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LOS ANGELES—Los Angeles Mayor Eric Garcetti was among the 150 attendees for the ground breaking of Circa, a $500 million mixed-use development from Hankey Investment Co., Jamison Services, Falcon California Investments and Highlands Capital. Earlier this week, GlobeSt.com spoke to Hankey Investment Co. president Scott Dobbins about the project before it officially broke ground yesterday. At the ground breaking, Mayor Garcetti commended the project for bringing more than 1,000 jobs to the submarket.
“I am proud to lead the transformation of Downtown L.A into a vibrant residential, business and cultural center. This project will create 1,000 jobs for the area and inject almost half a billion dollars into our local economy,” said Mayor Eric Garcetti in a speech at the ground breaking. “L.A. is the model 21st century city; a world class destination that continues to be an investment magnet for people from around the globe.”
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Circa will be an L.A. monument with two 35-foot towers housing 648 apartment units, 48,000 square feet of retail space and 15,000 square feet of digital signage. “Downtown is vibrant,” Dobbins tells GlobeSt.com about the property's prime location. “It is the next place where people want to go, and we are putting our flag in the ground right next to the Staples Center and L.A. LIVE. It is going to be a place where people want to be.” Here is glimpse at what the property will look like.
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The property actually broke ground several months ago, making this a rather unique ground breaking event because the development was actually in progress. “We are calling this the ascent of Circa,” says Dobbins. “You never know when you are really going to break ground. We waited to plan this euphemistic ground breaking until we had already broken ground, so we are at the bottom of the whole now. People were able to see it actually happening today.” The property is scheduled for completion in September 2017.
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