Green Condos in Downtown L.A. Defy the Cooling Housing Market

"Undaunted by recent discouraging news in the California housing market, condominium developer South Group is finishing up its third high-rise building in downtown Los Angeles and planning two more."

"Following a model of environmentally friendly high-rise design it perfected in Portland, South Group has sold more than 470 units in downtown Los Angeles at prices ranging from the mid-$300,000s to $2.4 million. It was the first company in more than two decades to go beyond converting older buildings to trendy lofts and began building brand-new, high-rise condos."

"Angelenos are hungry for a more pleasing street scape and developers who help provide it will prosper as the city's trend of growing-in instead of just out picks up speed, [South Group principal Tom Cody] said, and downtown will continue to get a big share of the action."

"Last month, South Group was recognized by the U.S. Green Building Council for building the first California condominium project to receive a 'gold' rating for its environmental standards."

"The building also was credited for what has long been a rarity in high-rise residential construction: windows that actually open, allowing savings on air-conditioning costs."

"South Group's designs were so outside the L.A. norm that city building codes intended to regulate low-rise suburban style residential projects conflicted with the big-city buildings the developer proposed. As a result, the company had to get a series of code variances, such as reduced parking requirements and reduced setbacks from the street. Those changes later became part of the city's standards for high-rise residential buildings."