Thursday, November 13, 2014

Downtown Residential-Retail Complexes Gets Moving

Six months after breaking ground in South Park, construction has gone vertical at Olive & Pico, a new residential-retail complex from the Wolff Company.  The seven-story edifice, designed by Downtown-based TCA Architects, will consist of 293 studio, one-, and two-bedroom apartments above 20,000 square feet of ground-floor retail and restaurant space.  The low-rise building will sit atop a three-level underground garage, which will accommodate up to 75 vehicles and 342 bicycles.

Plans filed with the city indicate that Olive & Pico will offer a diverse assortment of residential amenities, including a fitness center and multiple outdoor decks.  Additionally, the project will feature 24-hour on-site concierge and valet service, providing a hotel-like experience for residents and guests.

Completion of the $54 million development is scheduled for mid-2016.

Olive & Pico (Image: The Wolff Company)

Excavation is also underway on an adjacent property at 1200 S. Grand Avenue, future site of G12, a second low-rise development from the Wolff Company.  The seven-story building, as designed by TCA Architects, will consist of 347 studio, one-, and two-bedroom apartments above 20,000 square feet of street-level commercial space.

G12 would feature a similar blend of residential amenities to its next-door neighbor, with outdoor decks, a fitness center, and 24-hour concierge and valet service.  Those similarities also permeate underground to the building's three-level garage, which will provide parking for as many as 320 vehicles and 402 bicycles.

G12 (Image: The Wolff Company)

As can be said for nearly any address in South Park, the Wolff Company projects are surrounded by a profusion of ongoing and future developments.

Last year, a joint venture between AECOM and Mack Urban announced bold plans for a cluster of nearby parking lots.  Their project, valued at $750 million dollars, could accommodate up to 1,900 residential units in a series of high-rise and low-rise structures.  The first phase of the development - a pair of seven-story condominium buildings - is scheduled to break ground sometime before the end of 2014.

One block west on Pico Boulevard, local landlord Jade Enterprises is planning another mixed-use development.  Their project, known as Onyx, would create 410 apartments on two parking lots adjacent to Pico Station.

G12 and Olive & Pico sites

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