LOS ANGELES--(BUSINESS WIRE)--
One Santa Fe, the $160 million Michael Maltzan-designed, 510,000 square foot ground-up mixed-use development consisting of distinctive residential, shopping, dining and community art space, is now 75% complete. Located along Santa Fe Avenue between First and Fourth Streets, One Santa Fe is located within an already developed community of unique shops, bars, restaurants, art galleries and studios. Canyon Capital Realty Advisors (Canyon Realty), through its Canyon-Johnson Urban Fund III, is the primary equity investor in One Santa Fe, which will come to market in September 2014. Canyon Realty joins the initial One Santa Fe investor, Goldman Sachs Urban Investment Group, which will also be the purchaser of the project’s housing and New Market tax credits.
“One Santa Fe fits well with Canyon Realty’s investment mandate – the project serves a dense and diverse transit-oriented urban community with a pent-up residential demand,” said Jonathan Roth, President of Canyon Realty. “With quality partners in design, construction and development, as well as the support of the Los Angeles City Council behind us, Canyon Realty remains very excited to be a part of One Santa Fe, supporting the emerging downtown Los Angeles Arts District with new jobs, housing, retail, arts and public space.”
Sitting on four acres along Downtown’s eastern edge, the buildings stretch an impressive quarter mile in length and resemble a segmented train from overhead. This stylistic layout complements the property’s quasi-industrial surroundings, which include nearby the Los Angeles River and the former freight depot that is now the Southern California Institute of Architecture (SCI-Arc). One Santa Fe also serves to enhance the area’s economic growth, with 350 market rate and 88 affordable residential units, as well as 80,000 square feet of commercial space, 40,000 of which is already leased. The project has created 1,900 short-term jobs, and will generate more than 400 permanent jobs, once the property is fully occupied.
“The visually appealing One Santa Fe presents a unique opportunity to invest in Downtown Los Angeles’ much sought after Arts District,” said Charlie Rose, Director at Canyon Realty. “As the largest ground-up development currently under construction in the area, One Santa Fe offers an artistic take on the mixed-use project and will provide much needed residential and commercial space that is easily accessible.”
The site is walking distance from Little Tokyo and the Metro Gold Line (Little Tokyo/Arts Districts Station), providing direct access to Union Station, Pasadena and beyond. One Santa Fe may also become the portal for the proposed Arts District Station of the Metro Red Line, servicing Downtown Los Angeles, Koreatown, Hollywood and Universal City, and which will one day connect to the “Subway to the Sea” via Beverly Hills, Century City and Santa Monica.
The six-story One Santa Fe will have residential components on the second through sixth floors, including 438 rental apartment units averaging 763 square feet. Amenities will include a salt water swimming pool, rooftop garden overlooking the Downtown Los Angeles skyline, three whirlpool spas, fitness center, business center and a pet spa, as well as over 800 parking spaces. Leasing for the residences will begin this June.
The 78,620 square foot ground floor is dedicated to retail and office space, roughly half of which has been leased to the Los Angeles Metropolitan Transit Authority for its system wide training facility. The balance of the commercial plaza is reserved for retail, restaurant and community art spaces that mirror the creative culture of the neighborhood. The entire development is designed to complement the character of the Arts District and to beautify the area, adding creative streetscape elements and greatly needed public open space.
“Today, the Arts District is a magnet for people from all over Los Angeles looking for substance, authenticity and style,” said developer Bill McGregor, Partner, The McGregor Brown Company. “In building One Santa Fe we have endeavored to provide those attributes, along with the most innovative, state-of-the-art features and amenities that appeal to the creative individual and businesses that are drawn to this area.”
In addition to Canyon Realty and Michael Maltzan, the highly experienced development team is comprised of The McGregor Brown Company, Polis Builders, and Cowley Real Estate Partners. Bernards Brothers, one of Southern California’s 10 largest contractors with considerable mixed-use experience, is the general contractor. Goldman Sachs Urban Investment Group is the purchaser of the project’s incentive tax credits and is also an equity investor.
For more information visit, www.osfla.com.
About Canyon Capital Realty Advisors
Canyon Capital Realty Advisors LLC (http://www.canyoncapitalrealtyadvisors.com/) is the real estate direct investing arm of Canyon Partners, LLC. Founded in 1990, Canyon Partners and its affiliates are investment management firms and registered investment advisors headquartered in Los Angeles, with approximately $24 billion in assets under management.
Canyon Realty funds focus on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as on markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since its formation, Canyon Realty has completed over $6.0 billion of investments involving commercial real estate and mortgage assets with a total value of over $14.9 billion.
About McGregor Brown
McGregor Brown is a Los Angeles-based firm specializing in the development and property management of complex mixed-use, residential and commercial real estate projects. The company develops and manages projects for its own account, holding an equity interest, and on a contract basis for third party clients, and takes an active role in overseeing all phases of the development process. Since its founding in 1987, McGregor Brown has developed more than 5 million square feet of mixed-use, commercial and custom single family residential space. For more information, visit www.mcgregorbrown.com.
About Cowley Real Estate
Cowley Real Estate Partners develops and manages complex commercial, residential and special-use real estate projects. With 17 years of development experience and $950 million in construction costs under management (exclusive of land costs), the company offers vertically integrated development services to meet the needs of its partners and clients, with a focus on value creation and delivering superior returns to investors. For more information, visit www.cowleyrep.com.
- Real Estate
- Los Angeles