Luxury high-rise to feature LA's most expensive penthouse

LOS ANGELES (KABC) -- Project leaders broke ground on a luxury high-rise that will feature the most expensive penthouse in Los Angeles.

The 12,000-square-foot penthouse features a 9,000-square-foot garden, a swimming pool and a private six-car garage.

If you're interested; it's too late. It already sold for about $50 million.

The penthouse is the centerpiece of the new Four Seasons Private Residences Los Angeles.

The project includes 58 custom-designed luxury condominiums.

"These look like 1960s and 1950s historical architecture that is quintessential to the Los Angeles experience in a high-rise," said developer Jonathan Genton.

The least expensive units are going for $2.5 million.

"It will be harder for people to live in this neighborhood because it will just be too expensive," said Rachel Herrera who lives in the North Robertson district.

"I live across the street from that so we're hearing all the noise, which we don't like, but I didn't know it was being built there. Now I know," added Mark Newton, a local film director.

The property developer is also working to provide affordable housing in the area and purchased a 48-unit building near Cedars Sinai Medical Center.

"There are a lot of people that work there and have to drive 20, 40, 60 miles because there's not that much that's affordable in the immediate area," Los Angeles Councilman Paul Koretz said.

Developers said the construction will generate hundreds of jobs.

"Coming out of the recession, we still have guys that need to go to work," said Ron Miller, Secretary and Treasurer of Los Angeles and Orange County B.C.T.C.

Construction on the site begins in November and should be completed by late 2017.
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