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12/10/20
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Cityview has secured funding for Adams & Grand, a $125 mil mixed-use project located in an opportunity zone near the University of Southern California (USC) in Los Angeles. Funded with capital from opportunity zone investors, the seven-story, 296-unit project will feature 5k sf of retail space, extensive amenities and two rooftop sky decks offering sweeping views of Downtown Los Angeles. Ground up construction of the project will commence this month and is expected to complete by Q1 2023.
Image: Humphreys & Partners Architects |
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“Adams & Grand is located adjacent to the Figueroa Corridor, which has experienced significant investment driven by demand from USC and Exposition Park (with the Coliseum, the $1 bil Lucas Museum of Narrative Art and Banc of California Stadium) from the south, and South Park and the financial district from the north,” said Sean Burton, CEO of Cityview. “Catering to college faculty and staff, other professionals and students, the project will bring much-needed housing to this rapidly growing and vibrant area of Los Angeles.”
Adams & Grand is designed to achieve LEED Silver certification and will offer 125 studio, 87 one-bedroom and 84 two-bedroom floor plans. Twenty-five of the units will be designated very low affordable and three of the units will be designated moderate income affordable. All floor plans will feature stainless-steel appliances, Nest thermostats, vinyl flooring throughout, quartz countertops and in-unit washer-dryers. Some units will feature balconies as well.
Communal amenities will include a CV Works business center, two-story club room, expansive fitness center, movement studio, resort-style pool and spa deck, pet run and wash station, outdoor lounge and two rooftop decks. The community also offers 390 parking stalls and 332 bike stalls for residents and their guests. Tenants for the retail portion of the project will be carefully curated to fit the lifestyle of residents and complement the surrounding community.
Located at 2528 S. Grand Ave, the mixed-use community will be ideally located half a mile from USC and Exposition Park and less than two miles from Downtown Los Angeles’ South Park, Whole Foods and LA Live. It is easily accessible to a variety of notable employers occupying over 30 msf of office space, including Uber, Spotify, Gensler, City National Bank and Oaktree.
The project will also be situated within two miles of seven colleges serving approximately 70,000 students, making the community and its retail components an important resource for students, faculty and staff. It boasts a walk score of 91 and a transportation score of 92 and will sit one block from the 23rd Street Metro station, allowing easy public transportation access east to Downtown and west to Santa Monica.
Cityview optioned and then fully entitled the property, which included a zone change and general plan amendment. The development and investment firm is partnering with builder WPIC Construction LLC, architecture firm Togawa Smith Martin, interior design firm Nadia Geller Designs and structural engineering firm John Labib & Associates on the project.
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