355 Multifamily Units and 43,700 Square Feet of Retail Links Historic Neighborhood
LOS ANGELES, CA – High Street Residential, in partnership with Principal Real Estate Investors and the Cesar Chavez Foundation (CCF) announce that construction has commenced on LA Plaza Village in Los Angeles, CA. The project will feature 355-for-rent multifamily units, 20 percent of which are affordable housing units and 43,700 square feet of retail. Design includes one, two and three bedroom layouts. The project is scheduled to complete in 2018.
“Essential to the design, a series of public open spaces creates links to the historic neighborhood,” said Brad Cox, Senior Managing Director with High Street Residential’s Southern California – Los Angeles Business Unit. “The project will help serve the mission of the LA Plaza de Cultura y Artes organization of preserving Los Angeles’ storied history by connecting the major historic elements of the city while sparking a major economic, social and cultural renaissance in the area that will benefit the entire city.”
The 425,000-square-foot village will include four buildings, ranging from 5-to-7 stories. The project will also provide approximately 720 parking spaces and an extension of the existing Historic Paseo/pedestrian trail from Union Station to Olvera Street, the already planned extension from Olvera Street to LA Plaza Park and the LA Plaza de Cultura y Artes, and the El Pueblo de Los Angeles Historic Monument.
“The Cesar Chavez Foundation is proud to be a partner in developing this community that contributes badly needed multi-family housing without public subsidies—20 percent of which will be affordable for moderate- and low-income residents—along with a paseo or walkway honoring the history of Los Angeles and the diversity of those who built it in the area where that history was created,” said Paul F. Chavez, president of the Chavez foundation.
An important component of the project is the creation of a “historic paseo” that will link the Village, LA Plaza, Olvera Street and Union Station with a lushly landscaped walkway that will include new street furniture, lighting and signage that tells the historic story of the area.
“LA Plaza de Cultura y Artes is very pleased to support its mission of bringing greater attention to the historical roots of Los Angeles through the LA Plaza Village project,” says Javier Angulo, Board Chair of LA Plaza de Cultura y Artes. “This project will complement our five-year-old museum by creating a vibrant new residential and retail community located in the heart of downtown’s historic El Pueblo District. The project will spark a new level of economic and cultural vitality throughout the Olvera Street and Chinatown neighborhoods. We thank the County, Trammell Crow, the Cesar Chavez Foundation and all our partners for making this dream a reality.”
The urban village sits on an unparalleled site, with a walk score of 91, transit score of 100 and bike score of 78. The development team is seeking LEED Certification. LA Plaza is strategically located adjacent to Union Station, Chinatown, El Pueblo and Civic Core/City Hall. The site's steep grade change and adjacency to historic sites ensures unmatched views will never be obstructed.
“LA Plaza Village will offer affordable homes, quality food and retail, career path jobs, as well as access to Union Station and public transportation,” said Chair of the Los Angeles County Board of Supervisors Hilda L. Solis. “The beautiful Paseo and Gateway Plaza will serve as the past, present, and future doorway to the diverse cultures and welcoming neighborhoods of Los Angeles County.”
LA Plaza Village architect is Johnson Fain and the general contractor is Benchmark Contractors Inc.
About Cesar Chavez Foundation
Within the Cesar Chavez Foundation (CCF), the Housing and Economic Development Fund (HED) develops high-quality affordable housing for working families and seniors. Through its focus, CCF has built or extensively renovated and manages 42 high-quality affordable housing communities with nearly 5,000 units across four states, most with extensive social services.
HED has a strong financial foundation, and unlike most developers, the Cesar Chavez Foundation boasts a comprehensive approach to affordable housing that embraces constructing or extensively renovating each of its communities as well as managing a portfolio of properties in California, Arizona, New Mexico and Texas. This is accomplished by maintaining facilities that are safe, clean, efficient and aesthetically pleasing, with extensive amenities that include playgrounds, swimming pools, computer labs and special accommodations to address disabilities, language and cultural diversity and transportation needs.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $66.0 billion in commercial real estate assets[1]. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
[1] As of 31 March 2016
About High Street Residential
At High Street Residential, a wholly-owned residential subsidiary of Trammell Crow Company, our expertise is mixed-use projects on premier sites in major U.S. cities, very often adjacent to transit hubs. In the last decade the company completed more than 5,100 units with more than $1.2 billion in value. We manage the development of apartments, condominiums and townhomes and have a have a deep background in urban, infill mixed-use residential development, as well as the redevelopment or repurposing of existing facilities. We have a current pipeline of nearly 10,000 units valued at nearly $3 billion. For more information, visit www.highstreetresidential.com.
