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L.A.'s most valuable vacant lots

April 18, 2010 | 10:23 am

Scattered around town are some surprisingly valuable vacant lots disguised by weeds or broken blacktop or the remains of an unwanted building -- and many have quietly come to market, thanks to the real estate collapse.

Billions of dollars were lost by developers who bought land to build high-profile projects but weren't able to get their plans off the ground, even after spending lavishly on architectural designs and other measures to get their buildings approved by local officials.

As the real estate cycle plays out, the pained exit of ambitious builders has created an unusual abundance of opportunities to buy expensive eyesores.

"There are a mess of these around town," real estate appraiser Steven Norris said. "Dirty corners entitled for high-rises and they're just parking cars on them."

Read the full story here

--Roger Vincent

( Allen J. Schaben / Los Angeles Times )

A parcel of land at Olive and 5th streets now used for parking near Pershing Square in downtown Los Angeles was intended for a 76-story condominium tower and a 14-story five-star hotel. The Park Fifth project is on hold amid a glut of condos and as hotels struggle.