Florida Developer Lands Downtown L.A. Site


South Florida residential developer Crescent Heights has purchased a half-acre development site in downtown Los Angeles for $11.5 million. The property, at 1045 S. Olive St., at the corner of 11th Street, is four blocks east of the L.A. Live entertainment complex.

Russell W. Galbut, managing principal of Crescent Heights could not be reached for comment about the firm’s plans for the site.

In addition to its Miami base, Crescent Heights has offices in Chicago, New York, San Francisco and in Hancock Park in Los Angeles, where the phones went unanswered last week.

The company broke ground in the summer on a $300 million condo development at 10000 Santa Monica Blvd., opposite the Los Angeles Country Club.

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