Long-Awaited Park Fifth Project Breaks Ground

The first phase of the project will feature 313 units and 7,400 square feet of retail.

LOS ANGELES—MacFarlane Partners has officially broken ground on its Park Fifth project in Downtown Los Angeles’ Pershing Square. The developer purchased the site in 2013, but the development site has traded hands several times before finally breaking ground. The first phase of Park Fifth will feature 313 units and more than 7,400 square feet of retail space, while the complete project will include a high and low rise building and total 600,000 square feet on 2.3 acres.

“We recognized that there was a significant opportunity in Downtown and to be on the front end of multifamily options for people who wanted to live Downtown,” Ken Lombard, president of MacFarlane Partners, tells GlobeSt.com. “This particular site, we felt, was a quality site and we see the Pershing Square renew as a significant part of the redevelopment of this portion of the Downtown neighborhoods. Our vision was always to being the high quality option in both our mid-rise and high-rise option to go on the site. This is the natural progression if you look at the redevelopment of Downtown, starting with South Park.”