LOS ANGELES—Developer Trumark Urban has acquired an entitled land site in the Downtown Los Angeles neighborhood of South Park with plans to build a 24-story, 151-unit condominium complex. Located at W. 11th Street and S. Grand Avenue, the development will cost an estimated $100 million.

This project is the developer's foray into the downtown market. According to Trumark Urban managing director Arden Hearing, this is an A+ site that met the firm's entry-to-market requirements. The downtown market has a very limited supply of for-sale condominiums, but a very high demand. The firm seeks to fill that void, starting with this project and hopefully others. It is currently under contract to purchase a second development site for another condo project. Once the sale is complete, Trumark plans to launch construction efforts on that site later this year.

The South Park project currently underway was entitled just before the financial crisis in 2007. The developer will spend the rest of the year designing and obtaining the necessary permits for the project. Ground breaking is scheduled for January 2015 with delivery in early 2016.

Although design plans are still being finalized, developers want the property to have a contemporary design aimed at a younger buyer. The property will have all of the millennial-targeted amenities, including a sky pool lounge with outdoor fire pits and barbeque areas, a pet washing station, a movie theater and community and business centers.

With this project, Trumark Urban has 10 ongoing projects between Los Angeles and San Francisco totaling $750 million, including a condo project in San Francisco that broke ground last year valued at $300 million. Trumark Urban was unable to comment on this development before the publication of this story. We will update with more information as it becomes available.