Commercial real estate developer Lowe, AECOM Capital, and an investment vehicle sponsored by Rockwood Capital, have broken ground on a $300m mixed-use transit-oriented development in Los Angeles, US.
The 500,000 sq ft project, dubbed Ivy Station, is located at the Culver City station and is the first new development on Los Angeles’ recently completed Metro Expo light-rail line, connecting downtown Los Angeles to the beach.
Sprawling over a 5.2-acre urban infill site, the project includes 200 apartments, 55,000 sq ft of ground floor retail and restaurant space, a 148-room boutique hotel and a 200,000 sq ft office building.
Additionally, the project will provide 1,500 spaces of below-grade parking, of which 300 spaces will be dedicated for use by Metro riders. The project will feature over two acres of publicly accessible open space.
Fronting major commercial corridor Venice Boulevard, Ivy Station’s five-storey, 200,000 sq ft office building will feature large flexible floorplates and abundant natural light and operable windows that will suit businesses of all types.
Furthermore, the building includes extensive outdoor balconies where the indoor environment blends with the outdoor, taking advantage of the Southern California climate.
Located in five- and six-storey buildings in the centre of the development, Ivy Station’s 200 apartments will range in size from studios to two-bedrooms.
Bernards has been selected as the general contractor for the project, which is scheduled to be completed in fall 2019.
Lowe senior vice president Tom Wulf said: “We worked diligently to create an engaging project that will appeal to multiple users, from transit riders and residents to office workers, hotel guests and the surrounding community.
“The centrepiece is a large landscaped park that winds through the property providing pedestrian connectivity and areas for programs, recreation and relaxation. The combination of on-site transit, retail and restaurants and programmed open space will be compelling for employers and workers.”