Portfolio

Park Fifth Mid-Rise

Los Angeles, California


Market: Los Angeles

Type: Multifamily

Role: Developer

Status: Under construction

Rental apartment mid-rise that serves as the first phase in the development of a former parking lot in the heart of downtown Los Angeles.

Property Size

  • 313 rental apartments
  • 7,500 square feet of retail space

Local Population Density

  • 17,900 people/square mile

Highlights

  • A seven-story residential building with street-level retail space that serves as the first phase in the development of a parking lot in downtown Los Angeles, which has emerged as a popular residential neighborhood and entertainment hot spot over the 15 years, its population having grown by more than 30% since 2000.
  • The project’s second phase will consist of a 24-story apartment high-rise with ground-floor retail space that will be built adjacent to the mid-rise.
  • Located at West 5th Street and South Olive Street, directly across from Pershing Square (the largest open space in downtown L.A.), diagonal to the historic Millennium Biltmore Hotel and one block south of Grand Central Market.
  • Just east of two iconic office towers: U.S. Bank Tower, the tallest building west of the Mississippi River; and the Gas Company Tower. Within five blocks of the site are more than 25 million square feet of office space and 50 restaurants.
  • Across West 5th Street from the Pershing Square Metro Station, which provides commuters with underground-rail access to points throughout L.A. The building also will front the planned route of downtown’s restored historic streetcar line.
  • Amenities will include a 14,000-square-foot outdoor courtyard on an elevated podium deck that will include dining and recreation areas; a pool deck with a zero-edge swimming pool, cabanas, a poolside bar and hot tub; and an indoor/outdoor fitness center with cardio equipment, a weight room and “fitness-on-demand” virtual group-fitness services.
  • MacFarlane Partners has helped establish and fund a non-profit organization, Pershing Square Renew, which is redeveloping neighboring Pershing Square as a world-class public space.

Sustainability

  • Targeting LEED-Silver certification, under the U.S. Green Building Council’s green-building rating system, upon the completion of construction.

Related Websites

 

Walk Score:  98     |    Transit Score:  100     |     Bike Score:  70