Denver-based developer Continuum Partners has unveiled its plans for an ambitious, mixed-use development that could deliver 572 condominiums and 949 apartments to the Arts District.
On Thursday, the Los Angeles Times reported that the city approval process was underway for a 10-building complex known as Fourth & Central. A 42-story tower would house the 1,500 residential units, 216 of which would be set aside for low-income households. There would also be a selection of live/work lofts, a nod to the neighborhood’s creative character.
The proposed project would incorporate a 68-room hotel, 400,000 square feet of office space and extensive retail, although the exact amount is not yet known. Designed with an authentic neighborhood feel, Fourth & Central would feature a public courtyard, pedestrian pathways, and everyday amenities like banks and dry cleaners, in addition to the restaurants, bars and boutiques you’d expect to find in the trendy Arts District.
The 7.6-acre site is currently occupied by Los Angeles Cold Storage Co., which dates back to 1895. The company plans to move to a new location where they will be able to expand the business. Situated at the corner of Central Avenue and Fourth Street, the industrial complex is about a ten-minute walk from the commercial area near Third Street and Traction Avenue that’s dotted with bars, restaurants, coffee shops and breweries.
The master plan for Fourth & Central was envisioned by Los Angeles architecture firm Studio One Eleven. Renowned Ghanaian-British architect Sir David Frank Adjaye was brought in to design two of the buildings, including the residential tower, to add variety and interest to the streetscape.
The project is expected to cost between $1.5 and $2 billion. Mark Falcone, the founder and CEO of Continuum Partners, told the Los Angeles Times that he hopes to start construction within two years. Fourth & Central would be developed in phases over the following five to seven years.
Continuum Partners has two other Arts District developments in the works, both office buildings with ground-floor retail. The developer has invested heavily in the neighborhood because of its artistic appeal, which has drawn in companies like Spotify, Apple TV and Sony, and its proximity to future rail stations.