Construction has begun on a new mixed-use development in the heart of Los Angeles’ Arts District. The property, Forge at Alloy, will feature a 127,500-square-foot, six-story office building with retail space alongside a new 35-story, 475-unit apartment tower.
Developer Carmel Partners has retained Cushman & Wakefield’s Los Angeles office to spearhead the leasing campaign. Situated at 530 Mateo Street, at 4th Street Bridge and Santa Fe Avenue, the building’s facade will reflect the Arts District’s historic warehouse and factory structures. The property will offer high ceilings and ample natural light, as well as an elevated outdoor space with lounge areas to be situated between the office and apartment towers. A rooftop deck will be offered for the exclusive use of office tenants.
The property will offer a new pedestrian and retail paseo that will serve as a year-round gathering place for outdoor concerts, movies and public art installations. Once a rail spur, the paseo will link Santa Fe Avenue and Mateo Street.
Timing advantage
“One of the positive things from a leasing standpoint is we have the benefit of time on our side,” Mike Condon Jr., vice chair of Cushman & Wakefield, told Multi-Housing News. “With a late Q4 delivery next year, we should be building through the bottom. “
“Aside from timing, the project has been designed with a ton of flexibility from a sizing standpoint,” said Condon. “At plus or minus 120,000 square feet, it is a perfectly approachable size for a single tenant user. Yet, our plus-minus 25,000-square-foot floor plates play nicely with full-floor tenants.”
Last month, Cityview completed Jasper, a 296-unit Los Angeles multifamily development in a downtown Opportunity Zone, reporting that 25 of the units are best described as “very low affordable.”
