By Nick Gilbert
National real estate company, Wood Partners will start construction on a high-rise apartment building in downtown Los Angeles. The 22-story apartment project, comprising 290 units, will come up at 801 S. Hope St. in the South Park district. Construction is expected to start in September this year, with leasing to begin in summer 2014.
The multifamily development firm purchased the 0.7 ac site in 2008 with plans to develop the glass high-rise apartment project, but these plans were shelved during the economic downturn in 2008. Now, the company is getting ready to get the apartment project off the ground. The new project will be patterned after the 375-unit Glass House Dallas apartment complex in Texas and its Glass House Denver, a 393-unit condo project in Colorado.
The Hope Street apartment community will include single- and double-bedroom units and will combine the popular floor plans of the firm’s existing multifamily residential properties across the country. It will have various amenities and each unit will contain high-end interior finishes and a broad balcony. The community will also include an elevated pool deck measuring approximately 10,000 sq. ft. and a clubroom with folding glass walls that lead to the outdoor social/dining area, fire pit, garden retreat, pool and spa. Furthermore, a roof top deck will offer additional outdoor gathering and event option for residents.
The Hope Street building will have 5,000 sq. ft. of street-level retail space and six levels of parking space, including two underground parking areas. The construction of this high-rise development is estimated to produce nearly 350 local jobs, approximately $23 million in local revenue, $2.4 million in taxes as well as other income for local governments.