New Development in City’s Arts District Set to Reopen Market for Condo Homes
By Alex Girda, Associate Editor
The final construction phase on one of L.A.’s most interesting redevelopment projects has started. The development team of Blackstone and CityView recently announced that they have broken ground on the last stage of construction at their Barker Block residential community. Working in association with The Kor Group, the developers are now set to convert an old warehouse space into a loft and townhome component for this project in the city’s Arts District. When work is completed at the site, the total investment will clock in at around $150 million.
The Barker Block condo development will become the first new for-sale development in the city for quite some time and will offer 309 residential units to potential buyers in the Arts District. The final phase will include the construction of 68 units for an investment of around $25 million. With the backing of Los Angeles Mayor Antonio Villaraigosa, the community will be added to the city official’s Clean Tech Lab initiative for the surrounding district.
The condo development has taken shape in a number of repurposed buildings whose architectural elements have been preserved. Many materials from these original structures have been repurposed and used in the new construction process. The loft units and townhomes will have a number of green design features such as water-efficient landscaping, Energy Star appliances and energy-efficient homes that will include insulated dual-pane windows.
Developer Blackstone is eager to finish the final phase which will create around 100 construction jobs for the community and has voiced excitement regarding its partnership with CityView and the city’s local authorities through Jon Gray, the company’s head of real estate. “Blackstone’s investment demonstrates the impact that private capital can have on revitalizing America’s urban neighborhoods.” Gray also said that contributing to the local economy is a point of pride for the organization.Tags: Architecture/Design, Arts District, Blackstone, CityView, Condo, Co-op, HOA, condominium, Consumer, Developers, Development, economy, Finance/Investment, Financiers, Investors, Local, Los Angeles Lead Story, Los Angeles Real Estate, multi-family, National, Owners, Policy, Professional, Regional, The Kor Group