With Koreatown communities in L.A. now moving and the submarket’s multifamily sector set for continuous growth, it’s time to switch the focus to another community’s development endeavors, namely Little Tokyo. Residential developer SARES-REGIS Group recently announced that it has broken ground on a new mixed-use apartment development in this historic downtown community. The rental apartment complex was designed for SRG by TCA Architects, the company responsible for the six-acre master-planned community that the development is part of.
Located on a 1.74-acre lot in Little Tokyo at South San Pedro St. and East 2nd St., the mixed-use development will total 240 residential units with different floorplans, as well as 16,000 square feet of retail space, as well as an underground parking facility, that would provide 100 spaces of public parking. The plan in its current form calls for 51 studio units, 112 one-bedroom units, and 77 two-bedroom apartments with sizes reaching 1,220 square feet. According to a press statement from the Irvine-based developer, rents at the new community will circle the value of $2,400 per month.
With a resident amenity package including features such as a pool, spa, a two-level fitness facility, club, roofdeck and game and café lounges. Located in the vicinity of Los Angeles City Hall, and the city’s Bunker Hill financial district, the location is bound to attract young professionals looking for a downtown L.A. address, which is the exact target market the developer has in mind for the development.
SRG’s President of Multifamily Acquisitions & Investments Division, Bill Montgomery, underscored that target in a recent press statement saying, “downtown L.A. continues its progress towards becoming a true 24-hour city. We expect most residents of our development will be young professionals who work downtown and want to walk to their jobs.”
Image courtesy of TCA Architects