– Mid- and high-rise mixed-use complex planned for northeast corner of Fifth and Olive streets
– 76-story Park Fifth condominium tower earlier proposed
LOS ANGELES (Oct. 25, 2013) – MacFarlane Partners, a real estate development and investment management company that specializes in investments that promote smart growth, urban revitalization and sustainability, is pursuing the acquisition of a high-profile parcel in Downtown Los Angeles.
“We are delighted to be back in Los Angeles and are excited about developing this under-utilized site with a project that meets the city’s vision for a denser, more efficient Downtown,” said Greg Vilkin, managing principal and president of MacFarlane Partners. “Our plans slice the size of the Park Fifth proposal in half, thereby cutting back the environmental impacts such as pollution and traffic, which were previously contentious issues.
“This investment reflects our confidence in the strong market for apartment properties Downtown, which continues to experience a significant increase in rents,” added Vilkin. “While the transit-oriented development has yet to be designed, it will incorporate the best elements of smart growth and new urbanism, which are hallmarks of our developments.”
The 99,000-square-foot site is at the northeast corner of Fifth and Olive streets overlooking Pershing Square. Negotiations for the purchase of the prime site began about nine months ago with close of acquisition scheduled for spring 2014.
MacFarlane Partners is beginning the design process and is amending entitlements on the parcel process for the property, which is zoned for mixed-use, permitting both residential and commercial development. The plan is to develop the site into a mid- and high-rise complex with 600,000 square feet of residential and retail. The exact number of units will be determined after meetings with city planning officials.
The original developer’s plans for the site approved in 2008 as the “Park Fifth” development consisted of a 76-story tower and 44-floor structure connected by a 15-floor residential building, 212-room hotel and restaurant space. The anticipated groundbreaking was derailed in late 2008 by the nationwide recession, and the developer was unable to move forward without financing.
About MacFarlane Partners
MacFarlane Partners is a real estate development and investment management firm with approximately $5 billion in assets managed on behalf of some of the world’s largest pension plans and institutions. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and today is a leading investor and developer of properties that promote smart growth, urban revitalization and sustainability in urban and high-density suburban areas nationwide.
MacFarlane Partners is headquartered in San Francisco, with regional offices in Washington, D.C.; New York City; and Los Angeles. For additional information, please visit the firm’s website at www.macfarlanepartners.com