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9/05/14
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Construction has begun on Olympic & Olive, a new 201-unit mixed-use rental community in downtown Los Angeles being developed by Miami-based Lennar Multifamily Communities. Designed by KTGY Group Inc, the contemporary 1.08-acre development is located in the South Park neighborhood on the southwest corner of Olympic Blvd and Olive St.
The project is Lennar’s first project in Downtown Los Angeles. Olympic & Olive is slated for completion in summer 2016.
The new, hip, urban residential community, located at 1001 S. Olive St, will offer a unit mix of 64 studios, 109 one-bedroom units, and 28 two-bedroom units, ranging in size from 500 sf to 1.1k sf.
"This development continues the trend of more residential units in the historic downtown LA core," said KTGY Principal David Senden. "Like most developments downtown these days, we’re focusing on Gen Y and their preferences."
According to Senden, the amenity spaces in this residential community will be special. "With a big clubroom space spilling out to a beautiful pool and sundeck on level three and a roof terrace and outdoor kitchen at level seven, there are a host of gathering places and interesting spots to entertain or relax. The ground floor level has 4k sf of retail targeted for a restaurant that will cater to this demographic," Senden said.
The development also features 12 two-story "loft-style" apartment units on the ground floor along Olive St that feature individual walk-up entries with direct access from Olive, private patios, and landscaped courtyards. Access for the residential units will be located on the east side of the community along Olive St and will flow into the residential lobby for residents and visitors. Also on the ground floor are the leasing office, residential elevator lobby, mail room, bicycle storage area.
The third level features a lushly-landscaped central courtyard along Olive St that includes a pool, spa and seating areas, two additional courtyards, and two large resident amenity spaces, including a 1.5k sf fitness center.
"An extensive use of different varieties of metal on the skin of the building will set this building apart from other buildings of this type downtown that rely primarily on stucco as their cladding material," said Senden. "Oversized curtains on the exterior of the amenity's space add a bit of whimsy along with shading the large expanses of glass from the southerly sun."
Overall, the project design includes nearly 22k sf of open space. Two above-grade levels of parking and one subterranean level are planned, providing a total of 228 spaces. The community will also have parking for 221 bikes.
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