Construction Has Begun on Mixed-Use Multifamily Rental Community in Downtown Los Angeles

Mixed-Use Multifamily Rental CommunityA new mixed-use multifamily rental community directed at the Generation Y demographic is under construction in downtown Los Angeles.

The new 201-unit is being built on 1.08 acres on the southwest corner of Olympic Boulevard and Olive Street, according to Building Design & Construction. This multifamily construction in Los Angeles will have an address of 1001 S. Olive Street. Completion is expected by the summer of 2016.

Renters will be able to choose from multiple living options with open floor plans. Plans for the construction call for 64 studio apartments, 109 one-bedroom units, and 28 two-bedroom apartments. Units will be sized from 500 square feet to 1,100 square feet.

Plans call for the construction of 12 two-story townhome style units on the ground floor fronting Olive Street. These units will have individual walk-up entrances from Olive Street and will feature private patios and courtyards with landscaping.

The ground floor will also house the leasing office, mail room, and a storage area for bicycles.

Some 4,000 feet of space on the ground floor has been reserved for retail areas and a restaurant.

Amenities include a large clubroom, pool and sundeck on level three. Level three will also offer a fitness center, spa, and a landscaped central courtyard with two additional courtyards and spaces for residents’ use. Level seven will contain a roof terrace and outdoor kitchen.

Parking will be accommodated by a garage area consisting of two above-grate levels and one below-ground level. There will be 228 spaces available for automobiles and 221 spaces for bicycles.

The project was designed by KTGY Group and will be developed by Lennar Multifamily Communities, based in Miami, Florida.

Construction Monitor serves the business development needs of the construction industry with detailed weekly reports on important industry developments, including building permits issued, housing starts and developing trends. Contact us today for more information on new multifamily construction in Los Angeles and how your company may be able to benefit from the project.

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