Prime Century City land is put up for sale

"After receiving several unsolicited offers on the residential, it became apparent that this was a unique opportunity we could not ignore. JMB spokeswoman Marie Garvey explained the decision to sell the property, indicating strong market demand for luxury residential development in the area."

"Last year, Chinese developer Wanda Group paid the equivalent for $1.7 million a unit for land in Beverly Hills where a 235-unit condominium project has been approved. That's a substantial increase from the equivalent of $878,000 a unit that New York developer Related Cos. paid in 2005 for the site where it built the Century, a luxury condo tower next to the Century Plaza hotel."

"Most of the biggest land sales in the last few years have involved sites intended for high-density residential development. Luxury residential sales have roared back and developers are competing for the best condo sites in the Los Angeles area."

JMB Realty Corp. has halted its office skyscraper project on Avenue of the Stars in Century City and listed the 5.5-acre property for sale. The company previously held city approval for 483 residential units but abandoned that plan after the housing market crash, pivoting instead to a 37-story office tower. Rising luxury residential demand and multiple unsolicited offers prompted the sale. Recent land transactions in Los Angeles County have predominantly targeted high-density residential development, with prices escalating significantly. Chinese developer Wanda Group recently paid $1.7 million per unit for Beverly Hills condo land, substantially higher than Related Cos.' 2005 purchase of adjacent Century City land at $878,000 per unit.

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