Now that they've finished the long process of buying the Pershing-Square-adjacent site where the never-realized but enormous Park Fifth project would have been, MacFarlane Partners can get to work on building their new development. The sale, for an undisclosed amount, was officially announced Wednesday in a release from NGKF, which brokered the sale. Since site plans have already been approved, everything's in place to build a tower-and-mid-rise combo with *over 600 units and 17,000 square feet of retail space between them, plus a roughly half-acre park on a podium between the two buildings (it'll be private, though, boooo).
Previous reports and renderings presented to the Downtown LA Neighborhood Council had shown 5-OH, an amenity-rich 24-story tower and a low-rise on the site, although designs aren't finished yet. Construction should start in the middle of next year.
· MacFarlane Partners Buys Downtown Property [LABJ]
· The New, Terribly Named Development Going up on Park Fifth's Empty Spot [Curbed LA]
· NGKF Capital Markets Sells High-Profile Development Site in Los Angeles [NGKF]