Carmel Partners’ Cumulus project and Geoffrey Palmer
June saw some major projects around Los Angeles secure permits, with the five-biggest totaling 3.25 million square feet, all for multifamily properties.
Coincidentally, all of the projects on the list are seven stories, but they vary widely in square footage. The Los Angeles Department of Buildings and Safety estimates they total at least $666.4 million in investments, the bulk of which is concentrated in the two largest projects.
1. Ferrante — 1,286,091 square feet
The Ferrante is the latest project by developer Geoffrey Palmer’s G.H. Palmer Associates. Palmer can only hope this one isn’t burned down by an arsonist, like his Da Vinci project a few blocks away, which was set ablaze in 2014. The billionaire is planning 1,500 units at the 9.6-acre site at 1000 W. Temple Street. The permit is for work totaling $255 million, according to the LADBS, but it’s unclear if that’s for all or just part of the large project. Nelson / Boivin Architecture and Planning is designing the project, although renderings have yet to surface.
2. Cumulus — 1,153,815 square feet
The second-largest permit of June is for a portion of Carmel Partners’ 1,210-unit Cumulus project at an 11-acre site at 3323 S. La Cienega Boulevard. The permit appears to be for Cumulus’ rental tower, which as of March was set to have 300 units. At the time, the Cumulus project totaled 2 million square feet, including 910 condominiums and 100,000 square feet of residential space. Solomon Cordwel Buenz designed the modernist project for the San Francisco-based developer.
3. 6041 Variel Avenue — 293,946 square feet
A U.S. subsidiary of Beijing-based BCEGI International Company is moving ahead with a plan to build 274 units at this site on Variel Avenue, which was pre-entitled when the firm bought it for $18.8 million in 2016. The project is estimated to cost around $65 million to develop.
4. Rise — 344,686 square feet
Rescore Property and Cal-Coast Development have permits ready to go for this 369-unit project at 1331 N. Cahuenga Boulevard in Hollywood. The Rise project, designed by Nadel Architects, will include high-end apartments and retail space. Amenities include a yoga room and dog run. The firm is a real estate investment trust owned by Florida-based Encore Capital Management specializing in urban infill projects. The firm partnered with Cal-Coast Development on the project, but Rescore was the sole borrower on a $100 million loan from the Bank of the Ozarks for the project last year.
5. 5750 Hollywood Boulevard — 166,008 square feet
After three years in planning, Cambra Realty received permits for this 161-unit project and a week later sold the land to Atlanta’s Wood Partners. The Atlanta firm paid $23 million for the 1.1 acre parcel. Wood Partners immediately broke ground and plans to wrap up construction in 2020. The project will also include 5,700 square feet of commercial space, a roofdeck, courtyard, and gym.
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