Australian real estate and construction giant Lendlease is wading into real estate development in Los Angeles, with the purchase of a 3.6-acre property adjacent to Metro's La Cienega/Jefferson Station.
The proposed development would rise from a roughly 3.6-acre property at 3401 S. La Cienega Boulevard which is currently developed with a self storage facility. The proposed development, budgeted at approximately $600 million, calls for razing all existing structures to make way for a new mid-rise building featuring 260 residential, 250,000 square feet of offices, and ground-floor retail space.
Plans call for a mid-rise structure, ranging between 85 and 100 feet in height. The developers have not yet selected an architect to lead the design process for the proposed project.
Lendlease, which purchased the land with its joint venture partner Aware Super for $92 million, intends to formally submit an application to the City of Los Angeles in early 2021. Construction is expected to begin in 2023 and conclude in 2025.
"Placemaking is at the heart of our business and we are bringing that mindset and capability to L.A.," said Lendlease Americas Executive Manager of West Coast Development Arden Hearing in a prepared statement. "We have been a general contractor in L.A. for many years and are now eager to expand our investment and development operations in this critical market."
The project, which would rise on border between the Baldwin Hills and West Adams neighborhoods, is the latest in a series of large commercial developments in the works near La Cienega/Jefferson Station.
On an adjoining property fronting National and Jefferson Boulevards, Samitaur Constructs is now midway through construction at the 17-story Wrapper office tower. The developer and architect Eric Owen Moss are planning a second project a short distance south.
On the opposite side of La Cienega/Jefferson Station, San Francisco-based Carmel Partners is in the final stages of construction at the Cumulus District, a 12-acre complex consisting of more than 1,200 apartments and a Whole Foods Market.
Another property developer - S.D. Abraham - recently submitted an application to the Planning Department to build a similar 254-unit apartment across La Cienega Boulevard, while Kilroy Realty Corp. is planning an expansion of the Blackwelder office campus to the north.
The wave of investment near the station can be seen as overflow from the neighboring Culver City market, where a slew of new developments have been built around Metro's E Line. Several of those projects include substantial blocks of office space, which will be occupied by tech and media firms such as Apple and WarnerMedia.
News of Lendlease's proposed project at 3401 La Cienega was first reported by Commercial Observer.
- Baldwin Hills (Urbanize LA)