One of the most high-profile mixed-use projects in the downtown area recently reached an important milestone—One Santa Fe topped out. The development constitutes a $160 million investment made by a joint venture between Goldman Sachs Urban Investment Group and McGregor, Cowley and Polis. Construction duties for the project are being carried out by local developer, Bernards.
The transit-oriented community is located in the rapidly growing Arts District with proximity to the Southern California Institute of Architecture and the Little Tokyo/Arts District station on the Metro Gold Line; also nearby are the Red Line and the Purple Line currently expanded into the Mid-Cities District. One Santa Fe is located on a four-acre site that is under the ownership of the Metropolitan Transit Authority between 1st and 4th Streets.
Offering a total of 438 residential units upon completion, the transit-oriented community will provide a much-needed boost to the downtown housing stock, as Los Angeles and Orange counties are waiting for upwards of 8,000 residential units over the following years. The five-story, 740,000-square-foot development will also provide approximately 78,000 square feet of office and retail space. An art gallery, a theater and a common garden are also part of the project designed by L.A.-based Michael Maltzan Architecture, with executive architecture duties handled by KTGY Group, Inc.
Financing for the project was obtained from a number of sources including tax-exempt bonds from the California Housing Finance Agency, as well as a low-income tax-credit equity provided by UIG, which were used in the development of the residential component. According to rentv.com, the commercial component of One Santa Fe was financed with the use of a loan from the City of L.A., another UIG-provided tax credit, and tax credit allocations from Clearing house CDFI. Two nonprofits—LA Economic Growth Corporation and Los Angeles Development Fund—have also contributed to the financing effort for the community.
Rendering courtesy of bernards.com