Cisneros JV Unveils $90M Lofts Project

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MARINA DEL REY, CA-A partnership called CityView that is chaired by former HUD secretary Henry Cisneros has teamed with Los Angeles-based California Landmark to unveil a new $90-million lofts project here, with the Cisneros group as the major equity investor. The 119-unit development, called G2, will feature lofts on a two-acre infill site within an industrial zone on Glencoe Avenue between Maxella Avenue and Washington Boulevard.

The new lofts are part of an ongoing revitalization of the area, which has come to be known as the Del Rey Arts District, a residential and commercial zone that was predominantly industrial for most of the past 50 years. The developers have started construction and plan to start advance sales of the lofts in the spring of 2008, with the first units slated to be occupied in the fall of that year.