For about a decade, the parking lot at the corner of Fifth and Olive streets was the site of a famously stalled development. Now it’s home to a fully formed 24-story tower and a mid-rise complex.
The two-building project, located across from Pershing Square, is developed by MacFarlane Partners and designed by Ankrom Moisan Architects. The Downtown News reported last month that both buildings are scheduled to open this summer.
The tower, Park Fifth, was designed to hold 347 apartments and street-level shops and restaurants and a rooftop terrace and pool, along with two levels of underground parking.
The other part of the development, along Hill Street near Fifth, is a seven-story mixed-user called Trademark, which is also under construction and nearing completion.
According to websites for the properties, studio apartments at Park Fifth will start at 491 square feet and $2,695. A one-bedroom will run $3,640 and up. Two-bedrooms rent for $4,600 or more, and three-bedroom units start at $5,910.
At Trademark, studios are at least $2,490, one-bedrooms rent for $2,885 and up, and two-bedrooms start at $3,715. There’s only one three-bedroom floorplan, and those rent from $5,015.
The Park Fifth project was first proposed in 2007 as a 76-story tower, but was sidelined by the recession. Contractor Suffolk Construction, which is building the project, has been working since 2016 and 2017 on Trademark and Park Fifth, respectively.
About two blocks away, at Fourth and Hill streets, MacFarlane is moving ahead on a $1.2 billion project at Angels Knoll—a steep and hilly site next to Angels Flight where MacFarlane plans to put 500 hotel rooms and more than 600 apartments and condos contained in a 64-story skyscraper and a 42-story high-rise. The project is expected to open in 2028.