Westwood, CA (PRWEB) May 29, 2012
Yes, It’s a bird… and the long awaited return of the migrating crane is over. After 5 long years, this sorely missed crane has been spotted throughout Los Angeles, notably around the Staples Center and downtown Santa Monica. This is no ordinary crane however. Images of its avian fauna cousin, the stork, come to mind as one imagines the delivery of a newborn being flown to its destination. Like the stork, this crane can tower over its site, rising 150 feet in the air but it can lift up to 19 tons. It seems nearly impossible, but signs of the Great Recession being over are becoming more commonplace and visible every day. This crane is delivering commercial development payloads. They’re finally back.
While most developers have been waiting on the sidelines for the right opportunity to acquire sites for residential apartment development, one local market maker has nested these cranes on several projects by locating, acquiring and breaking ground on several development sites. Two real estate heavyweights, Steve Fifield – head of Chicago based Fifield Co, and Michael Sorochinsky – founder and CEO of locally based Cypress Equity Investments, formed Century West Partners, a Los Angeles apartment development firm, in 2011 and sprinted past the competition still standing on the sidelines.
The company’s first project is a 247-unit multifamily complex at 1340 S. Figueroa in L.A., across from the Convention Center, the proposed football stadium and a short walk to The Staples Center and LA Live. With over 11,000 SF of ground floor retail, the project will offer tenants and guests a front row seat to the best show in town. “Buying at the right basis is a given,” says principle Michael Sorochinsky, “but cutting entitlement time beats your competition to market.” That’s an understatement when you consider from acquisition to breaking ground time took approximately 6 months. On May 31st Michael will share some of the highlights of this and other projects as guest speaker of a locally hosted event.
Keller Williams Westside Realty is hosting the fifth in a series of 10 Greater Los Angeles Commercial Real Estate Forum events, with this event focused on the resurgence of the Los Angeles commercial real estate development market. The Forum is designed to be a professional networking event and venue for investors and commercial real estate agents to share ideas and opportunities.
“It’s difficult to read anything credible today without numerous references to clear signs the Great Recession is out of ICU and in recovery. The starving real estate audience is finally being lead out of this economic hunger strike with their first solid meal in five years,” says the event’s host, Linda Kaye.
“The foresight exhibited in this newest and highly anticipated anchor in the burgeoning Southpark submarket, is exactly what Fifield and Sorochinsky are individually known for in developing this ground breaking project,” says Keller Williams Operating Principal, Jeffrey Peldon
The event takes place May 31st at 4:00-5:30 pm at Gaylord’s, 50 N La Cienega Blvd, Los Angeles. A complimentary reception and paid parking will be provided by sponsors, including Citibank, Surety Financial, Advanced Group Property Inspection, LA Citiwide Escrow and Costar Group.