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Overview

This was to have been the third and tallest tower in the California Plaza complex in the Bunker Hill section of Downtown Los Angeles, CA. Instability of savings and loans and the stock market's Crash of 1987 contributed to a poor economy during the late Reagan and Bush Administrations, leading to a glut of commercial office space in the late 1980s and early 1990s. Carol Loomis writing in Fortune magazine in 1992 stated: "By one estimate the total value of all U.S. commercial real estate was around $3.5 trillion in 1989. It is now perhaps 30% less. Just a diminution of a trifling $1 trillion or so, about twice what the U.S. stock market gave up on October 19, 1987, in the crash heard around the world. The force of this disaster is smashing into the life of almost every American. Before this mess is over, a large number of buildings that the U.S. simply doesn't need will fall to the wrecking ball. New construction has slowed to a crawl, causing pain to those near at hand, especially in the building trades, and impeding the economic recovery." (See Carol Loomis, Sandra L. Kirsch, Tricia Welsh, Fortune.com, "Victims of the Real Estate Crash," published 05/18/1992, accessed 05/28/2019.) The economy's general weakness and the collapse of the Los Angeles commercial office market doomed the construction of 3 California Plaza.

Building History

This 104,947-square-footproperty at 361 South Hill Street, had been owned by a local Community Redevelopment Agency, that was shuttered by the State of CA in 2012. In 2019, It remained a potential site for another highrise.

Building Notes

Unbuilt.

PCAD id: 22915