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Denver-based developer Continuum Partners has plans for a 10-building, 1,521-unit project near the confluence of Downtown Los Angeles’ Arts District, Little Tokyo, and Skid Row areas, it announced on Thursday.
Named Fourth & Central, the project would rise to a maximum height of 42 stories at the 7.6-acre, longtime site of Los Angeles Cold Storage. In addition to more than 1,500 units, 216 of which would be affordable at for low-income and extremely low-income households, plans call for 401,000 square feet of creative office space, 93,000 square feet of retail and restaurant uses, and a 68-room hotel.
A developer of large mixed-use project in the western U.S., Continuum Partners says Fourth & Central will be its fourth in the Arts District, following office project Produce LA and two projects currently in the planning phase. The developer said it expects to begin construction on the project, which the Los Angeles Times reports will cost up to $2 billion to build, in 2024.
“We are very bullish about the future of Los Angeles, particularly Downtown,” Continuum Partners founder and CEO Mark Falcone said in a released statement. “Our team is especially looking forward to being part of the massive transit infrastructure coming to DTLA, which will reshape the entire region over the next 20 years and help LA lead the nation towards a more equitable 21st century city.”
LA Cold Storage President Larry Rauch said in a statement the company will “find a new home at a more fitting location.
“This property has given me and my family so much, and a new location will afford us the opportunity to expand and best serve our customers,” Rauch said.
The master plan and project architecture for Fourth & Central is being led by LA-based firm Studio One Eleven, with two buildings being designed by David Adjaye.
“Working with David Adjaye and his team, we’ve designed an open, street-level plan that incrementally connects with the neighborhood, providing diverse buildings, a rich mix of uses, and abundant green space – all human-scaled and accessible,” Studio One Eleven founding principal Alan Pullman said.
Kevin Murray, CEO of the homeless-serving nonprofit Weingart Center, which is located a few blocks west of the project site, said in a statement: “We’re encouraged that community-minded developers like Continuum Partners are looking to invest in responsible development that creates living wage jobs and housing opportunities for a mixture of income levels in this part of the City.
“They’ve demonstrated a willingness to address the issues we face on the ground daily.”