L.A.’s most valuable vacant lots
Scattered around town are some surprisingly valuable vacant lots
disguised by weeds or broken blacktop or the remains of an unwanted
building — and many have quietly come to market, thanks to the real
estate collapse.
Billions of dollars were lost by developers who bought land to build
high-profile projects but weren’t able to get their plans off the
ground, even after spending lavishly on architectural designs and other
measures to get their buildings approved by local officials.
As the
real estate cycle plays out, the pained exit of ambitious builders has
created an unusual abundance of opportunities to buy expensive eyesores.
"There are a mess of these around town," real estate appraiser Steven
Norris said. "Dirty corners entitled for high-rises and they’re just
parking cars on them."
–Roger Vincent
(
Allen J. Schaben / Los Angeles Times
)
Pershing Square in downtown Los Angeles was intended for a 76-story
condominium tower and a 14-story five-star hotel. The Park Fifth
project is on hold amid a glut of condos and as hotels struggle.
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