LA’S NEW $500M REAL ESTATE PROJECT
$500M LA Project Rivals NYC’s Times Square
By Andie Lowenstein, Associate Editor
Los Angeles—A mixed-use development expected to bring nearly 1,000 new jobs to the city was officially unveiled.
More than 150 people in the downtown Los Angeles entertainment district witnessed the debut of Circa, a nearly $500 million project featuring luxury rental apartments and retail, situated at 1200 S. Figueroa Street. Los Angeles Mayor Eric Garcetti, accompanied by Central City Association President and CEO Carol Schatz, discussed the key factors that will boost economic growth by creating almost 1,000 new jobs over the next 30 months.
“I am proud to lead the transformation of Downtown L.A. into a vibrant residential, business and cultural center. This project will create 1,000 jobs for the area and inject almost half a billion dollars into our local economy,” said Mayor Eric Garcetti. “L.A. is the model 21st century city; a world class destination that continues to be an investment magnet for people from around the globe.”
Equaling 1.6 million square feet on a prime 2.7-acre site located at 12th Street between Figueroa and Flower, Circa will offer luxury living and prime retail that will bring together South Park and the Sports and Entertainment District, two of the most dynamic residential and retail submarkets in the heart of downtown Los Angeles. Fastened by STAPLES Center, LA Live and the Los Angeles Convention Center, the development will achieve an urban synergy of entertainment and residential activity that will challenge New York City’s Time Square with:
- Two 35-story towers with 648 luxury rental units on top of a 100-foot high podium serving as a two-acre amenity deck for residents
- 48,000 square feet of retail space
- Roughly 1,770 parking spaces for guests and visitors
- 15,000 square feet of digital signage
Aside from the digital signage, a combined 12,500 square feet of static signage will face Flower Street and be placed on the tower crowns. Public amenities on the property will include up to three restaurants on the 12th Street Plaza and up to four major-brand retailers between Figueroa and Flower Street.
“Circa means today’s desirable urban lifestyle will be more accessible to residents and visitors alike as we build one of the best projects in the market,” said Scott Dobbins, president of Hankey Investment Company, which is one of four investment entities that comprise 1200 S. Figueroa Street LLC, the official entity that owns the project. “This project is located on the front row of Los Angeles – near Metro stops and ample parking with access to new and exciting dining and retail options – Circa will create the ‘there’ in DTLA as one of the most dynamic parts of the city.”
Circa will offer one- and two-bedroom and penthouse units varying in size from 700 to 3,800 square feet. Spanning across three penthouse levels and topping out at 400 feet on the 35th floor, the units will be built to “condo specifications,” with luxury and European high-end finishes, highlighting panoramic views of Downtown Los Angeles, the San Gabriel Mountains or the Pacific Ocean to the west over Staples Center.
Residents will have private access to the posh, resort-style amenity deck, showcasing Circa’s signature round lounge pool with private cabanas, spas and a sun deck. The two-acre, intricately-landscaped deck will also have multiple BBQ stations with secluded open-air dining areas, two dog parks with a dog owners lounge, fire pits and fireplaces for ambiance. The fitness building, also on
the deck, will be equipped with a lap pool and indoor and outdoor yoga/pilates facilities. Circa’s clubhouse, situated next to the west tower sky lobby, will have an indoor bar, pool table, a dozen event screens, and an outdoor bar with a fireplace and viewing area above the action on Figueroa fronting Staples Center. A private chef’s kitchen and dining room will also be included, along with two business centers and a library-wine bar adjacent to the east tower sky lobby.
Project ownership involves Hankey Investment Company, Jamison Services Inc., Falcon California Investments and Highlands Capital Inc. Project consultants include LendLease, serving as general contractor; Wilshire Construction, LP, serving as the construction management firm; Harley Ellis Devereaux, serving as the project architect and HansonLA, serving as the interior architect. The project is tentatively slated to open its doors in September 2017.
source: Multi Housing News