A large residential development site has been brought to the market in Los Angeles. According to a marketing brochure from JLL, the site is fully entitled with the 36-story Bixel Tower. JLL is listing the property on behalf of the owner, Realm Group, a joint venture between Realm Real Estate and the Bascom Group.
Located at 675 S Bixel St., the site is entitled with a 422-unit development that would include 4,900 square feet of ground-floor commercial space. Residential space would be located on floors six through 36. Parking would be located on floors one through four as well as in an additional subterranean level. The project also includes an amenity deck on the fifth floor and a rooftop sky lounge, according to the marketing brochure.
The site is currently occupied by a surface parking lot.
Strategically situated in the heart of the City West neighborhood, Bixel Tower is within walking distance of various retail and dining amenities as well as light rail and bus lines. Interstate 110 is also just three blocks away from the site.
Realm Group acquired the 1.5-acre development site initially in 2019. At that time, the joint venture had announced plans to begin construction on the building in 2020.
The site would join a number of other development sites that have been brought to the market in recent months.
One property to recently be listed is a 0.59-acre site in downtown Los Angeles. The property, located at 121 W 3rd St., is entitled with plans for a 331-unit residential development, according to the listing from Cushman & Wakefield.
