{"id":1004052036,"date":"2012-08-03T13:35:25","date_gmt":"2012-08-03T21:35:25","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=60798"},"modified":"2022-12-03T09:49:45","modified_gmt":"2022-12-03T17:49:45","slug":"100-million-residential-development-slated-for-little-tokyo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/100-million-residential-development-slated-for-little-tokyo\/","title":{"rendered":"$100 Million Residential Development Slated for Little Tokyo"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/p>\n

With the acquisition of a 1.74-acre lot in L.A.\u2019s Little Tokyo, Irvine-based developer Sares-Regis is moving ahead with its new residential development. The company intends to build a 240-unit premium multifamily community on the site as soon as possible in order to capitalize on downtown L.A.\u2019s housing needs. Bill Montgomery, president of Sares-Regis\u2019 Multifamily Acquisitions & Investment Division, stated that the area has become one of improved desirability over the last several years.<\/p>\n

Located at South San Pedro and East 2nd streets,\"\"<\/a> the forthcoming multifamily development will stand just three blocks from Los Angeles City Hall and in close proximity to the city\u2019s Bunker Hill financial district. The developer plans to build a seven-story, type III podium design that will respect the community\u2019s local character while also introducing contemporary architectural elements. Building amenities will include a pool, a spa, a two-level fitness facility, club, game and caf\u00e9 lounges, as well as a rooftop deck.<\/p>\n

Seventeen thousand square feet of retail space will also be incorporated into the project, as well as parking for all residents in a three-level underground parking facility. A 100-space public parking structure will be constructed simultaneously and will be sold to a third party operator after its completion. According to Montgomery, development costs will be approximately $100 million. He also said that rents at the residential building will be around $2,200.<\/p>\n

Sares-Regis Group is currently one of the leading commercial and residential real estate development and management firms in the western part of the U.S. Its property and fee-based asset portfolio is valued at around $4 billion, with 15 million square feet of commercial and industrial space, as well as 13,000 apartment units.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Alex Girda, Associate Editor With the acquisition of a 1.74-acre lot in L.A.’s Little Tokyo, Irvine-based developer Sares-Regis is moving ahead with its new residential development. The company intends to build a 240-unit premium multifamily community on the site as soon as possible in order to capitalize on downtown L.A.’s housing needs. Bill Montgomery, […]<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742],"tags":[1815],"class_list":["post-1004052036","post","type-post","status-publish","format-standard","hentry","category-los-angeles","category-latest","tag-national"],"acf":[],"yoast_head":"\n$100 Million Residential Development Slated for Little Tokyo - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/100-million-residential-development-slated-for-little-tokyo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$100 Million Residential Development Slated for Little Tokyo\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor With the acquisition of a 1.74-acre lot in L.A.’s Little Tokyo, Irvine-based developer Sares-Regis is moving ahead with its new residential development. The company intends to build a 240-unit premium multifamily community on the site as soon as possible in order to capitalize on downtown L.A.’s housing needs. 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