre site at 1950 Avenue of the Stars. When the recession hit, JMB dumped the residential plans and repositioned the property.
A few years later, JMB proposed building the Century City Center, a 37-story, 700K SF office building and a transit plaza that would have a café and outdoor space. Los Angeles approved the plans in 2015.
Since then both projects have remained dormant.
If the residential part does go forward, Chinatown-based architecture firm Johnson Fain will design the project.
For more on the latest developments in Century City, join us at Bisnow's Neighborhood Series: Century City & Beverly Hills event April 17 at the Beverly Hilton.
