Multifamily investment management and development firm Cityview has secured funding for Adams & Grand, a $125 million mixed-use project located in an opportunity zone near the University of Southern California (USC) in Los Angeles. The seven-story, 296-unit project will feature 5,000 square feet of retail space, extensive amenities and two rooftop sky decks offering views of Downtown Los Angeles. Construction of the project will this month and is expected to complete by Q1 2023.
“Adams & Grand is located adjacent to the Figueroa Corridor, which has experienced significant investment driven by demand from USC and Exposition Park (with the Coliseum, the $1 billion Lucas Museum of Narrative Art and Banc of California Stadium) from the south, and South Park and the financial district from the north,” said Sean Burton, CEO of Los Angeles-based Cityview. “Catering to college faculty and staff, other professionals and students, the project will bring much-needed housing to this rapidly growing and vibrant area of Los Angeles.”
Adams & Grand is designed to achieve LEED Silver certification and will offer 125 studio, 87 one-bedroom and 84 two-bedroom floor plans. Twenty-five of the units will be designated very low affordable and three units will be designated moderate-income affordable. All units will feature stainless-steel appliances, Nest thermostats, vinyl flooring throughout, quartz countertops and in-unit washer-dryers. Some units will feature balconies as well.
Communal amenities will include a CV Works business center, two-story club room, fitness center, movement studio, resort-style pool and spa deck, pet run and wash station, outdoor lounge and two rooftop decks. The community also offers 390 parking stalls and 332 bike stalls for residents and their guests. Tenants for the retail portion of the project will be curated to fit the lifestyle of residents and complement the surrounding community.
“Cityview has a long history of successfully developing projects in areas subsequently designated as qualified opportunity zones,” said Burton. “Our expertise in developing in opportunity zone areas makes projects like Adams & Grand a natural fit with our strategy of delivering quality housing in high-growth areas near job centers.”
Cityview optioned and then fully entitled the property, which included a zone change and general plan amendment. The firm is partnering with builder WPIC Construction LLC, architecture firm Togawa Smith Martin, interior design firm Nadia Geller Designs and structural engineering firm John Labib & Associates on the project.
