All-Glass Luxury L.A. High-Rise to Break Ground in September
- Jul 13, 2012
Los Angeles—A 22-story, 290-unit apartment community will break ground in September in the South Park district of Los Angeles. The timetable for the transit-oriented development, situated near Staples Center and the L.A. Metro Red Line, was announced by leading builder Wood Partners in early July.
Plans to build the all-glass high-rise development at 801 S. Hope St. were postponed in 2008 as the economic downturn began unfolding. But with demand high, building costs low and multifamily housing once more appealing to investors and developers, the project is primed to move ahead, says Brian Hansen, Wood Partners’ director of development for Southern California.
“Downtown L.A. is seeing significant investment activity,” he reports. “That’s why our timing on Hope Street is perfect. Because we started in 2007 and now have full construction drawings, we’ll be among the first projects out of the gate, and one of the first post-recession high-rises located in downtown.”
The as-yet-unnamed development is to be modeled after Glass House Denver, a 393-unit high-rise condominium developed by Wood Partners, and Glass House Dallas, the developer’s acclaimed 375-unit luxury apartment project in the Lone Star State.
Floor-to-ceiling glass will be a hallmark of the one- and two-bedroom apartments at the Hope St. development. Each unit will feature a number of upscale interior finishes, as well as a sprawling balcony. Residents will be able to savor a 10,000-square-foot elevated pool deck, oversized pool, clubroom, outdoor social and dining area, spa, fire pit and garden retreat, as well as a rooftop deck.
“We’re designing this high-rise to provide an outdoor experience in an incredibly urban environment,” Hansen says. “Our demographic for this area—young professionals—has shown a clear desire for that indoor-outdoor connection.”
The development will incorporate some 5,000 square feet of ground floor retail space, as well as six levels of parking, two of them underground.
But many residents and visitors will be able to get around by foot rather than horsepower. The proximity to nearby employment, shops, restaurants and mass transit result in the site boasting a Walk Score of 97 on a scale of 100.
According to estimates, the development’s construction will produce 350 local jobs, as well as $23 million in local income and $2.4 million in taxes and other revenue for local governments.
In addition to the nearly 300 residences planned at this development, Wood Partners is currently building another 800 units in Southern California. That figure includes almost 300 units at the Warner Park luxury apartment community 25 miles northwest of Los Angeles, which will begin lease up in 2013.
Leasing at 801 S. Hope St. is to begin in the summer of 2014.