Better late than never, right? Finally, after around nine years of waiting for something to materialize on the parking lot across Fifth Street from Pershing Square, the famously dusty parcel is gearing up to be razed. The lot will eventually give way way to a seven-story complex with just over 300 apartments—phase one of a big ambitious Park Fifth project from developer MacFarlane Partners. Urbanize LA says a notice to residents of the neighboring Metro 417 apartment complex (aka Subway Terminal Building) says that demolition should begin in April on the parking structure that's along Olive Street. Construction on the mixed-user would begin as soon as that's cleared out.
Phase two of the project was supposed to involve a 24-story tower that would sprout from the corner of Fifth and Olive Streets. Both buildings were designed by Ankrom Moisan Architects, and would have together contained about 660 apartments. (It was a big departure from the ambitious, 76-story tower proposed way back in 2007, but by then the whole development had become a prime example of recession-stalled dreams.) However, as ULA notes, any mention of that tower was "Conspicuously absent" from the construction announcement. Guess we'll just have to wait and see.
As for the shorter, seven-story structure that's getting started this spring, it will hold 313 apartments and have 7,000 square feet of space for retail just a block away from the bustling Grand Central Market and across from the long-awaited Hotel Clark project, which is due to become a boutique, Argentina-based inn. The mixed-use structure is expected to take 28 months to finish, meaning it could be ready for business by the middle of 2018.
· Park Fifth Scheduled for April Groundbreaking [ULA]
· New Look For Big Park Fifth Mixed-User by Pershing Square [Curbed LA]