A fully entitled mixed-use project – which has been in the works for nearly a decade – has recently been placed up for sale in Los Angeles’ Arts District. According to the listing from Cushman & Wakefield, the approximately one-acre project site could be developed with 378,197 square feet of space intended to serve the local arts community.
The project site is located at 1129 and 1101 East 5th Street and is currently developed with a 91,200 square foot building that contains 45,600 square feet of light industrial and arts production space and 10 live work units. Currently, the property is owned by developer Kevin Chen, who purchased the site for $6.8 million in 2008, according to public records.
The proposed project would allow a potential buyer to redevelop the site with a 113-room Arts District hotel; 129 live and work condominiums; 81,326 square feet of commercial space to be used for art galleries, retail, restaurant and other artist collaborative spaces. The project also would feature a three-level subterranean parking garage with 256 parking spaces.
Over the course of receiving entitlements, the project has been backed by various partners. According to Cushman & Wakefield, a residency program for young artists would be offered onsite by the Los Angeles County Museum of Art. Other partners include AC Martin, which designed the project and Highgate Hotels Group.
The property is located near downtown Los Angeles, south of Interstate 101. Nearby are several art galleries and museums. The property is also near the Greyhound bus terminal, which was previously sold to Prologis for a studio/production development.
“The arts district is one of the fastest-growing markets in the region. Its evolution as one of the top choices for creative office tenants and the burgeoning demand for production/studio space has drawn billions of dollars of investment capital from around the country,” the listing states.
