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7/26/12
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Sares*Regis Group (SRG) has acquired 1.74 acres in downtown Los Angeles on which they plan to develop a 240-unit apartment project. The land, which was purchased from The Related Companies, is in LA’s Little Tokyo District. It is located at South San Pedro and East 2nd streets, three blocks from Los Angeles City Hall and four blocks from the downtown Bunker Hill financial district.
SRG’s plans call for a seven-story, type III podium design that provides for greater contemporary styling in the exterior’s architectural design while incorporating styling elements respecting the heritage of the community. The development will consist of townhomes and 17k sf of retail space.
The project will include three levels of underground parking and will also incorporate a public parking garage of at least 100 spaces that will be developed and sold to a third-party operator. Amenities at the new community will include a pool and spa, a two-level fitness facility, club, game and café lounges as well as a rooftop deck and living space.
“This enclave in downtown L.A. has undergone a renaissance of improved desirability over the last several years. It’s a seasoned neighborhood that is multi-cultural with shopping, a night life and civic pride that is shown in the preservation of so many of its iconic features,” said Bill Montgomery, president of SRG’s Multifamily Acquisitions & Investment Division.
SRG’s financial partner in the development is the Pritzker Realty Group. The project is being designed by TCA Inc. Construction is slated to begin next March on the development, which will be valued at $100 mil. Rents are expected to average about $2,200 a month.
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