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Huge Mixed-Use Project Could Impact South L.A.

Broadway Square LA is On The Market
October 10, 2017
As it turns out, the construction boom is not limited to just downtown Los Angeles, as a new 1.6 million-square-foot development project with an existing 800,000-square-foot office building on site has just hit the market. The $1.2 billion project is being marketed without an asking price, according to CBRE, which has the listing.

Previously named the SoLA Village and the Reef/LA Mart, referencing the existing LA Mart building at 1933 S. Broadway, the project has been renamed Broadway Square Los Angeles by the owners, a family business. The project is situated on 9.7 acres covering two full city blocks.

"We worked with Gensler to rename it to Broadway Square L.A. to cover the land, too," said Laurie Lustig-Bower, executive vice president with CBRE.

The property's existing office building is home to the County of Los Angeles, which takes up 148,578 square feet, and Maker City LA in 148,300 square feet there. The existing office building last sold five years ago for $53 million, according to CoStar data.

The project has been in the works for years. After the city approved it last year, two community groups, Strategic Actions for a Just Economy and the Golden State Environmental Justice Alliance, filed lawsuits against the project in Los Angeles Superior Court arguing that more affordable housing was needed. The lawsuits were eventually settled out of court, with Strategic Actions for a Just Economy and PolicyLink issuing a statement last week saying that the groups have, "successfully reached an agreement with the developer that would increase the number of required affordable units in the project from 25 to approximately 70. This requirement secures these units as affordable housing stock for more than 50 years."

The project, being developed without the use of public funds, would include a 208-room hotel, 1,444 residential units including affordable housing, condos, rentals and live/work units, and more than 10,000 square feet of retail space in addition to a 29,000-square-foot grocery story and 8,000-square-foot rooftop restaurant. The east block between Broadway and Main Streets will feature two high-rise buildings, according to CBRE, comprised of a 32-story, 385-foot north tower and a 35-story 420-foot south tower, with smaller multifamily buildings sandwiched between, for more than 528 apartments, 895 condos and 21 live/work units totaling 1.39 million square feet.

"The scale of it, the location by the two freeways, probably one of the biggest things that makes it unique is it has approval for signage," commented Lustig-Bowser on the project's proximity to the 110 and 10 Freeways and more than 72,000 square feet of building signage including 41,000 square feet of continuous LED availability. "We believe it’s larger than Times Square, so this is huge, and the fact you’ll see it from two freeways... Nowadays to have something entitled in L.A. is pretty special because there’s a lot of legislation making it hard to get entitled."

The buyer will also be able to rename the property, which is being marketed globally, according to Lustig-Bower. Given that it is a stone’s throw from USC and Staples Center should also prove to be advantageous, she said. Offers are reportedly due by December.

USC has seen recent development of its own with the completion of USC Village, a $700 million, mixed-use development that features student housing and a Target. George Lucas and his wife, Mellody Hobson, will soon break ground on a $1 billion Museum of Narrative Art in nearby Exposition Park.

Karen Jordan, Los Angeles Market Reporter  CoStar Group   

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