(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SANTA MONICA, CA-A joint venture between Century West Partners and Cigna has broken ground on the first phase of the Gibson at 7th & Arizona, a two-building, 106-unit upscale apartment development here. The project, set for completion in late Summer 2013, will be the joint venture’s first apartment development in the Santa Monica market and its third development in the Los Angeles area. Projected construction costs were not revealed to GlobeSt.com.
As GlobeSt.com previously reported, Century West Partners was formed last year and is headed by veteran residential developers Michael Sorochinsky of Cypress Equity Investments and Randy and Steve Fifield of Fifield Cos. “Bringing the Century West brand to the Santa Monica market is an exciting opportunity for us,” said Sorochinsky in a prepared statement. “This is a highly desirable location that will offer residents immediate access to some of the best cultural and retail destinations the Los Angeles area has to offer.”
The new complex will be close to the Third St. Promenade, Santa Monica State Beach and Santa Monica Pier. It will consist of two adjacent five-story buildings at 1317 7th St. and 702 Arizona Ave. The property will offer 142 structured parking spaces, bike storage, a fitness center, business center and outdoor pool.
“We believe that this development will meet an important need in the market and deliver luxury living to one of the premier locations in the Los Angeles region,” said Steve Fifield in the statement.
The area immediately surrounding the property has experienced extensive redevelopment, with the newly remodeled 104,000-square-foot, two-story public library located one block east. Also, the redevelopment of the nearby Santa Monica Market Place Mall was recently completed, creating a multi-million-dollar shopping, entertainment and dining location within the downtown area.
In May, the firm broke ground on the first phase of Avant at 1360 S. Figueroa and Avant at 1355 S. Flower. The buildings will feature a combined 247-unit luxury apartments and 11,000 square feet of ground-floor restaurant and retail space. The first phase of Avant is scheduled for completion in November 2013; phase two will consist of 193 units at 1420 S. Figueroa.
Century West Partners also recently broke ground at K2 LA, a two-building, 303-unit luxury apartment development in the Koreatown neighborhood of L.A.
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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.
