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July 29, 2014
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The Foto Finisher






LOS ANGELES COUNTY NEWS
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MacFarlane Partners to Develop Two-Building Res Project in Downtown L.A.

7/01/14

MacFarlane Partners has acquired a 99k sf development site overlooking Pershing Square in downtown Los Angeles. The company plans to construct two buildings – a mid-rise and a high-rise – that will have a total of over 600 units of market-rate apartments and condominiums, as well as 17k sf of ground-floor retail space at the site, located at the northeast corner of Fifth and Olive Streets.

“Our design will create a spectacular ‘central park’ of more than half an acre of open space and amenities on the podium deck between the two buildings,” said Jeff Berris, managing director, development of MacFarlane Partners. “You will not find this size of private landscaped space anywhere else in Downtown Los Angeles.”

Negotiations for the purchase of the site first began about one year ago, during which time the project successfully completed the entitlement process. The plans were approved by the city this past spring.

The property was sold by Africa-Israel USA. Jimmy Kuhn, Chris Cooney, Josh Levy and Matt Dobson of Newmark Grubb Knight Frank brokered the sale. The price was not disclosed. Construction of the property is expected to begin in mid-2015.




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