Two real estate development firms, one co-founded by former U.S. Housing and Urban Development Secretary Henry Cisneros, have partnered to build a 119-loft development in an area of Del Rey that is close to shopping centers and undergoing revitalization.
In their first partnership, CityView, led by Cisneros, and Los Angeles-based California Landmark have begun construction on their $90 million for-sale residential development at 4215 Glencoe Ave., between Maxella Avenue and Washington Boulevard in Del Rey.
The two-acre site is within an area that was formerly dominated by industrial businesses and still serves industrial uses.
The area, which developers referred to as the Del Rey Arts District, is emerging as a residential and commercial district that includes advertising and other service businesses, new loft projects and retail centers, according to the firms.
Officials with the firms said the site, which is near employment centers, shopping areas, Los Angeles International Airport and beaches, is a fitting location for the new ‘workforce housing’ project.
‘We think this is a great location, especially given its close proximity to world class job centers in West Los Angeles where workforce housing is in short supply,’ said Cisneros, who serves as chairman for CityView, a national discretionary housing investor.
The project features 119 condominium units, including five ‘below market-rate’ units, a swimming pool, gymnasium, courtyard and 280 parking spaces, CityView President Joel Shine said.
The lofts, which start from a price of about $500,000, range in size from 800 to 1,900 square feet, said Ken Kahan, president of California Landmark.
Pre-sales for the lofts are expected to begin next spring, with the first units anticipated to be occupied by the fall of next year, according to the firms.
The six-story project with CityView is the fourth housing project for California Landmark in the emerging residential and commercial district in Del Rey.
‘We think it’s a phenomenal addition to everything that’s being built down there,’ Kahan said.
‘It’s rounding out a phenomenal district.’
California Landmark officials said the firm’s main goal with housing projects is to develop properties that are often overlooked in quality areas of the Southland. In bringing the loft project to the Del Rey site, California Landmark wanted to create housing for people who are looking for an alternative to downtown Los Angeles, Kahan said.
The location is particularly suitable because it’s close to shopping centers, he said.
Shine said CityView is excited to have a development in the Del Rey district, which is ‘within walking distance’ to shopping and employment centers, and provides an opportunity for residents to live close to their jobs.
‘Los Angeles is starved for more places where people can live near where they work,’ Shine said.
With new loft developments being built in the Del Rey district, the area is transitioning to a ‘class-A residential location,’ he said.
Kahan agreed, saying the district offers a residential component in addition to the mix of industrial and retail businesses.
Del Rey Neighborhood Council President Mark Redick said the CityView and California Landmark loft project was supported by the Neighborhood Council Planning and Land Use Committee after design changes were made regarding its distance from the street.
While increased traffic is a concern for residents with new developments, the 119-unit project should not have a major impact on traffic in the area and it can help improve property values in the community, Redick said.
Its location will also help encourage residents to use the shopping centers nearby, he said.
‘It’s a good-looking project,’ Redick said.
‘We’re hoping it will encourage a more pedestrian-friendly attitude around there.’