SCG America, which just completed its 35-story condo tower in DTLA, is looking to carve out a niche with smaller units in a market that has been buffeted by the pandemic.
The 450-unit property on South Broadway includes residences as small as 460 square feet, according to Urbanize. Perla on Broadway also has 7,000 square feet of ground floor commercial space.
SCG America broke ground on the $320 million project in the fall of 2017, pitching its smaller units as more affordable than nearby complexes from competitors like Oceanwide and Greenland. SCG’s pricing is about average for downtown, on a price-per-square-foot basis. SCG America is a unit of Shanghai Construction Group.
The smallest studio units are asking in the high $400,000 range, while the 1,400-square-foot “sky homes” on the tower’s upper floors are asking as much as $1.5 million, according to the report. SCG America said that half of the units have sold.
The overall condo market in L.A. picked up in the second half of last year, but downtown properties has performed poorly. The pandemic seems to have only made it worse.
Listing inventory in the fourth quarter was its second-highest in six years and the number of sales declined year-over-year for the third consecutive quarter, according to a Douglas Elliman report. Pricing was also down year-over-year.
[Urbanize] — Dennis Lynch