Why LA Needs More High-Rise Multifamily
Steinberg president David Hart tells us the company's newfound focus is on the wave of high-rise residential buildings coming to LA, which is in the midst of an urban paradigm shift, transitioning from the sprawl to constructing infill development through denser housing and vertical architecture. The company is working on the multifamily high-rise 3033 Wilshire (below), which just broke ground and is expected to come to market in summer 2016. The project, being developed by multifamily REIT UDR, is just one of three major high-rises the company is working on. We sat down with David in December to talk company expansion.
David says the line between residential and hospitality is blurring, and 3033 Wilshire is a perfect example. The 190-unit Koreatown project will include some top-notch amenities, including rooftop lap pool and spa area with cabana views to the Hollywood hills, a penthouse-level demonstration kitchen and private dining room and terrace with views to downtown, and ground-floor living room and fitness center looking onto the street. David says the company is even interested in taking on projects taller than the 18-story tower.
David (here with Steinberg partner Jason Briscoe and associate John Wirfs on Nanjing Road in Shanghai) says his firm and UDR are in the early stages of work on two additional high-rise projects in LA. The first, an 18-story, 158-unit project is slated for the corner of Crescent Heights and Wilshire, and David says it will be more geared toward Millennials, with smaller units and a more hip design. The second, at La Jolla and Wilshire, will stand 15 stories and feature larger, luxury condo-like units. Details on the projects are slim, but David says they will break ground later this year.