In what's being called "the largest downtown land acquisition since the recession", six acres of parking lots will be redeveloped as a $750-million mixed-use complex - continuing the astonishing transformation of L.A.'s South Park neighborhood.
"Sleek high-rise apartment towers, shops and restaurants are to rise along a path of real estate development spreading east from Staples that is transforming a former asphalt-covered dead zone in South Park into a more pedestrian-friendly neighborhood," reports Roger Vincent.
"We are delivering what Gen Y wants — comfortable homes well laid out with all the bells and whistles," said President Matthew Burton of developer Mack Urban. "We believe we can do it at an affordable price point with top-of-the-line amenities and views."
"Plans are in early stages and must wend their way through the city's approval process," notes Vincent. "The company's goal is to build about 1,500 apartments in a yet-to-be-named community dotted with small parks and linked by public walkways and alleys. The complex might also eventually include a hotel."
FULL STORY: High-rise apartment enclave planned for downtown L.A.
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