Property Showcase The Ritz-Carlton Residences at LA Live
Recently completed, The Ritz-Carlton Residences, Los Angeles in California is a new landmark development proving that luxury developments remain one of the most recession proof asset categories.
In this issue of MOMENTUM we take a closer look at the concept and mixed-use development which has revitalized the downtown area of Los Angeles.
CONCEPT
First launched in June 2007 and completed in March 2010, The Ritz-Carlton Residences at L.A. Live is part of a 520,257 sq.m. sports, residential & entertainment district venue in downtown Los Angeles including hotels, residences, retail, office space, museum,restaurants, bars, night club, concert and movie theaters.
The development is located within walking distance to The Staples Center (home to the LA Lakers, LA Clippers etc), the upcoming Farmer Fields Stadium scheduled for completion in 2016, the Nokia Theater and the GRAMMY Museum. The development is also less than 7 minutes south to USC and 8 minutes north to Dodger Stadium. (home to the LA Dodgers Baseball team).
RESIDENCES
The Residence building is 54 storeys with The JW Marriott Hotel on floors 4th -21st and a 123-room Ritz-Carlton Hotel on floors 22nd – 26th. The Residences start from the 27th - 52nd floors, with 224 Residences, ranging in size from 1 – 3 bedrooms. On the top floors duplex penthouses range from 360 - 545 sq.m..
Prices range from $800,000 million USD (24 million Baht) to $9.3 million USD (279 million Baht) This translates to an average price per sq.m. of : 280,000-515,000 baht per sq.m..
REVITALIZING THE INNER CITY
Los Angeles is a sprawling, massive city occupying land area of 12,562 km2. Therefore many of the historically prestigious residential locations have tended to be homes and beachfront low rise condominiums. With The Residences at L.A. Live, the city gains a landmark residential development. This has reinvigorated the inner city area, and strong resales and appreciation are now starting to see other developers and branded property following their lead into the inner city area.
CONCLUSION
With more than 25 worldwide residential developments managed by The Ritz-Carlton located in USA, Canada, Caribbean, the Middle East and Asia, Ritz-Carlton Residences provide luxury living with state of the art facilities and peace of mind in property management by the world leader in Hotel branded property. Closer to home, The Ritz-Carlton Residences, Singapore which has recently opened will be covered in an upcoming issue of MOMENTUM.
VITAL STATISTICS
The Ritz-Carlton Residences at L.A. LIVE
Size : 88-545 sq.m.
Total Number of Residences: 224
Price Range : $800,000-$9.3 million USD
Price per sq.m. : 280,000-515,000 baht
Developer : Anschutz Entertainment Group (AEG)
Completion : 2010
THE RITZ-CARLTON SERVICE
The Ritz-Carlton name has become synonymous with personalized, high quality service.
Following frequent requests from the most loyal hotel guests for a further refinement of the services they enjoyed at Ritz-Carlton Hotels, The Ritz-Carlton Hotel Company launched their first Residences concept in Washington D.C. in 1998.
With a long history of delivering the extraordinary, the concept of the Ritz-Carlton Residences provides the services of staying at a Ritz-Carlton Hotel, in a condominium property. These are the same high standards worldwide at each property, and include property management, valet, doorman, concierge, Director of Residences and a range of a-la-carte services such as in-room dining, pet care, cleaning and event management.
For L.A. Live, given the unique location, Resident concierge services also include VIP access, pre-sale tickets and priority restaurant reservations on property.