New Apartment/Retail Complex Under Construction in Central Encino Location
The economic slowdown hasn’t stopped local developer The Legado Companies and Fassberg Contracting Corporation from making major advances on Legado Encino, a four-story, mixed-use development with 125 units of market-rate apartments in approximately 122,000 square feet. The project also features more than 17,000 square feet of retail space and 108,000 square feet of subterranean parking.
The official groundbreaking took place on June 19, 2009. Fassberg’s project management team, the Owner’s representatives, and the development’s architect, The Albert Group, were involved. The Project is slated for completion in early 2011.
“Building doesn’t have to wait for the economy to turn around,” said Derek Jones, Legado’s Chief Operating Officer. “Where land is available at a good price and there is civic support, it’s feasible to bring in new projects that serve the community and help to boost the local economy.”
The Owners already have received substantial interest in the rental of the apartments as well as the commercial space.
Larry Hoffman, a principal for Fassberg Contracting, noted the company has been relatively active this year in spite of the market. Fassberg is responsible for a number of projects that have graced Downtown Los Angeles and the adjacent areas recently.
“We’re currently completing an adaptive-reuse and structural upgrade of a 17-story high rise at 655 Hope Street in Downtown Los Angeles,” he noted. “The building includes 80 units (five of which are townhomes) of luxury live/work condominiums. There are on-site storage facilities, amenities and rooftop entertainment space. We’re also currently constructing an 8-story structural steel and concrete ‘boutique’ style condominium project in the Koreatown area which is approximately 75% complete.”
Other projects of note are the Playa Vista Bandshell, an architecturally-dynamic bandshell structure for outdoor performances in Playa Vista and a commercial parking structure for Mani Brothers at their 9200 Sunset Blvd. site in West Hollywood.