(Read more on the multifamily market.)
LOS ANGELES-Locally based Houk Development Co. and two partnersplan a $1-billion high-rise condominium development and hotelcalled Park Fifth that would overlook Pershing Square in DowntownL.A. and would rank as the tallest residential building west ofChicago. Los Angeles-based Houk's capital partners in the ventureare Israel-based Africa Israel and Brentwood-based Namco CapitalGroup.
Groundbreaking is slated for the first quarter of 2008 on theproject, which will rise on a site at the corner of Fifth and Olivestreets. It will include 732 residential units, among them somelive-work units, and "a five-star hotel, to be operated by one ofthe leading names in luxury hospitality," according to thedevelopers.
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