Los Angeles—Bernards, a nationally ranked commercial builder, has broken ground on a $105 million mixed-used development in Los Angeles. The project is being developed by BRE Properties, a San Francisco-based REIT. The community is the first residential development in the area to get underway since the housing crisis began.
When completed the six-story community, which will incorporate 800,000 square feet, will include 480 residential units. There will also be 44,000 square feet of retail space and 997 parking spaces spread out in two and a half levels of underground parking.
Amenities will include two pools, fitness centers and themed facades.
The site for the property is comprised of an entire city block of the Los Angeles Miracle Mile, and includes 3.38 acres. According to Thomas Cox, principal at TCA Architects, which designed the property, this community takes advantage of the Los Angeles policy that allows for the replacement of obsolete structures to encourage higher density in urban infill areas.
“Bernards is pleased to be working with BRE Properties, clearly one of the premier multifamily residential developers and well known for building quality residential communities throughout the West,” Steve Pellegren, Bernards’ vice president for preconstruction services, said in a press statement. “This is a high-density project, directly in the middle of one of the city’s hottest areas, and we are excited to have the opportunity to work on such a unique and spectacular project.”
The community is expected to be completed in April 2014.