LOS ANGELES—A joint venture between Hankey Investment Co., Jamison Services, Falcon California Investments and Highlands Capital will break ground today on Circa, a $500 million mixed-use development adjacent to L.A. LIVE in Downtown Los Angeles. Once complete, the 1.6-million-square-foot project will have two 35-story towers with 648 rental apartment units, 48,000 square feet of retail and 15,000 square feet of digital signage. The project will open in September 2017.
“We are lucky enough to own one of the best pieces of real estate downtown. It is the front row, if you will, of Figueroa, across from the Staples Center and L.A. LIVE, and we think the front row seats deserve a premium product, so we are developing luxury rental apartments built to condo standards with a platform 100 feet in the air that has a two-acre landscaped amenity deck,” Scott Dobbins, president of the Hankey Investment Co., tells GlobeSt.com. “The people who live in our complex will be able to have L.A. LIVE at their doorstep, but also have a tranquil and fun amenity deck as their backyard.”
Located at 1200 S. Figueroa Street, the project sits on 2.7 acres. The 648 rental units will be an aggregate of one- and two-bedroom apartments and penthouses ranging in size from 700 to 3,800 square feet. Residents, as Dobbins mentioned, will have access to a 100-foot high podium, which will serve as outdoor space for the complex. For the public, the complex will feature three restaurants and major-chain retailers, as well as 1,770 parking spaces for residents and guests. “There is a broad spectrum of people that are going to end up in this project,” says Dobbins. “There is the millennial client that actually lives and works downtown; Los Angeles is becoming more of an international city; and on top of that, Downtown Los Angeles is changing for the better, and I think people who live in Los Angeles and have a house on the Westside will have a pied-à-terre downtown.”
The land site was originally owned by AEG as part of the original L.A. LIVE master-planned project. This site and one adjacent site were sold to developers along with the entitlements. As a result, this site is allotted 15,000 square feet of digital signage for advertising. Additionally, the development of Circa will have a tremendous impact on the local economy, creating 1,000 jobs during construction.
The project is located across from Oceanwide Plaza, a $1 billion mixed-use project from Chinese developer Oceanwide. The project broke ground recently and launched leasing efforts for its 166,583 square feet of retail space.