X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

MARINA DEL REY, CA-A partnership called CityView that is chaired by former HUD secretary Henry Cisneros has teamed with Los Angeles-based California Landmark to unveil a new $90-million lofts project here, with the Cisneros group as the major equity investor. The 119-unit development, called G2, will feature lofts on a two-acre infill site within an industrial zone on Glencoe Avenue between Maxella Avenue and Washington Boulevard.

The new lofts are part of an ongoing revitalization of the area, which has come to be known as the Del Rey Arts District, a residential and commercial zone that was predominantly industrial for most of the past 50 years. The developers have started construction and plan to start advance sales of the lofts in the spring of 2008, with the first units slated to be occupied in the fall of that year.

California Landmark is already working on four properties in the Del Rey Arts District totaling more than 400 residential and commercial units, including the new G2 development. The firm has constructed dozens of residential developments in Los Angeles since its founding in 1988 and is also involved in two residential high rises on Wilshire Boulevard. According to Ken Kahan, president of California Landmark, the Los Angeles-based company has completed one of the projects, with two others expected to open this summer and next spring.

The design and project architect for the CityView development is Killefer Flammang Architects of Santa Monica. Corus Bank, the banking subsidiary of Corus Bankshares Inc., is providing financing.

Developers of properties in the Del Rey Arts District cite the district’s location within walking distance of the Marina del Rey’s harbor and its proximity to Los Angeles International Airport and key corporate and entertainment offices. Some industrial uses remain in the district, but it is now also home to advertising agencies and other service businesses, new loft developments and retail stores, as well as the arts-oriented community of Venice’s Abbot Kinney neighborhood.

CityView is a national investor focused on work force housing. It typically offers a flexible source of combined debt and equity for its partners in housing projects, providing funds for land acquisition, entitlement support, governmental assistance, marketing, community outreach and project insurance.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.