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LOS ANGELES-MacFarlane Partners of San Francisco will develop two new condominium projects in a partnership with Standard Pacific Corp. that will be funded through MacFarlane’s joint venture with the California Public Employees’ Retirement System, or CalPERS, to invest in urban-infill properties in major metropolitan areas nationwide. The two developments, one in Downtown Pasadena and the other in Playa Vista, will cost an aggregate of $98 million to build and are expected to get under way in the coming months, with completion scheduled for late 2006 or early 2007. The projects are the first investments in which MacFarlane Partners and Standard Pacific have worked together. Each of them will be developed and marketed for sale by a separate joint venture between the two firms, according to David Dressler, a principal with MacFarlane Partners who oversees the firm’s acquisition and development activities in Southern California. MacFarlane will work with Standard Pacific’s Urban Development Group, whose general manager is Alan Boeker. The two projects constitute MacFarlane Partners’ eighth and ninth property investments in Southern California as part of its joint venture with CalPERS. The Pasadena project will be called North Lake Lofts and will be built on a commercial site at the northeast corner of North Lake Avenue and Walnut Street, a block south of Interstate 210 and the new Lake Avenue Metro Gold Line light-rail public-transit station that connects Pasadena with Downtown Los Angeles. The site is also two blocks north of the South Lake Avenue retail district, which features approximately 600 retailers, boutiques and restaurants. North Lake Lofts will be a six-story building with 106 one- and two-bedroom condominium units; five live/work units that include 8,000 sf of office space; 9,200 sf of retail space; and a three-level parking garage in which two of the levels are below-grade. Construction of the $54-million project is expected to begin in March 2005, with completion scheduled for the spring of 2007. As part of the project, the joint venture will pay a $2.6-million inclusionary housing in-lieu fee to the City of Pasadena for use in subsidizing affordable housing. The Playa Vista project will be called Concert Park Lofts and will be developed on former Hughes Aircraft property near the Pacific Ocean. It will be located within one block of Playa Vista’s main entrance, adjacent to Concert Park, an outdoor venue designed for concerts and community events. It will be just west of the Village at Playa Vista, a planned district of specialty stores, markets and neighborhood retail services. The lofts will consist of a series of inter-connected, three-story buildings with 116 one- and two-bedroom condominium flats and multi-story townhomes; 10,000 sf of ground-floor retail and restaurants space; and an underground parking garage. Some 52 of the condominium units will be governed by local price controls. Construction of the $44-million project is expected to begin in December, with completion scheduled for the fall of 2006. Other investments that MacFarlane Partners has made on behalf of its venture with CalPERS in Southern California include Wilshire Vermont Station, an urban transit village with 449 apartment units and 35,000 sf of retail space built above an existing underground-rail transit station in Los Angeles; and 1100 Wilshire Blvd., a 37-story office tower in Downtown Los Angeles that will be converted to residential condominiums.

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