Nearly two-and-a-half years after breaking ground across the street from Pershing Square, MacFarlane Partners has completed construction of the Park Fifth development.
The project - which replaced a parking lot fronting 5th, Olive, and Hill Streets - consists of two buildings featuring 660 apartments and 14,000 square feet of street-fronting retail and restaurant space.
Fronting 5th Street, the 24-story Park Fifth tower offers a mix of studio, one-, and two-bedroom apartments priced between $2,440 and $6,990 per month. The contemporary concrete-and-steel structure is capped by a rooftop pool and amenity deck.
At the back of the site - spanning between Olive and Hill - the seven-story Trademark apartments includes a similar mix of studio, one-, and two-bedroom floor plans with rents between $2,150 and $4,000 per month.
Both buildings were designed by architect Ankrom Moisan, whose prior work includes the Luma and Elleven condo towers in South Park.
Park Fifth, located south of the historic Subway Terminal Building on a property that was once home to the Los Angeles Philharmonic, has been slated for development going back to the mid-2000s, when investor David Houk sought to construct a skyline-altering tower complex designed by architecture firm KPF. The property eventually came into the hands of MacFarlane Partners following the global recession, when plans for the now-completed project were initiated.
Though the original vision for Park Fifth will forever remain an unbuilt vision, other towers of a similar scale remain in the works.
Across Hill Street, an L-shaped property behind the Pershing Square Building is slated for a 53-story hotel and condominium tower highlighted by an array of cantilevered lap pools.
A block north at 4th Street, MacFarlane has partnered with the Peebles Corporation and Claridge Properties on Angels Landing, a proposed multi-tower development which create housing and hotels adjacent to Angels Flight.
- Park Fifth (Urbanize LA)
