$100 Million Residential Development Slated for Little Tokyo
- Aug 03, 2012
With the acquisition of a 1.74-acre lot in L.A.’s Little Tokyo, Irvine-based developer Sares-Regis is moving ahead with its new residential development. The company intends to build a 240-unit premium multifamily community on the site as soon as possible in order to capitalize on downtown L.A.’s housing needs. Bill Montgomery, president of Sares-Regis’ Multifamily Acquisitions & Investment Division, stated that the area has become one of improved desirability over the last several years.
Located at South San Pedro and East 2nd streets, the forthcoming multifamily development will stand just three blocks from Los Angeles City Hall and in close proximity to the city’s Bunker Hill financial district. The developer plans to build a seven-story, type III podium design that will respect the community’s local character while also introducing contemporary architectural elements. Building amenities will include a pool, a spa, a two-level fitness facility, club, game and café lounges, as well as a rooftop deck.
Seventeen thousand square feet of retail space will also be incorporated into the project, as well as parking for all residents in a three-level underground parking facility. A 100-space public parking structure will be constructed simultaneously and will be sold to a third party operator after its completion. According to Montgomery, development costs will be approximately $100 million. He also said that rents at the residential building will be around $2,200.
Sares-Regis Group is currently one of the leading commercial and residential real estate development and management firms in the western part of the U.S. Its property and fee-based asset portfolio is valued at around $4 billion, with 15 million square feet of commercial and industrial space, as well as 13,000 apartment units.