Project Architect: Ted Tokia Tanaka Architects

Los Angeles' Premier Luxury High-Rise

Located on the bluffs overlooking Santa Monica Bay, 1221 Ocean Avenue provides residents with unparalleled views of the Pacific Ocean; half of the units also have stunning city views. 1221 Ocean Avenue is a short walk from the Third Street Promenade, the Santa Monica Pier, and a full complement of fine restaurants, hotels, and retailers. In addition to its dramatic setting, this 17-story, 120-unit building provides finishes, amenities, and services equal to those of a 'five-star' hotel, including: 

Finishes 

•  Spacious floor plans averaging 1,600 square feet, with private ocean-front balconies 
•  Granite counter tops in all kitchens and baths 
•  Built-in appliances with stainless steel finish 
•  Premium fixtures and hardware

Services 

Amenities 

• Rooftop pool and spa offering views from Catalina Island to Malibu 
• Rooftop club room and outdoor patio for private functions 
• Executive business and conference center with audio/visual teleconferencing 
• State-of-the-art fitness center with locker rooms and saunas
  

Landscape Architect: ROMA Design Group

1221 Ocean Avenue, built in the early 1970's by Lawrence Welk, was originally known as Champagne Towers. The 1994 Northridge earthquake caused severe seismic damage to the building and it was vacated. After completing a structural retrofit of the property, its Japanese owner left the building vacant while considering its options. Sensing an opportunity to acquire this irreplaceable trophy property, the principals of Thompson|Dorfman made an unsolicited offer and negotiated an as is purchase with a 30-day close. The property, effectively a vacant shell, was purchased in April 1998 for $44 million ($367,000 per unit). While a strong understanding of the unique market conditions in West Los Angeles was required to underwrite the acquisition, quick resolution of complex issues was required to implement a successful development plan. The principals of Thompson|Dorfman assembled and directed a team of design professionals and consultants to address issues involving all aspects of the building's design, construction, and operations. All of the floor plans and common areas were redesigned to comply with ADA and Fair Housing statutes, while improving interior spaces. The entry sequence was reconfigured to provide more elegant vehicular access and greater curb appeal. Since the property is subject to the Santa Monica Rent Control Ordinance, rent increase petitions were processed and all aspects of Rent Control were analyzed to lessen its impact on the property's operations and to maximize the property's economics. A Reciprocal Easement Agreement governing the property's subterranean parking structure, which is shared with an adjacent office building, was renegotiated to improve the garage operations and upgrade the design. At $683,000 per unit ($82 million), the acquisition and rehabilitation budget for 1221 Ocean Avenue was significantly greater than that of any rental property under development in California. However, upon completion in October 1999, 1221 Ocean opened for occupancy and leased at initial rental rates ranging from $4,100 for a one-bedroom unit to $15,000 for a penthouse, with average rental rates exceeding $7,000 per month.