LOS ANGELES—San Francisco-based developer Carmel Partners' is set to open the doors of its long-awaited mixed-use multifamily project Eighth & Grand this summer. The massive 700-unit property will bring a 42,000-square-foot Whole Foods Market to the Downtown area, serving not only the residents but also the community as a whole. The Whole Foods is scheduled to open in November.

“With our central Downtown Los Angeles location and size, our vision was to be transformative to the neighborhood and create a destination,” Neils Cotter, VP of development at Carmel Partners, tells GlobeSt.com. “We are taking what was otherwise a three-acre void in downtown and creating a fantastic place to live with an active street presence with both retailers and pedestrians. We wanted to offer a product with modern amenities that meet a growing demand for an urban, sophisticated lifestyle. We designed a new building facade, doubled the project amenities and redesigned the retail to accommodate downtown's first Whole Foods. Eighth & Grand is designed to appeal to a new era of downtown dwellers ready to embrace a vibrant metropolitan community where work and play easily come together.”

Located at 770 S. Grand Ave. in Downtown Los Angeles, the 700-unit property has a mix of studio, one- and two-bedroom apartments that range in size from 516 square feet to 1,323 square feet. Interior units feature 9-foot ceilings, Frigidaire appliances, Brizo plumbing fixtures and wood laminate or polished concrete floors. The property is fully amenitized, with everything from a resort style pool, rooftop deck and barbeque area to a 25-seat theater, pet wash and a Zen sculpture garden. In addition to the 42,000-square-foot Whole Foods Market on the ground floor, the property has 8,000 square feet of ground floor retail space. While the property officially opens in the summer, Carmel is launching pre-leasing efforts in the spring. “The buzz around the building and the response from the community has been incredible to date,” says Cotter. “We've had a steady stream of interest, with pre-leasing at Eighth & Grand kicking off in early spring and first units delivered this summer. We expect to reach full occupancy in 2016.”

Located on a three-acre lot, the property is in an area popular for developers because of its proximity to LA LIVE and the Staples Center. Carmel bought the property in 2012 from Astani Enterprises for $63 million in a transaction that included entitlements and building plans. This is the developer's first Downtown Los Angeles project, although it owns other properties in Los Angeles. “People choose to live near where they work or play,” says Cotter. “In terms or work, there are plenty of job in downtown, but also a tremendous shortage of quality housing. In terms of play, downtown continues to grow, quickly becoming one of Los Angeles' most desirable and exciting neighborhoods. Eighth & Grand is centrally located and at the crux of the Financial District, Historic District and South Park/LA Live. Hundreds of new dining, retail, entertainment venues and public transportation are within walking distance.”