$100M Condo Development Planned Downtown

LOS ANGELES—Developer Trumark Urban has acquired an entitled land site in the Downtown Los Angeles neighborhood of South Park with plans to build a 24-story, 151-unit condominium complex. Located at W. 11th Street and S. Grand Avenue, the development will cost an estimated $100 million.

This project is the developer’s foray into the downtown market. According to Trumark Urban managing director Arden Hearing, this is an A+ site that met the firm’s entry-to-market requirements. The downtown market has a very limited supply of for-sale condominiums, but a very high demand. The firm seeks to fill that void, starting with this project and hopefully others. It is currently under contract to purchase a second development site for another condo project. Once the sale is complete, Trumark plans to launch construction efforts on that site later this year.