LOS ANGELES—Bernards has been chosen by developer the Wolff Co. to build a $54-million mixed-use property in the South Park neighborhood of Downtown Los Angeles. The project will begin construction this month with completion scheduled for mid 2016.
Located at 12th and Olive Street, the property has seven stories and 293 multifamily units with 17,300 square feet of ground floor retail. TCA Architects designed the podium-style building. It has 7,000 square feet of amenities, which include concierge service.
“We are pleased to have been selected to build this mixed-use residential project, which will add retail amenities and increased vitality on the street, aiding in the continued transformation of South Park to a lively urban neighborhood and evolution of downtown to a true 24-7 market,” says Jeff M. Bernards, SVP of Bernards. He was not available for further comment.
The surrounding neighborhood is growing the most popular and sought-after neighborhood in the downtown market. The property is within close proximity to the L.A. Convention Center, restaurant row and several retail options. It is also the home of several other high-profile mixed-use properties, namely the Mack Urban and AECOM joint venture project for which the two purchased six acres for $80 million late last year. The joint venture submitted site plans for the project earlier this year for both a multifamily project and a hotel on the two adjacent sites.