New SP Residential Building Moving Forward on SW corner of 11th and Olive
The developer of Aven Apartments (Grand between 11th and 12th) and Wren Apartments (Pico and Olive) is planning another residential building in South Park. Mack Real Estate Development is adding to its very successful South Park properties.
It is now seeking final L.A. City approvals for a new 51- story high-rise project slated for a parking lot on the southwest corner of 11th and Olive. The project, first presented in 2014, will be part of an “urban village” envisioned to incorporate the Wren and Aven apartments, Aven Park (named South Park Commons but called Wishbone Park by residents), a proposed 16-story Hyatt Hotel on the corner of 12th and Olive as well as a future 60-story apartment complex at the opposite corner of 11th and Olive.
Mack Real Estate Development is one of the most successful and active developers in the South Park community and has 9,000 residential units and over eight million square feet of commercial space in its portfolio.
The 11th and Olive Tower, designed by CallsonRTKL, has been presented to L.A. Planning as a 51-story, 536-unit project with a mix of studio, one-, and two-bedroom units and 4,000+ square feet of street level commercial/restaurant space. There will be parking for 587 vehicles with access off Margo Street (mid-block alley) and Olive Street. The building will be a little over 600 feet high and feature a large amenity deck atop the building’s sixth floor podium as well as several smaller terraces on upper floors. We are told that the developer has obtained the necessary transfer of floor area rights from the City of L.A.
Scheduling of the project is still a little uncertain. The current road map is calling for final city hearings’ approval by May, 2025 and final L.A. City Council approval by the end of 2025. Upon expected approval, ground-breaking will depend on an improvement in current market conditions and interest rates.
According to Herschel Bender, Executive Director of Mack Real Estate Group, the current market conditions do not make the project viable now. Let’s keep our fingers crossed those conditions will change over the next 12 months and allow this exciting project and other planned projects waiting in the wings to proceed!
By John Nilsson