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MULTIFAMILY NEWS
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New $144 Mil Mixed-Use Project Gets Underway in Downtown LA

3/18/15

In the latest residential development news out of downtown Los Angeles, have teamed up to form a new investment partnership with Capri Capital Partners LLC for development of a $144 mil mixed-use project in the city’s South Park District.

The new project includes two buildings with a combined total of 362 residential units, all rentals, on two adjacent sites separated by an alley and bordered by Olive, Pico and Hill streets. The two structures, located at 1230 South Olive St and 1231 South Hill St, will provide 4k sf of ground‐level retail space, slated to feature a local restaurant catered to the community. The plans include a public park with outdoor seating, an improved paseo and porte cochere, as well as a bridge that connects the two buildings on the second floor podium level.

A joint venture between Tishman Construction, an AECOM company, and Morley Builders will serve as the general contractor for the project, which was designed by architects Togawa Smith Martin Inc, the residential arm of AC Martin. Construction began on March 2 and is scheduled for completion in the first quarter of 2017, with pre‐leasing commencing in the fourth quarter of 2016.

The two seven‐story buildings will feature five levels of wood construction framed above two levels of concrete podium. Two levels of subterranean parking will accommodate 438 cars, and will cater to ecofriendly residents with 40 charging stations for electric vehicles. Also in tune with the times is a large bicycle room and repair shop that can house up to 400 bikes.

Residential units at the project will be intentionally smaller to keep price points more affordable, but the building will be highly amenitized in a way that conforms to a modern, urban lifestyle. Abundant amenities will include a pool deck complete with a spa, cabanas, lounge areas and BBQs, a large gym with outdoor cycling, yoga studio, community rooms with two kitchens, an outdoor roof deck, and grand lobbies with concierge service and a mailroom that provides cold storage for food deliveries. For residents with pets, there will be two dog runs and a full‐service dog‐wash station.

The mix of residential units, averaging 760 sf in size, will include 75 percent studio and one‐bedroom apartments, with six three‐bedroom units and 58 two‐bedroom apartments. Twenty‐two two‐story townhomes at street level on Hill and Olive Streets will provide an urban escape for residents with a proclivity for a spacious downtown lifestyle. All units offer plenty of room for storage, and will feature modern interiors, including stainless steel appliances and in‐unit washers and dryers. The design fully complies with and sets a new bar for Downtown Los Angeles guidelines that call for abundant green space, wide sidewalks and pedestrian walkways.

South Park has become one of the most desirable neighborhoods in Downtown, with extraordinary retail and entertainment amenities that include L.A. Live, Staples Center, numerous local restaurants, popular bars, independent art galleries, a Ralph’s supermarket, and a Whole Foods slated to open in November 2015.

The project site is one of several in Downtown Los Angeles that Mack Real Estate Group, Mack Urban, and AECOM Capital acquired for approximately $80 mil in October 2013.

Mack Urban is the West Coast real estate investment and development business of New York’s Mack Real Estate Group. Mack Urban, which was founded and previously known as Urban Partners, focuses on multifamily residential urban infill projects in major West Coast markets such as Los Angeles, Seattle, and Portland. AECOM Capital is the investment fund of Los Angeles‐based AECOM. The development partnership now includes Capri Capital Partners, an institutional real estate investment advisory firm that offers a broad spectrum of real estate equity and debt products.





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