Developer Carmel Partners has paid nearly $111 million for an 11-acre property at La Cienega and Jefferson boulevards, where it plans to build a massive complex with apartments, offices, and a grocery store, reports The Real Deal.
The firm already won approval for the contentious project. It made plans to build before actually owning the property.
The Real Deal says a deed document from CoStar confirms the purchase from radio broadcaster Cumulus Media. From The Real Deal:
Carmel paid roughly in line with per-square-foot averages for land in the Central L.A. industrial submarket, where the project sits according to CoStar. But the gargantuan size of the parcel makes it remarkable in the submarket. Occupied by the KLOS and KABC radio stations, a 60,000-square-foot single-story industrial structure also sits on the lot.
As part of its complex, Cumulus plans to erect a 30-story high-rise. The Coalition to Preserve LA, the group that’s trying to place a measure on the March ballot for a two-year moratorium on most development city-wide, is suing to halt construction of the tower.
- Carmel Partners cut sweet-as-caramel deal for site of South LA’s first high-rise [The Real Deal]
- A First Look at the Huge, Expo-Adjacent Mixed-Use Complex at La Cienega/Jefferson [Curbed LA]
- Developer of South LA’s 'Wildly-out-of-Character' High-Rise Hit With Lawsuit [Curbed LA]
- Mapping the development boom around the newly extended Expo Line [Curbed LA]