LA's 5 Biggest Multifamily Developments
There are some massive multifamily projects in the works in LA. Our friends at Reis helped us find the biggest.
Project at Pico
Mack Urban and AECOM are together behind what's currently dubbed Project at Pico. The 1,500-unit development is expected to run about $750M, and would include 362 condos, in addition to a pair of seven-story mixed-use buildings. The mega development is expected to break ground next year, but will likely take at least 24 months to put up.
This $1B project is designed to revitalize South Park. Proposed by the The Reef at two parking lots near the historic LA Mart, the project would bring 1,449 units in a 1.6M SF development. In addition to the units, SoLA would include a 208-room hotel, retail, restaurants and more. Latest project news has the residential spread across two 30-plus story towers. This project is likely three or more years away.
One of the most controversial projects in the city, the Hollywood Palladium has been talked about for years. The development from Crescent Heights would feature two 28-story towers totaling 1,269 units. The project is supposed to have an underground parking garage with 1,900 spots and more than 800 bicycles. This is the epitome of pedestrian development--the project is a few blocks from the Red Line station.
The Wyvernwood Garden Apartments
Another project that has received some pushback is the planned $200M redevelopment of The Wyvernwood Garden Apartments in Boyle Heights. The apartments were built in 1939, but current owner Fifteen Group sees more for the land. The developer plans to convert the 30-acre site into a neighborhood with 1,200 units and 300k SF of retail and office.
It was not long after Izek Shomof picked up the nearly 90-year-old Sears Tower that plans came out. The developer plans to keep the historic building, but add 1,000 units. Izek and co-owner Leo Pustilnikov also plan to incorporate some creative office on the lower levels. The 23-acre site is expected to break ground next year.