Tuesday, April 23, 2013

Developer Plans Five High Rise Residential Buildings in Downtown Los Angeles

Bruce Haring over at GlobeSt.comGlobeSt.com reports  that a Canadian developer is planning on building four more high rise residential buildings in addition to the one that is already under construction at 888 S. Olive.

And while only the first project has a specific number of units announced - since they are all proposed to be of comparable size - these five projects alone - on already purchased land by just one developer - should bring well over another 2,000 residents to Downtown LA.  Here are the opening paragraphs of the article:

A $100-million, 33-story mixed-use high rise apartment tower currently under construction in the downtown area may be joined by four similar multifamily  towers. The four additions would make the potential downtown development total over a half-billion dollars.
Developer Onni Group of Canada, which is building the under-construction mixed-use tower at 888 Olive, is in the entitlement stage of developing the four additional mixed-use towers for the downtown area.
Apriano Meola, VP for U.S. operations for Onni Group, confirmed the plans to GlobeSt.com, saying the developer is planning four other mixed-use residential towers at other sites downtown that will be similar in size and scope to the one currently being built at 888 Olive. One of the earmarked sites is near the current development at 888 Olive. The other is near Staples Center, Meola says.
"You see the opportunity with downtown L.A. in the transformation going on with restaurants and shops starting to open up," says Meola. "It really is starting to evolve into a livable city."
More details on all five projects at the GlobeSt.com website's California page.

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