MacFarlane Partners Breaks Ground on Phase II of Park Fifth
March 29, 2017
MacFarlane Partners, a real estate investment manager that specializes in investments that promote smart growth, urban revitalization and sustainability, today celebrated breaking ground on the second phase of its Park Fifth development in downtown Los Angeles.
The 24-story high-rise will consist of 347 rental apartments and 5,300 square feet of retail space. Phase I of the project, a seven-story mid-rise that broke ground last summer, will consist of 313 rental apartments and 7,500 square feet of retail space. The completion of both phases is scheduled for 2019.
MacFarlane Partners marked the groundbreaking with an event led by Councilmember Jose Huizar, District 14, Los Angeles, as well as Victor MacFarlane, chairman and CEO of MacFarlane Partners.
“Park Fifth is the ideal location for residents who desire high-end amenities coupled with proximity to transit options,” said Ken Lombard, president of MacFarlane Partners. “Downtown Los Angeles continues to see dynamic growth and we at MacFarlane are excited to be involved.”
Planned amenities for the Phase II high-rise include a 360-degree-view rooftop deck featuring a club room, a fitness center, a clubhouse with a bar/kitchen, TVs, ample seating and a business center, and an infinity-edge pool with cabanas; on-site resident concierge services; a controlled-access bike storage and repair area; and a dog walk and washing station.
Located directly across from Pershing Square and diagonal from the historic Millennium Biltmore Hotel, Park Fifth sits in the heart of downtown Los Angeles. Also within walking distance is the Pershing Square Metro Station, Grand Central Market, the Financial District on Bunker Hill, and the planned route of downtown’s restored historic streetcar line.
The architect on both phases of Park Fifth is Ankrom Moisan Architects. Bernards is the general contractor for Phase I, with Suffolk Construction working in that capacity for Phase II.
About MacFarlane Partners
MacFarlane Partners is a real estate investment management and development firm that acquires, develops and manages properties 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 in 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 and operates a regional office in Los Angeles.
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