LOS ANGELES—Developer Trumark Urban hasacquired an entitled land site in the Downtown Los Angelesneighborhood of South Park with plans to build a 24-story, 151-unitcondominium complex. Located at W. 11th Street andS. Grand Avenue, the development will cost an estimated $100million.

This project is the developer's foray into the downtown market.According to Trumark Urban managing director ArdenHearing, this is an A+ site that met the firm'sentry-to-market requirements. The downtown market has a verylimited supply of for-sale condominiums, but a very high demand.The firm seeks to fill that void, starting with this project andhopefully others. It is currently under contract to purchase asecond development site for another condo project. Once the sale iscomplete, Trumark plans to launch construction efforts on that sitelater this year.

The South Park project currently underway was entitled justbefore the financial crisis in 2007. The developer will spend therest of the year designing and obtaining the necessary permits forthe project. Ground breaking is scheduled for January 2015 withdelivery in early 2016.