As new projects have popped up in the Arts District, Historic Core, and North South Park every week or two, things all seem to have gone very quiet in the just-recently booming South Park area near LA Live. Now comes word in the LA Times of a major development gearing up at Pico and Grand, where there were once plans for a 21-story tower. Developer Mack Urban just bought a six-acre site from Evoq Properties for $80 million and hopes to build "about 1,500 apartments in a yet-to-be-named community dotted with small parks and linked by public walkways and alleys." And maybe a hotel.
Unlike many of the other projects underway (or existing) in South Park, these won't be luxury apartments--or at least not entirely. Matthew Burton of Mack Urban says they're going after 2013's favorite residential demographic: millennials. "We are delivering what Gen Y wants--comfortable homes well laid out with all the bells and whistles," with rent starting at a cheap-for-Downtown $2,200 a month. Another thing those persnickety millennials want? Walkability. To that end, architect David Martin plans to "surround the development's apartment towers, stores and restaurants with public spaces worth strolling. There would be narrow alleys lined by townhouses, walkways meandering through the blocks and what Martin calls vest-pocket parks." Plans are still in their early stages, and Aecom Capital will be developing with Mack Urban.
· High-rise apartment enclave planned for downtown L.A. [LAT]
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