Two Residential Towers at 11th and Olive Moving Forward
A pair of apartment towers at 11th Street and Olive Ave are proceeding with final planning as recently reported in Urbanize Los Angeles. Mack Real Estate Development, developer of Aven Towers on South Grand Ave., is the developer. The projects, which would rise from two existing parking lots, will add more than 1,200 living units to the South Park neighborhood.
Mack Urban planned 51 story residential tower
The smaller of the two towers will top out at 51 stories and will feature 536 studios, one-, two-, and three-bedroom units and 4,178 square feet of ground floor commercial space. The larger of the two towers will reach a 678’ height and rank as the 12th tallest building in the City of Los Angeles. It will incorporate 713 additional residential units above 11,277 square feet of ground-floor commercial space. Each building will have amenities located at the podium and roof-top levels.
Pending final city approvals and permits including a transfer of floor area rights, construction will commence on the smaller of the two buildings with completion within 30 months after ground-breaking. The larger building’s construction would commence following completion of the first building with completion over a similar time frame. Hopefully the developer can score the permit without too much hinderance from the LA City, and we can get things moving!
The towers are a continuation of a larger plan by Mack Real Estate Development for the surrounding blocks begun almost a decade ago that has resulted in the completion of the Wren Apartments on Pico Blvd and Olive St and the 38 story Aven Tower property with its popular pocket park commonly referred to as Wishbone Park. The plan will eventually be completed with the construction of a 16-story hotel tower which is approved to replace the parking lot at 12th and Olive St.
Further development by others is also approved for the remaining corner of 11th St. and Olive. Crescent Heights Developers have had approval for some time for the construction of a 70-story apartment building rivaling the highest structures in Downtown Los Angeles. There is no news at this time on when the project will break ground but, if built, the massive tower will provide another 785 rental units to the market in South Park. This combination of efforts by the two developers promises to bring a total over 2,000 units to 11th and Olive and will result in an additional 3,000 plus residents to the intersection!
Vacancy rates remain exceptionally low and demand for rentals in South Park remains strong and unabated encouraging developers that the time is right to proceed.
By John Nilsson