Cityview has secured funding for a $125 million mixed-use project located in an Opportunity Zone (OZ) near the University of Southern California in Los Angeles. Adams & Grand will be a seven-story, 296-unit multifamily development with 5,000 square feet of retail space, extensive amenities, and two rooftop sky decks.
Funded with capital from OZ investors, construction is slated to start this month with completion by the first quarter of 2023. The multifamily investment management and development firm is partnering with an OZ program managed by The Townsend Group, a leading provider of investment management and advisory services exclusively focused on real estate and real assets, on the project. Additional partners include builder WPIC Construction, architecture firm Togawa Smith Martin, interior design firm Nadia Geller Designs, and structural engineering firm John Labib & Associates.
“Adams & Grand is located adjacent to the Figueroa Corridor, which has experienced significant investment driven by demand from USC and Exposition Park from the south and South Park and the financial district from the north. Catering to college faculty and staff, other professionals, and students, the project will bring much-needed housing to this rapidly growing vibrant area of Los Angeles,” said Cityview CEO Sean Burton. “The construction of Adams & Grand will create upward of 1,000 jobs. We are really excited to break ground on this project and bring much-needed jobs and housing to our community during this especially difficult time.”
The community is designed to achieve LEED Silver certification and will offer 125 studio, 87 one-bedroom, and 84 two-bedroom floor plans. All floor plans will feature stainless-steel appliances, Nest thermostats, vinyl flooring, quartz countertops, and in-unit washer-dryers. In addition, 25 units will be designated very low-income affordable and three as moderate-income affordable.
Amenities will include a CV Works business center, a two-story club room, an expansive fitness center, a movement studio, a resort-style pool and spa deck, a pet run and wash station, and an outdoor lounge. The community also will provide 390 parking stalls and 332 bike stalls for residents and their guests.