Sep 27 2013
A joint venture between Lowe Enterprises, Megatoys and institutional investors advised by J.P. Morgan Asset Management announced today that it has started construction of a two-building, 320-unit apartment development in the Arts District of downtown Los Angeles.
Demolition of two vacant warehouses on the 2.9 acre site, which has been owned by Megatoys for over 20 years, is currently underway. Located at 905 East Second St., between 1st and 2nd Streets, the project will comprise two five-story buildings flanking Garey Street, which will be converted to a pedestrian paseo that will be an active public space and the centerpiece of the community.
“There is tremendous demand for apartments in downtown Los Angeles and this property is particularly well-suited for infill residential development. It is large enough so that we can create great outdoor spaces including the pedestrian paseo that will be lined with residences, retail and restaurants with outdoor seating. It also is close to major transportation corridors, across the street from a Metro station and adjacent to the Civic Center,” said Tom Wulf, senior vice president of Lowe Enterprises, who is managing the development. “Lowe is proud to work with Megatoys, a respected and long-time downtown Los Angeles business that has been instrumental in the evolution of the area, to bring modern, quality residences to this authentic and growing Arts District community.”
Designed by Togawa Smith Martin Architects, the property’s architectural style is a modern expression of the historic industrial character of the area and is designed to LEED certification standards. The building’s articulated façade, with balconies and setbacks, will be clad in brick with corrugated and perforated metal accents including metal canopies along the upper floors reminiscent of the surrounding industrial character. The two buildings are connected above the Garey Street paseo with corridors on floors three through five. Garey Street will become a landscaped public plaza featuring over 15,000 square feet of retail and restaurant space with outdoor dining. It will also be the location for the community’s fitness center, which includes a yoga room and outdoor fitness space, and a living room designed as a sports lounge for informal gathering or entertainment.
“The project will create a walking connection between 1st and 2nd Streets that is an inviting place for the public and our residents. We are pleased to be working with Lowe Enterprises on this transformation of our property into a vibrant residential community. It will be a strong addition to the evolving Arts District,” said Charlie Woo, Megatoys.
The residences are designed to meet the needs and desires of the creative, young urban professional as well as couples that increasingly are drawn to the urban lifestyle in downtown Los Angeles. Units will range from open studios to two bedrooms with an average size of 728 square feet. All units are designed as open floor plans with premier finishes and features including gourmet kitchens, quartz countertops, custom cabinets, plank flooring, walk-in closets and a washer and dryer. Abundant, large and operable windows will create bright and airy rooms and patios or balconies will allow residents to enjoy the temperate Los Angeles climate and the vibrant Arts District culture.
The property will have a wealth of amenity spaces and outdoor common areas. Four courtyards, three on the western side of the property, landscaped with native and drought tolerant plants, will provide relaxing spaces for reading or recreation and great views of downtown. One will be dedicated solely for the pets in the community. The fourth and largest courtyard will be on the eastern side with a resort-style pool, spa and sundeck with grilling areas, fire pits and an outdoor lounge. The adjacent club room will be available for parties with a warming kitchen, cozy seating and a separate game room. Interiors are designed with an eclectic mix of vintage and modern elements to mirror the authenticity of the Arts District. In addition, a rooftop deck will offer a vast and comfortable area to enjoy expansive views of Los Angeles. Residents will have on-site, below grade parking and a large bicycle storage area and maintenance workshop.
Construction is anticipated to be complete in the third quarter of 2015.
About Lowe Enterprises
Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 40 years, it has developed, acquired or managed more than $20.7 billion of real estate assets nationwide. Lowe is currently responsible for more than $5.5 billion of commercial, hospitality and residential assets. In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Washington, DC, Denver, Philadelphia, Southern California and Northern California.
Press release avilable from http://www.businesswire.com/
Source: http://www.loweenterprises.com/