LOS ANGELES—Trumark Urban has begun construction of TEN50, a $110-million luxury high-rise condominium development in Downtown Los Angeles. Once complete, the project will be the first high-rise residential building to come online in nearly a decade. The groundbreaking ceremony was held last week with several high profile real estate professionals in attendance.

“DTLA currently has a lot of apartments, but there are very few condominiums. We believe the time is right for DTLA to add more for-sale housing, and we are confident this area will continue to grow into a world-class urban center,” Arden Hearing, managing director at Trumark Urban. “Trumark Urban prides itself on seeing coming trends. In fact, we were among the first in San Francisco to come out again with condos for sale, and we see very similar market dynamics present in DTLA. During the last development cycle, DTLA was just getting its footing. But since the downturn, DTLA has evolved at a pretty incredible pace, so we feel that this is just the beginning of a remarkable wave of development in the area. We're thrilled to be leading the charge on the condo development side.”

Located at 1050 S. Grand in Downtown Los Angeles, the property stands 25 stories tall with 151 one- and two-bedroom units as well as two-story, two-bedroom penthouses. The building amenities will feature the standards: a pool, spa, fitness center and cabanas, as well as some standouts: indoor and outdoor private dining areas, a yoga garden, green spaces with barbeques and a fire pits, a screening room. The property will also feature the first-ever drone landing pad on the rooftop. The drone landing pad will be used to deliver packages to residents, curbing the increase in deliveries from ecommerce sites. “We see TEN50 as a great opportunity to take residential DTLA living to a new level and raise the bar on the design-side,” Hearing explains. “No project currently in development will have the resort-style amenities and glamorous finish package that TEN50 will have.” The property is expected to open in September 2016.

Trumark handpicked this site because of its fantastic location. Not only is it downtown, but it is located within easy access to the Orpheum Theater, Staples Center, L.A. Live, FIGat7th and the Los Angeles Convention Center. “No other part of Los Angeles can offer the same dynamic atmosphere that DTLA exudes. It's palpable. Our mission at Trumark Urban is to go into great places like DTLA and make them even better,” says Hearing. “We bought a surface parking lot that was devoid of life and activity, and we're about to turn that corner at 11th and South Grand into a hub of life 24-hours a day, with a vibrant street scene that anyone in the world can enjoy.”

The developer is known for planting condominium projects in booming rental markets. In fact, the division of Trumark Cos. is founded on it. It launched in 2013 with plans to build 500 for-sale units in San Francisco. Now, it is bringing that for-sale philosophy to DTLA. “TEN50 is our first high-rise in Los Angeles, but not our last,” says Hearing. “We opened an office across from the site in January and are currently in talks with other sites throughout L.A., in highly desirable sub-markets.”