Los Angeles—Construction has started on a premium mixed-use apartment development in the historic Little Tokyo community of downtown Los Angeles.
The development, from SARESREGIS Group, will deliver 240 units and provide more than 16,000 square feet of retail space and three levels of underground public parking designed to accommodate more than 100 vehicles.
Included in the development will be 51 studio, 112 one- and 77 two-bedroom units ranging up to 1,220 square feet in size. Rents are projected to average $2,400 a month. First occupancies are slated for August 2015.
“With the growth and expansion of residential living, downtown L.A. continues its progress towards becoming a true 24-hour city,” says Bill Montgomery, president of SRG’s Multifamily Acquisitions and Investments Division. “We expect most residents of our development will be young professionals who work downtown and want to walk to their jobs.”
Set on a 1.74-acre parcel at South San Pedro and East 2nd Streets, the development will put residents three blocks from Los Angeles City Hall and four blocks from the downtown Bunker Hill financial district.
“SARESREGIS GROUP’s development is the last piece in a plan designed to bring life to the street level and knit the rich, ethnically diverse community together,” says Thomas Cox, chief executive officer of TCA Architects, which master-planned the site and designed the SRG apartment community. “Because of its architecture and key location, it is anticipated to be a highly successful project.”
The high-rise tower community originally planned for the site became an early casualty of the economic downturn that began in 2008.
The concept plan and entitlements were reworked, and building permits to move forward with construction were subsequently obtained, Montgomery says. The community is a seven-story, type III podium design. That allows for exterior architectural styling that is more contemporary, but one that also incorporates elements respecting the community’s heritage, he reports.
Amenities of the new community include a pool and spa, a bi-level fitness center, club, rooftop deck and game and café lounges.
SRG’s financial partner in the development is the Pritzker Realty Group.