L.A.’s residential market seems to be picking up where it left off as reports indicate that even the slowest neighborhoods of the city’s metropolitan area are now recording improvements in the residential sector. In fact, an affiliate of California Landmark Group has recently acquired a 70,000 square-foot, undeveloped site in Century City. The plan is to get a small, upscale residential community built here, one that will complement the existing Century Woods community. The land and developing rights for the lot cost the investor $13 million.
Located at the corner of Century Park West and Solar Way, the site will house ten 5,000-square-foot homes that will form The Enclave at Century Woods. The development process is set to be fast tracked and construction should begin during the next few months, with completion tentatively set for the end of next year. Along with purchasing the land from a neighboring homeowner association, CLG also acquired JMB Realty Corporation’s option to build homes there.
The development plan will also include a perimeter wall that will enclose the new high-end gated community into the existing Century Woods residential complex. The homes will be oriented towards a central common courtyard, while lush landscaping will form a transition area from the street and nearby buildings. The new homes will benefit from the same amenity package currently available to the residents of Century Woods including: secure entry, tennis court, indoor and outdoor pools, a fitness center and a clubhouse. CLG also handled the construction of the last four homes to be added to the community, back in 2002.