Wednesday, July 22, 2009

5 Reasons We Love Concerto in Downtown Los Angeles

Concerto Tower and LoftsConcerto is like a great masterpiece going through its final edit. We see its genius – a grand architectural design that includes three residential buildings, retail and a one-acre pool-park-common area – and its flaws – mostly that construction is not yet completed.

Updated 8/8/09 -- Concerto has announced a one-day sales event on August 29 for the 77-unit Loft building. All units will be sold that day. Studios start at $219,000 (738 - 782 sq ft). One bedrooms start at $279,000 (959 - 973 sq ft). Two bedrooms start at $449,000 (1,325 - 1,689 sq ft).

Updated 9/25/09 -- The Loft one-day sale event was a great success. All the units sold and there were hundreds of buyers disappointed that they couldn't take advantage of the advertised, low prices. (Turns out the prices were tweaked during the event and discounts were not all that deep.) A couple of new wrinkles in the picture: Concerto's funder Corus Bank was taken over by the FDIC and Sonny Astani declared Chapter 11 bankruptcy leaving the fate of the entire project uncertain. Next step will be a bankruptcy judge's ruling on how the loans, contracts and assets will be settled.

Meanwhile, construction will progress at the 271-unit Tower building.

We’ve previously toured Concerto, but we’re glad we came back to see the newly staged Lofts model unit (#406), which looks fab. It has one bedroom, one bath, 991 sq ft of living area and is priced at $411,000. The Lofts’ lobby has taken form and the elevator is operating, giving a more complete idea of this intimate residence nicely situated between Flower Street and the complex’s pool-courtyard area.

Concerto is not done, but we like what we see. Here are five reasons we love Concerto.

1. Architecture and Site Design. Sonny Astani and his design team are a formidable creative force. The buildings and the renderings of the completed project are ambitious and could make for one of the best urban projects in any city.

2. Lofts and Tower. Buyers can choose to live in the 7-floor 77-unit Lofts (currently being sold) or the 30 story, 271 unit towers (sales to continue in August). The Lofts are open plan and stylish and have minimum 9’ ceilings. The Towers are angular and modern, and have minimum 10’4” ceilings.

3. One acre urban park. The common area between the buildings includes a pool, walkways, trees and a Tai Chi park. Does it get any better than this urban oasis at 9th and Figueroa?

4. 9th and Figueroa. This is like the new Hollywood and Vine (although Hollywood + Vine is also the new Hollywood and Vine). Like EVO South, this South Park location is close to Staples Center, LA Live, Ralphs Fresh Fare Supermarket and more.

5. Manhattan in Los Angeles. Squint out the window of a corner unit of the Tower at Concerto in Downtown Los Angeles and you might think you’re in Midtown Manhattan. Los Angeles has come of age. This is urban chic.

Sold by Keller Williams Realty Los Feliz