Little Tokyo's Sakura Crossing apartments opened way back in spring of 2009, but something wonky must've gone on with the housing and construction markets since then, because it still sits surrounded by undeveloped parcels. Now the LA Times reports that work is set to start next March on a seven-story apartment complex next door to Sakura at San Pedro and Second. That project was originally developed by Related Cos., the people responsible for Sakura; they've now sold the 1.74-acre property (currently a parking lot, of course) to Irvine-based Sares-Regis Group. The $100 million dollar project will have 240 apartments and townhouses, retail space, a rooftop deck, a pool, and a public garage. Rents are expected to average about $2,200 per month.
Meanwhile, back in May, blogger Brigham Yen reported that developer AvalonBay Communities has plans to build two more mixed-use apartment buildings (together called Ava Little Tokyo) that will round out the Sakura block. Phase one of the project will have 104 apartments in a six-story building at Los Angeles Street and Second; phase two will have 176 apartments just to the south. Both will be six stories and include retail space. Work on that project could start as early as the fall.
· $100-million Little Tokyo apartment complex to be developed [LAT]
· “Ava Little Tokyo” Mixed-Use Project to Break Ground in Late 2012 in Downtown LA [Brigham Yen]