LOS ANGELES-Seattle-based American Life Inc., a real estate development and management company that specializes in EB-5 equity funding from overseas investors, and Portland, OR-based Williams/Dame and Associates, the development firm behind the city’s innovative “South Park” residential towers, have broken ground on a dual hotel project in the heart of downtown. The project is being built by Sodo Builders LA LLC, with architecture by Portland’s GBD Architects, structural engineering by DCI and interior design by Seattle’s Degen & Degen.
As GlobeSt.com previously reported, the project—which encompasses a 174-room Courtyard by Marriott and a 218-room Residence Inn by Marriott, including 11,754 square feet of meeting facilities and 5,100 square feet of restaurant space—totals 373,000 square feet and is anticipated to cost $172 million.
Due for completion in Summer 2014, the hotels will add nearly 400 rooms to the property, which is adjacent to L.A. Live. Foundation footings will begin pouring this week, and officials say the project will further revitalize the area, create over 1,000 jobs, generate millions in revenue for the city and serve as a significant boon to convention business and the tourism industry.
The hotels will be located at the corner of Olympic Blvd. and Francisco St. on an entitled site the developers purchased from AEG, the owner/operator of L.A. Live, the 4-million-square-foot sports, residential and entertainment district that has further fueled the renaissance of the downtown area that began when the company broke ground on Staples Center in 1998. The hotels will be managed by Marriott International and will be the only nationally branded extended-stay and select-service venues within walking distance of the Los Angeles Convention Center. The Residence Inn will be a good option for families, while the Courtyard offers a variety of price points, appealing to a diversity of guests.
As GlobeSt.com previously reported, in April American Life completed phase one of its Home Place Center office and retail building in Seattle. Greg Steinhauer, COO of the firm, told GlobeSt.com at the time that total cost of the development of the first phase was $75 million. The six-story 142,000-square-foot building was designed by Freiheit & Ho Architects, with Sodo Builders LLC as the general contractor.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
