MacFarlane Partners Acquires Downtown Development Site, Lines up Two-Building Mixed-Use Project
- Jul 07, 2014
MacFarlane Partners has recently completed the acquisition of a high-profile development site located in the growing residential market of downtown Los Angeles. The developer has two residential buildings lined up for the piece of land, as well as a retail component and large amounts of open space. The buyer acquired the development site from Africa-Israel USA, in a deal brokered by Newmark Grubb Knight Frank representatives from New York and Los Angeles.
Located on the northeast corner of Fifth and Olive Streets and overlooking the nearby Pershing Square, the project known as Park Fifth will comprise approximately 600 residential units with a mix of apartments and condo units. The site offers a total of 99,000 square feet upon which Macfarlane will build a large mixed-use project that will offer around 600,000 square feet of space. The retail component would offer around 17,000 square feet of retail space, while roughly one half-acre of open space and amenities are also set to take shape on the podium that will link the two buildings together. According to rentv.com, talks regarding the deal have been underway for almost a year, with the project meanwhile completing the entitlement process, and approval finally coming through for the project during the first half of 2014. Construction at the Park Fifth development project is lined up for mid-2015.
Set to take shape in a growing development market of L.A., the project would add to a slate of large projects in an area with a local population density of 14,800/square mile. Around 100 building projects have sprouted in the city’s downtown area over the past few years, CoStar shows.
Image courtesy of macfarlanepartners.com