A slew of mega-projects raced to the finish line in 2018, clearing some of the cranes and construction loading trucks clogging up Los Angeles. Many of this year’s completed projects were based in or near Downtown, where there is a demand for office space and multifamily units.
The hotel and condo portion of the highly anticipated Metropolis project also came to a close this year, meaning Greenland USA is one step closer to fully completing the three-building endeavor.
The Real Deal compiled a list of the top 10 projects that were ready for move-in this year, according to documents from the Department of Building and Safety. In some cases, construction wrapped up before the certificate of occupancy was issued. Some of the projects on the list are part of a larger project, which may still be under construction.
Icon at Sunset Bronson Studios | Hollywood
Developer Hudson Pacific Properties completed the Icon at Sunset Bronson Studios this year, paving the way for Netflix to occupy 325,000 square feet in Hollywood. Located at 5800 Sunset Boulevard, Icon spans 14 stories, and features one level of underground parking.
Gensler designed the modern-style building, which received its certificate of occupancy in March. The studio developer also wrapped up construction on an eight-story parking structure at the lot. The construction permit was valued at $95.7 million. Netflix pre-leased the Icon in 2016, and signed on to occupy the under-construction Epic building — also on site — earlier this year.
Metropolis (Condominiums and Hotel) | Downtown Los Angeles
Chinese developer Greenland USA made great strides towards completing the sprawling Metropolis project in Downtown L.A. in 2018. The firm completed Tower 2, which includes 514 condos, and the 350-room Hotel Indigo, located at South Francisco Street. Combined, the construction permits are valued at $86.8 million. Spanning 40 stories, the 350,000-square-foot Tower 2 features a mix of upscale studio, one and two-bedrooms. Hotel Indigo, meanwhile, rises just 18 stories. The 250,000-square-foot hotel has been on the market for $280 million since February. Also for sale is the unfinished Tower 3, which will include 685 condos.
Da Vinci Apartments | Downtown Los Angeles
After a massive inferno, and heated lawsuit, multifamily developer Geoff Palmer saw the completion of his 526-unit apartment complex, dubbed Da Vinci Apartments, wrap up construction this year. Located at 900 and 909 Temple Street in Downtown, the 578,000-square-foot project was designed by Nelson/Boivin Architecture & Planning. Though it originally received a construction permit in 2013, the project was severely delayed after a fire swept through one of its two partially-complete buildings. The permit for the six-story building, 4,700 square feet of retail and 535-car garage was valued at $86.7 million.
Sofia | Westlake
A mixed-use building just west of Downtown, at 1120 West 6th Street, received its certificate of occupancy in May, about six months after construction ended. The apartment complex was developed by Holland Partner Group and America Sekisui House, and features 606 apartments within a six-story building. Designed by AC Martin, Sofia also includes 25,000 square feet of retail and a 16,500-square-foot grocery store. The developers secured a $73.1 million permit for the 592,000-square-foot project. They listed the complex — whose value is estimated at $330 million — for sale in June.
Next on Sixth | Koreatown
Multifamily developers Century West Partners launched Next on Sixth this year, a mixed-use complex located at 620 South Virgil Avenue in Koreatown. Designed by Killefer Flammang Architects, the 362,580-square-foot project has 398 units within seven stories. There is also retail space, a gym and an outdoor rooftop deck. The firm received a construction permit — valued at $48.8 million — in 2015 and secured an updated Certificate of Occupancy in July. That same month, a subcontractor hired to install drywall at the property sued the contractor, developer and lender for $315,000 in unpaid work.
Fifty Five Fifty | Hollywood
A new apartment complex named Fifty Five Fifty located at 5550 Hollywood Boulevard topped off this year. Wood Partners, a multifamily developer based in Atlanta, built 280 residential units, 12,000 square feet of retail space, two outdoor courtyards, a gym and a swimming pool at the site. Its construction permit was valued at $48 million. Then in October, Wood sold the 267,000-square-foot complex, designed by PSL Architects, to New York-based Vanbarton Group for $148 million, or about $528,000 per unit.
USC Village (Building 9) | South LA
The University of Southern California completed the largest structure in the highly anticipated USC Village project in November, adding 717 beds to the student housing options. Dubbed Cowlings and Ilium Residential College, the building at 3131 South Hoover Street was designed by Harley Ellis Devereaux and cost an estimated $42.5 million to build, per its construction permit. Spanning five stories, the 261,000-square-foot building also houses a Trader Joe’s, Core Power Yoga and hair salon.
Big Bear | Boyle Heights
Preferred Freezing Services, which offers refrigerated warehouse space for companies, built a 491,000-square-foot facility at 1400 South Los Palos Street in Boyle Heights this year. Dubbed Big Bear, the industrial site took about a year to build with a construction permit valued at $42 million. There is also an office building, 32 dock doors and 160,000 square-foot truck yard on the property.
3033 Wilshire Tower | Koreatown
In Koreatown, developer UDR completed an upscale residential tower dubbed 3033 Wilshire Tower after its address, 3033 Wilshire Boulevard. Designed by Steinberg Hart, the multifamily complex features 190 market-rate units, 5,500 square feet of retail space and amenities, including a rooftop deck, golf simulator, fitness center and swimming pool. The permit for constructing the 229,000-square-foot building was valued at $35 million. UDR received its certificate of occupancy for the 18-story building in March, roughly three years after securing approvals.
Garey Building | Arts District
Developer Lowe Enterprises wrapped up construction on the Garey Building, a mixed-use development, earlier this year. Located at 905 East 2nd Street in the Arts District, the 273,000-square-foot project includes 320 apartments across five stories. There’s also 18,000 square feet of retail. Lowe secured a $35 million construction permit in January 2014. Amenities at the site include a fitness room, dog park, bicycle storage, lounge areas, swimming pool and rooftop deck. Togawa Smith Martin designed the building, which was completed in January.
Source: The Real Deal Los Angeles