The developer behind a proposed mixed-use apartment building on the border between Pico-Union and Koreatown has received $14.5 million in financing to promote environmentally sustainable features within the project, announced Counterpointe Sustainable Real Estate this week.
Last year, local real estate investment firm LiveWorkCreate filed plans with the City of Los Angeles to redevelop a commercial building and single-family home at 2870 Olympic Boulevard. The proposed seven-story building will feature 126 apartments atop ground-floor retail and a parking garage.
A rendering of the project, which is designed by architecture firm EWAI, depicts a contemporary podium-type building with upper floors wrapping a central amenity deck.
The financing closed by Counterpointe will be used to support energy-efficient building infrastructure such as LED lights and low-flow fixtures. The sustainability features are expected to reduce the building's water consumption by more than 3.7 million gallons per year, while also cutting its electricity consumption and greenhouse gas emissions.
Construction of the apartment building is on pace for completion in 2022.
A prior owner of the project site had planned for the construction of a hotel, prior to selling the property in late 2018 for roughly $15 million.
- 2870 Olympic Boulevard (Urbanize LA)