Miami Beach Condos In Downtown Los Angeles

"Four years ago, the Southern California Institute of Architecture moved its 500 students and 80 teachers into an old freight depot on" the corner of an empty lot near the Los Angeles River. "For the empty lot next door, SCI-Arc envisioned an adventuresome mix of affordable lofts, restaurants and student parking... But the nonprofit school ran into a conundrum: Its very presence and the nearby housing and cafes it helped stimulate drove up the lot's price. Before the school could raise enough money to buy the lot, the owner sold the land to developers who said they wanted to build two 40-story towers housing 400 luxury apartments, based on a model used in Miami Beach."

Thanks to Chris Steins