Small In Size, Not in Luxury
- Mar 19, 2015
Los Angeles—Mack Real Estate Group, Mack Urban and AECOM Capital have formed a partnership with Capri Capital Partners LLC for development of the $144 million mixed-use project in downtown LA. The project will be at 1230 South Olive St. and 1231 South Hill St. in the South Park district.
Construction of the two-building property, which will comprise 362 residential rental units and 4,000 square feet of retail space, began earlier this month. The site is one of several in downtown LA that Mack Real Estate Group, Mack Urban, and AECOM Capital acquired for about $80 million in late 2013.
A JV between Tishman Construction, which is an AECOM company, and Morley Builders, will serve as the GC for the project, which was designed by architects Togawa Smith Martin. Construction is scheduled for completion in the first quarter of 2017, with pre-leasing beginning in Q4 2016.
According to Mack Urban CEO Richard Mack, the rental units have been designed to appeal to a young professional demographic. The units will be intentionally smaller to keep price points more affordable, but the building will be “highly amenitized,” he says.
The mix of residential units, averaging 760 square feet, will include 75 percent studio and one-bedroom apartments, with six three-bedroom units and 58 two-bedroom apartments. Common amenities will include a pool deck with a spa, cabanas, lounge areas and barbecues; a large gym with outdoor cycling; yoga studio; community rooms with two kitchens; an outdoor roof deck, and grand lobbies with concierge service and a mailroom that provides cold storage for food deliveries. For residents with pets, there will be two dog runs and a dog-wash station.