By Keith Loria, Contributing Editor<\/p>\n
Mack Urban and AECOM Capital, the investment fund of AECOM Technology Corp., have teamed to acquire six acres of land in downtown Los Angeles\u2019 South Park district from EVOQ Properties for $80 million.\u00a0The transaction marks the largest land acquisition by acreage in the CBD since before the U.S. economic recession began during 2008.<\/p>\n
\u201cSix acres of contiguous land in South Park is very rare,” Matt Burton, Mack Urban\u2019s president & chief investment officer, pointed out to\u00a0Commercial Property Executive<\/i>, noting that\u00a0it provides an opportunity to create “a real sense of place.\u201d He added:\u00a0\u201cDowntown Los Angeles has passed the tipping point of viability as a residential neighborhood, with enough stores, restaurants and cultural amenities to sustain growth for years to come.\u201d<\/p>\n
The project is expected to comprise multiple buildings and offer modern high-rise living with phenomenal views. The plan, Burton said, is for \u201csmart development over time” with an ultimate goal of more than 1,500 residential units, strong retail amenities and possibly a hotel tied together as a neighborhood.<\/p>\n
According to Burton, this deal is right down the fairway where Mack Urban will be focused in the coming years: building a portfolio of Class A, institutional-quality, highly amenitized multi-family residential developments with smart urban infill growth in dynamic West Coast gateway cities.<\/p>\n
According to a recent RCLCO report, South Park ranks among the downtown area\u2019s premier residential neighborhoods, commanding top rents for new apartments and the most comprehensive set of lifestyle amenities. The immediate neighborhood encompasses 32 square blocks of residential properties and includes the most dynamic retail and entertainment venues in downtown, including the Staples Center and L.A. Live.<\/p>\n
\u201cSouth Park is the best residential address in all of downtown,\u201d Burton declared. “The nearby amenities, particularly L.A. Live, make this neighborhood tops on our list.\u201d<\/p>\n
The planned ultra-sleek vertical towers will be designed by the Los Angeles architectural firm AC Martin Partners, with a vision to add a new dimension to the downtown Los Angeles skyline. \u00a0The Mack Urban\/AECOM Capital project is currently in the planning and design phase and is being prepared for the entitlement process, with the initial groundbreaking expected in late 2014 and completion of final phases slated for 2024.<\/p>\n
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Mack Urban and AECOM Capital have teamed to acquire six acres of land in downtown Los Angeles\u2019 South Park district, on which they plan to build a new mixed-use neighborhood.<\/p>\n","protected":false},"author":451,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,21752,21742,21749,15],"tags":[39453],"class_list":["post-1004084662","post","type-post","status-publish","format-standard","hentry","category-development","category-investment","category-mixed-use","category-latest","category-retail","category-west","tag-los-angeles"],"acf":[],"yoast_head":"\n