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7/09/12
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Upscale high-rise res development in downtown Los Angeles is back! Wood Partners has announced plans to break ground on a new, 22-story, 290-unit tower in the South Park District this fall. The project, located at 801 S. Hope St, should be ready for leasing in the summer of 2014.
“Downtown LA is seeing significant investment activity,” said Brian Hansen, Wood Partners’ director of development for Southern California. “That’s why our timing on Hope Street is perfect. Because we started in 2007 and now have full construction drawings, we’ll be among the first projects out of the gate, and one of the first post-recession high-rises located in downtown.”
The 0.7-acre, yet-to-be named complex was purchased by Wood Partners back in 2008. The project will be modeled after Glass House Dallas, the developer’s popular 375-unit luxury apartment community in Texas, and its 393-unit high-rise condo project, Glass House Denver.
The one-and two-bedroom units will consist of floor-to-ceiling glass, and will incorporate the most popular floor plans of Wood Partners’ many existing high rise multifamily residential communities across the country.
The Hope Street high-rise will offer an impressive amenity package, and each unit will include an expansive balcony and high-end interior finishes.
Also part of the development is a 10k sf elevated pool deck with thoughtfully designed clubroom with retractable glass walls that lead out to the oversized pool, outdoor social/dining area, spa, fire pit and garden retreat. Additionally, a roof top deck overlooking the Staples Center and LA Live to the southwest and the high-rise buildings of the Central Business District to the north will provide additional outdoor gathering/event option for residents.
Parking will be on six levels, two of them underground, with 5k sf of retail space on the street level.
In addition to this project, Wood Partners has another 800 units under construction in Southern California, including 298 units at the $75 mil Warner Park luxury apartment community 25 miles northwest of Los Angeles, set to begin leasing early next year.
Housing demand by workers in their 20s to upper 40s is expected to grow downtown, according to Wood Partners’ market research. The area boasts 500,000 jobs but only 30,000 to 35,000 housing units. Because of its close proximity to jobs, businesses and mass transit, the property on Hope Street has a Walk Score of 97 out of 100.
The construction of the Hope Street high-rise project is estimated to generate nearly $23 mil in local income, $2.4 mil in taxes and other revenue for local governments, and some 350 local jobs.
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