LOS ANGELES-Houston-based multifamily developer Hanover Co. will break ground during the second quarter of 2013 on Olympic and Hill, a mixed-use apartment building in Downtown L.A. designed by TCA Architects. The project scheduled for completion in 2015.
Olympic and Hill will contain 298,653 square feet of residential space, including 281 apartments and 5,564 square feet of live/work lofts, in addition to 16,000 square feet of retail space. The building will feature six stories of apartments over one-story, ground-level retail and two levels of basement parking.
The 1.47-acre site is located in the heart of Downtown L.A. on the northwest corner of West Olympic and South Hill St. The site enjoys exceptional access to the interstate system and local thoroughfares and has direct access to L.A. Live, the Staples Center, the Fashion District and the University of Southern California campus.
GlobeSt.com was unable to reach the developer before deadline to discuss anticipated construction costs for the project.
As GlobeSt.com reported in November 2012, Hanover Co. has broken ground on an apartment project just south of the well-known Uchi restaurant on South Lamar Blvd. in Austin, TX. Industry sources reported at the time that construction for Hanover South Lamar would start in November 2012 and will be finished in fall 2014.
Also, as GlobeSt.com reported earlier this week, mixed-use property construction has become quite prevalent in the county as more walkable urban spaces are sought by residents.
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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.
