View from Santa Fe Avenue Looking Northeast into the retail parking:
Stirrings of life from the long-dormant One Santa Fe project. Tomorrow the City Council will decide whether to hand out a $14.63 million Housing and Urban Development (HUD) Section 108 loan to the Michael Maltzan-designed One Santa Fe project, an apartment, office and retail project in the Arts District. The 438-unit project, which would rise across the street from SCI-Arc, was first proposed years ago. Some people fought the development, some people liked it, and eventually the city gave its stamp of approval. And then things got very quiet....as things have gotten quiet for many people....and everyone forgot about the proposal.
Now, the development group-- an LLC consisting of Goldman Sachs Urban Investment Group, McGregor Company and Polis Builder Ltd (the last group is headed by the former chairman of the MTA board, Nick Patsaoras)--is asking for a loan, would be used for commercial part of the project. More on the actual loan tomorrow, but more importantly--the development team has passed on fresh renderings, seen above and below. Vital stats below:
--The land is MTA-owned property and the developer has signed a 65-year ground lease.
--The project consists of 438 apartment units and 96,000 square feet of retail. The project is described as a six-story project with five levels of apartments over one-story commercial podium. There will be a whopping 750 parking spaces.
--Construction on the residential portion will start in early 2012. Before the residential work starts, there will be site prep/site clearing, excavation and construction of below grade parking, and construction of the commercial podium, according to Chuck Cowley, senior vice president at developer MacGregor Co.
---Construction is expected to take a year and a half.
---This may or may not be an issue, but One Santa Fe is located right along the pathway of where the high-speed rail may go.
View from Santa Fe Avenue Looking Northeast into Retail Paseo and Cultural Plaza