According to reports, the parcel of land located across Fifth Street from Pershing Square will finally be razed. Ultimately, the land is slated to be home to a new project that will bring additional housing options to the area.
A Much-Anticipated Project
After nine years of sitting with no real purpose, the parking lot located across Fifth Street from Pershing Square is scheduled to be destroyed. As part of the Park Fifths project from developer MacFarlane Partners, the land will ultimately be home to a seven-story complex boasting just over 300 apartments. Construction of this building will serve as the first phase of the ambitious project, which will also ultimately feature retail space.
According to a notice that was sent to the neighboring Metro 417 condo complex, which is also known as the Subway Terminal Building, demolition of the parking structure situated along Olive Street is expected to begin in April. Construction of the mixed-use buildings will then begin soon after the area is cleared out.
Constructing Phase Two
After the residential portion of the Park Fifths project is complete, construction of Phase two is likely to begin. This part of the project is currently expected to include the construction of a 24-story tower that spans from the corner of Fifth and Olive Streets.
Both of the buildings included in the project were designed by Ankrom Moisan Architects. Between the two buildings, the development will boast a total of 660 apartments. When the project was first proposed, it involved the construction of a 76-story tower featuring significantly more apartments. Whether or not this aspect of the development is back in place is left to be seen.
Regardless of the status of the 76-story tower, construction of the shorter seven-story structure is expected to get underway this spring. The building will house 313 apartments as well as 7,000 square feet of retail space, all of which will be located just one block away from the Grand Central Market and across from the Hotel Clark project that is also in the works. Plans for the Hotel Clark project involve the development of a boutique, Argentina-based inn.
The mixed-use Park Fifths project is expected to take 28 months to finish. If the project stays on track, it should be completed and ready for business in the middle of 2018. Not only will this provide additional housing options in Los Angeles, but it will also result in more commercial space and retail establishments for residents to enjoy.
Of course, this is just one example of the many projects and developments that are taking place in Los Angeles and the surrounding area. With L.A. real estate remaining a popular commodity, finding ways to meet housing demands while developing the city in a way that stays true to the city and allows for future development is the key to the city’s ongoing success. If you are interested in learning more about real estate opportunities in Los Angeles, contact our team of luxury real estate experts. We specialize in real estate in the most exclusive communities and neighborhoods throughout Southern California.
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(all data current as of 5/29/2017)
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