Everything old is new again! A 24-story condo tower project at Eleventh and Grand, floundering since the mid-aughts, looks to be on track again with a new owner, new name, and a new timeline, reports the LA Times. The "ultra-sophisticated" project formerly known as the Glass Tower will have 151 units, groundfloor retail (restaurants, shopping), and two-story penthouses on the roof. For years the project just could not get off the ground—not in 2008 and not in 2009. By the fall of 2011, the owner listed the lot with its entitlements and that was the last word for years.

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Cranes dot the skyline in downtown Los Angeles as upscale hotels, hip restaurants and apartments signal a new wave of revitalization.

But if new arrivals want to become homeowners, tough luck. Surging demand, combined with a lull in condo construction, has created a shortage that is shutting out many buyers.

Just 10 newly constructed condos are on sale now. The 114 previously owned condos that were on the market in May is 5% fewer than a year ago, but less than half of what buyers had to choose from in 2010, according to real estate firm Redfin.

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