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April 23, 2014
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The Foto Finisher






LOS ANGELES COUNTY NEWS
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Construction Tops Out on Downtown LA Res Project

12/06/13

Construction on One Santa Fe, a $160 mil, transit-oriented development (TOD), mixed-use project in downtown Los Angeles, has just topped out. The project, which is scheduled for completion in December 2014, is being developed by a joint venture of Goldman Sachs Urban Investment Group (UIG) and McGregor, Cowley and Polis. LA-based Bernards is the general contractor for the development.

One Santa Fe is located on Santa Fe Ave, between 1st and 4th Streets, in the most dynamic area of the downtown Los Angeles Arts District, directly across from the Southern California Institute of Architecture (SCI-Arc) and nearby the Little Tokyo/Arts District stop of the Metro Gold Line. The four-acre site is owned by the Metropolitan Transit Authority (Metro) and is in close proximity to entry points to the Red Line, which includes the Hollywood subway, and Purple Line, which is being extended through the Mid-Cities District, all the way to the Westwood/UCLA area.

According to Steve Pellegren, Bernards vice president for Preconstruction Services, the project will help to fill the housing shortage in this area of the Arts District and bring much-needed retail services to the neighborhood residents. According to Marcus and Millichap, approximately 8,100 new apartment units will be completed in 2013 in Los Angeles and Orange counties. Bernards is building approximately one-third of those.

The project was designed by Los Angeles architect Michael Maltzan Architecture, with Irvine-based KTGY Group Inc serving as executive architect. The overall project was carefully designed as an integral part of the Arts District neighborhood, with walkways that create view corridors and preserve access to future recreational opportunities at the nearby Los Angeles River.

The largest residential development currently under construction in the downtown market, One Santa Fe is a five-story, 790k sf project that will provide 438 contemporary residential units and 78.6k sf of commercial space. Originally designed to offset the shortage of housing for SCI-Arc architectural students, the project features a series of study areas throughout the residential component that open to the natural sky.

The projectís commercial component will include Metro offices, a grocery market, art gallery and theater. Other amenities include nearly 50k sf of public outdoor space with vertical gardens, a pool, outdoor terrace, attractive streetscape elements, and a pocket park, as well as lobbies, three decks of parking and a rooftop garden.

One Santa Fe was funded with a combination of public and private capital sources. The housing component received tax-exempt bonds issued by the California Housing Finance Agency and guaranteed by the U.S. Department of Housing and Urban Development, and low-income tax-credit equity provided by UIG. The commercial component was financed by a loan from the City of Los Angeles; tax-credit equity provided by UIG; tax credit allocations by Clearing house CDFI, a lending corporation focused on community development projects; and two local nonprofits established by the city to secure redevelopment funding, LA Economic Growth Corporation and the Los Angeles Development Fund.





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