The second half of the long-in-the-works Park Fifth development across from Pershing Square is getting underway this month. This piece of the Park Fifth puzzle includes a 24-story mixed-use tower with apartments over retail and eateries.
The 460,000 square-foot mixed-user would hold 347 “luxury” apartments, street-level retail and restaurant storefronts, and two floors of underground parking. The complex will include amenities for residents such as a pool and, on the roof, an outdoor kitchen and terrace.
Suffolk Construction, which is building the 24-story tower, announced construction will begin this month and is scheduled to wrap up in February 2019.
MacFarlane Partners is developing the project with design by Ankrom Moisan Architects. When complete, both elements of Park Fifth will bring a total of 660 new apartments to the block.
It has been a slow march toward construction. Park Fifth was originally proposed in 2007 as a 76-story tower. The project, like many in LA, was forced to press pause when the recession hit.
The first phase of Park Fifth, a shorter, seven-story structure along Hill Street between Fourth and Fifth streets, finally broke ground in August. It will have 313 apartments and 7,000 square feet of ground-floor retail space. Estimates made around the time of groundbreaking anticipated the seven-story building would be complete sometime in 2018.