MacFarlane Partners Announces Park Fifth Groundbreaking
August 10, 2016
MacFarlane Partners, a real estate investment manager that specializes in investments that promote smart growth, urban revitalization and sustainability, has announced the groundbreaking of the first phase of its Park Fifth development in downtown Los Angeles.
The first phase of Park Fifth will be a seven-story residential building consisting of 313 rental apartments and 7,500 square feet of retail space. Construction of the mid-rise building began on July 25 and completion is expected in 2019. The project’s second phase calls for the construction of a neighboring, 24-story high-rise with 347 residential units and 5,300 square feet of retail space.
“Downtown Los Angeles continues to experience dynamic growth and our Park Fifth project, which is adjacent to the world-class public space of Pershing Square, will be an ideal location for those who desire high-end amenities coupled with access to multiple transportation options,” said Victor B. MacFarlane, chairman and chief executive officer of MacFarlane Partners.
The two Park Fifth buildings will be developed on what was a 2.3-acre parking lot at West 5th Street and South Olive Street, directly across from Pershing Square and diagonal to the historic Millennium Biltmore Hotel. The site is adjacent to the Pershing Square Metro Station, which provides commuters with underground-rail access to points throughout Los Angeles. It also is located along the planned route of downtown’s restored streetcar line and is one block from both Grand Central Market and the financial district on Bunker Hill.
Among the amenities in the Park Fifth mid-rise building will be a 14,000-square-foot courtyard on an elevated podium deck that will be more than 160 feet wide and include barbecues and outdoor dining and recreation areas; a pool deck with a zero-edge, 60- by 20-foot pool with 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. The mid-rise also will feature resident lounges with ample seating, multiple entertainment and media offerings, a bar, kitchen and private dining areas.
The architect of the Park Fifth mid-rise building is Ankrom Moisan Architects. Bernards is the general contractor.
About MacFarlane Partners
MacFarlane Partners is a real estate investment management and development firm with approximately $3 billion in assets managed on behalf of some of the world’s largest pension plans and institutions. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and today is a leading investor and developer of properties that promote smart growth, urban revitalization and sustainability in urban and high-density suburban areas nationwide. It is headquartered in San Francisco, with regional offices in Los Angeles and Washington, D.C.
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