Final Phase of Park Fifth Breaks Ground

LOS ANGELES—MacFarlane Partners has broken ground on Phase II, the final phase of Park Fifth, a highly anticipated luxury mixed-use project in the Financial District on Bunker Hill neighborhood of Downtown Los Angeles. The second phase builds a 24-story tower with 347 units and 5,300 square feet of retail, joining 313 units and 7,456 square feet of retail space in the phase I tower of the project. Both towers will be complete in 2019.

“MacFarlane Partners is committed to providing the mix of residential and retail alongside open space that Downtown Los Angeles needs to continue its thoughtful growth,” Ken Lombard, president of MacFarlane Partners, tells GlobeSt.com. “With close proximity to public transit and just steps from the beautiful Pershing Square, Park Fifth is the ideal location for us to build.” The phase II ground breaking was held this afternoon, with District 14 Councilmember Jose Huizar and chairman and CEO of MacFarlane Partners, Victor MacFarlane, in attendance.

MacFarlane Partners purchased the site in 2013, and believed that the Pershing Square area would be a hotspot for revitalization and redevelopment. The vision paid off, and Park Fifth will be delivered into a hot Downtown market. Even with all of the growth and apartment deliveries, the tremendous demand has more than met the new supply, and rents continue to rise.

The location is also ideal because of its access to public transit, the Pershing Square Metro Station, and on the route for a planned streetcar line that will run through Downtown Los Angeles. “Park Fifth is the ideal location for residents that desire high-end amenities coupled with proximity to transit options,” says Lombard.

Like phase I, Ankrom Moisan Architects will serve as the architect; however, Suffolk Construction, will handle construction on phase II, rater than Bernards, which is serving as the general contractor on phase I.

While this project is in a great location, it has a lot of history. Africa-Israel USA sold the site to MacFarlane in 2013, and in 2015, the developer sought either a presale buyer or a private equity partner to infuse $400 million into the deal.

LOS ANGELES—MacFarlane Partners has broken ground on Phase II, the final phase of Park Fifth, a highly anticipated luxury mixed-use project in the Financial District on Bunker Hill neighborhood of Downtown Los Angeles. The second phase builds a 24-story tower with 347 units and 5,300 square feet of retail, joining 313 units and 7,456 square feet of retail space in the phase I tower of the project. Both towers will be complete in 2019.

“MacFarlane Partners is committed to providing the mix of residential and retail alongside open space that Downtown Los Angeles needs to continue its thoughtful growth,” Ken Lombard, president of MacFarlane Partners, tells GlobeSt.com. “With close proximity to public transit and just steps from the beautiful Pershing Square, Park Fifth is the ideal location for us to build.” The phase II ground breaking was held this afternoon, with District 14 Councilmember Jose Huizar and chairman and CEO of MacFarlane Partners, Victor MacFarlane, in attendance.

MacFarlane Partners purchased the site in 2013, and believed that the Pershing Square area would be a hotspot for revitalization and redevelopment. The vision paid off, and Park Fifth will be delivered into a hot Downtown market. Even with all of the growth and apartment deliveries, the tremendous demand has more than met the new supply, and rents continue to rise.

The location is also ideal because of its access to public transit, the Pershing Square Metro Station, and on the route for a planned streetcar line that will run through Downtown Los Angeles. “Park Fifth is the ideal location for residents that desire high-end amenities coupled with proximity to transit options,” says Lombard.

Like phase I, Ankrom Moisan Architects will serve as the architect; however, Suffolk Construction, will handle construction on phase II, rater than Bernards, which is serving as the general contractor on phase I.

While this project is in a great location, it has a lot of history. Africa-Israel USA sold the site to MacFarlane in 2013, and in 2015, the developer sought either a presale buyer or a private equity partner to infuse $400 million into the deal.