The LA multifamily scene is booming, with Millennials and Baby Boomers flooding the rental market. And developers are eager to meet the demand. From luxury condos to urban mixed-use, here are six of the biggest multifamily projects underway in LA.
Metropolis
Tagline: The $1B development is one of the largest mixed-use projects under construction on the West Coast.
Location: Downtown LA - South Park
Developer: Greenland USA
Four high-rise towers are simultaneously going up over 6.3 acres of a former parking lot. There will be a total of over 1,500 condo units, 70k SF of retail space, and a boutique hotel with 350 rooms. Expect two of the towers to be finished in 2016, and the whole project will be completed by the end of 2018. If you want to start buying property, current prices range from $570k to up to $2M. The first residential tower is already 65% sold, according to the Metropolis Sales office. This project will help link South Park with the Financial District in Downtown LA.
Palladium Residences
Tagline: Bringing Old Hollywood into the 21st Century
Location: Sunset Boulevard and El Centro Avenue
Developers: Crescent Heights, Stanley Saitowitz/Natoma Architects
Designed to preserve and also revitalize a block on Sunset Boulevard known as the Hollywood Palladium, this is one of the most controversial projects in the city. The Palladium Residences has been debated for years, but it just gained approval from the Los Angeles City Planning Commission in early December. The development from Crescent Heights will be 3.6 acres and feature two 28-story towers totaling 731 residential units and 24k SF of retail. There will also be 30k SF of ground-level open space and an underground parking garage with 1,900 car and 900 bicycles spaces. The project will be a few blocks from the Hollywood/Vine Red Line subway station.
NoHo West
Location: 25 acres currently occupied by the Laurel Plaza shopping center.
Developers: Goldstein Planting Investments and Merlone Geier Partners
This development will have 742 residential units and more than 190k SF of cumulative retail and restaurant space. There will also be a new 1,750-seat theater complex. The existing Macy's will be expanded and repurposed as 500k SF of office space. The current basement garage will become an eight-story parking garage with more than 2,500 parking spots. This new development will be a vibrant mix of shops, restaurants, offices and two acres of open space, a perfect addition to the continued revitalization of North Hollywood.
333 La Cienega
Tagline: Gateway between Los Angeles and Beverly Hills
Location: West Hollywood, by the Beverly Center
Developers: Caruso Affiliated, Hetzel Design and MVE & Partners
A planned $155M tower with 154 units, this new 19-story luxury multifamily unit will also have a grocery store and restaurant at street level. This luxury residential tower from billionaire Rick Caruso will be adjacent to Beverly Hills and also near many of Caruso's other celebrated real estate developments like The Grove and 8500 Burton Way. Colloquially called 333, the entire project will finish in 2017.
Wilshire Grand
Tagline: It will be the tallest structure West of the Mississippi.
Location: Downtown LA
Developers: Korean Air, Martin Project Management
The 73-story skyscraper is estimated to run $1.2B and include a 900 room state-of-the-art four-star hotel operated by InterContinental Hotels Group and a sky lobby with a breathtaking view of the the city. Also, expect 400k SF of office space and about 45k SF of shops and restaurants. The project is expected to open in 2017, standing at 1,100 feet tall.
3033 Wilshire
Location: Koreatown
Developer: UDR
This is a 190-unit project with more than 5.5k SF of ground-level retail space. A rooftop pool and spa will have a great view of the Hollywood Hills, there will be a penthouse-level demonstration kitchen and a fitness center looking onto the street. This 18-story tower is slated to finish in summer 2016.
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