Cityview to Break Ground on $125M Multifamily Community in Los Angeles
LOS ANGELES — Cityview will break ground on Adams & Grand, a 296-unit multifamily community situated within an Opportunity Zone in Los Angeles, this month. The Los Angeles-based developer secured $125 million for the project through Opportunity Zone investors.
Communal amenities will include a two-story clubroom, business center, fitness center, pool, dog park, a pet washing station and two rooftop decks. The community will also feature 390 parking spaces and 332 bike spaces, as well as 5,000 square feet of ground-level retail space.
The seven-story property will offer 125 studio, 87 one-bedroom and 84 two-bedroom floor plans. Unit interiors will include stainless steel appliances, Nest thermostats, vinyl flooring and quartz countertops. Select units will feature balconies. Three units will be reserved for moderate-income residents and 25 units will be designated for low-income residents.
Adams & Grand will be situated at 2528 S. Grand Ave., one mile from the University of Southern California (USC) and three miles south of downtown Los Angeles. The property will not be reserved for college students but will cater toward many residents, including students at USC.
“Catering to college faculty and staff, other professionals and students, the project will bring much-needed housing to this rapidly growing and vibrant area of Los Angeles,” says Sean Burton, CEO of Cityview.
WPIC Construction LLC is the general contractor for the project, which is scheduled for completion in early 2023. Togawa Smith Martin Inc. is the architect, Nadia Geller Designs is the interior designer and John Labib & Associates is the civil engineer. According to Burton, the construction will create up 1,000 jobs.
— Alex Tostado