$50M Multifamily Tops Out
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NORTH HOLLYWOOD, CA-Ferrara, a $50-million, 308-unit apartment building at 5031 Fair Ave. here, has topped out. The six-story project, developed by Phoenix-based Alliance Residential Co., is a ground-up development built on an empty site formerly occupied by 1920s bungalows and small apartment buildings from the 1930s and ’40s, according to Killefer Flammang Architects, the project’s designer.
Ferrara is envisioned as an urban retreat close to the Metro Red Line and a block from Lankershim Blvd., a major shopping area that includes theaters, shops, galleries, bars and restaurants. The resort-like project will feature a variety of upscale amenities to attract urban renters who want to enjoy Valley living while being close to Hollywood. The project is expected to be completed late next year.
Standing over two parking levels, Ferrara will include studio, one-, two- and three-bedroom units ranging from 550 square feet to 1,300 square feet, with balconies or terraces. Interior highlights will include high-end kitchens, large windows, walk-in closets and spa-inspired bathrooms. “Working in concert with Alliance’s landscape architect, Studio Ma, “we created a design theme that merged with the marketing concept of a hotel-like retreat envisioned by the developer,” said Wade Killefer, KFA principal, in a prepared statement.
The project will be accented by two large courtyards with outdoor dining facilities and bars, pools, cabanas and an open-air movie venue. Plantings for shade and several water features also will be incorporated into the courtyards.
“Our goal is to create a luxurious urban getaway for the residents and a project that enhances the surrounding area,” said Jonas Bronk, spokesperson for Alliance, in the statement.
As GlobeSt.com reported in September, Alliance is planning to construct a 250-unit apartment project on Maple Drive, between East Paces Ferry and Peachtree Rd. in Atlanta's Buckhead district. The company has submitted its proposals to the city of Atlanta Bureau of Planning.
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