LOS ANGELES-Symphony Development and CityView are closing in on the debut of the 161-unit, 410-bed West 27th Place student housing complex at USC, a market-rate project that will include 10,000 square feet of shops and restaurants, which is scheduled to open in May. Los Angeles-based Symphony is developing the project on behalf of CityView, the project’s owner, a company founded by former HUD secretary Henry Cisneros that is also based in Los Angeles.
The project, at the corner of 530 W. 27th St. and 2700 S. Figueroa St., is seeking LEED Platinum certification. It will be one of only four LEED Platinum-certified developments in Los Angeles and the only residential project in L.A. with that designation if it achieves the Platinum rating, according to David Hilliard, president of the Los Angeles-based development firm.
John Mavar, Symphony’s director of construction, notes that a Platinum designation would be “above and beyond our initial expectations for certification.” When GlobeSt.com reported on the project last year, the goal was LEED Gold.
As highlights of the project, Symphony execs cite the location of West 27th Place, which is near public transportation, including a stop on USC Transit’s A Route; the parking garage offers preferred spaces for low-emitting and fuel-efficient vehicles as well as abundant bicycle storage. Hilliard says that these and other features are “amenities you might expect in a first class apartment building.” These include a 24-hour fitness center, a computer lab, nine-foot ceilings, walk-in closets, and high-end kitchens including granite slab countertops.
The project is being financed with a $55 million construction loan provided by US Bank. The equity investment was by the CityView Los Angeles Fund with building partner, Symphony Development.
The 161 apartments at West 27th will include 60 studio units, 44 one-bedrooms, 42 two-bedroom units and 15 four-bedroom units. The units will range from 425 square feet to 1,364 square feet, with rents ranging from $730 to $2,042.
In last year’s report on the project, CityView said that Atlanta, GA-based Place Properties had been retained to spearhead lease-up and property management services.
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