Wren Residences is a 362-unit tower.
LOS ANGELES—Mack Urban and AECOM Capital have delivered the Wren Residences, the first phase of the six-acre development in South Park. The Wren Residences is described by the developer as workforce housing, rather than a luxury development. Located at it Pico Boulevard, Olive and Hill Streets, has 362 for-lease units and is fully amenitized.
“The whole premise of this community was to provide a highly amenitized community that attracted a workforce customer that was in all probability already working in the CBD,” Paul Keller, CEO of Mack Urban, tells GlobeSt.com. “We tried to deliver a product that we did not consider to be luxury but that was very well thought out. This property isn't luxury, but it is a high quality product with very good interior finishes.”
While the residences are targeting a local workforce demographic, they are market-rate units with quality details, like wide plank flooring, stainless steel appliances, quartz countertops and nine-foot ceilings. They hope to capture this demographic that is looking for quality but may be priced out of more expensive submarkets. “We try to look at things through a simple and succinct lens, and when you look at the cost of living in the greater L.A. metro, DTLA offers an affordable alternative to a lot of submarkets, not just within the boundaries within in the City of Los Angeles but also in markets like Santa Monica and Beverly Hills,” adds Keller. “The homes that are being offered in DTLA are more affordable than a lot of other options.”
Mack Urban purchased the land site in late 2013 at a record breaking price of $325 per square foot, which at the time made major headlines for illustrating investor faith in the market and the escalating land prices. Since, the area has exploded. “There were some projects in the planning phase, but there wasn't anywhere near the activity that there is today, both from a midrise and a high rise perspective,” says Keller. “We are very excited with the level of activity.”
The development team won't start the marketing and leasing efforts for another 60 days, after the final touches are made on the property. However, they are very confident that it will be well received. “We are highly confident that the unit mix and unit sizes are going to be appreciated by folks looking to relocate from an existing community or are looking to relocate to another submarket in the CBD,” says Keller.
The developer will now start on phase II of the project, a 38-story tower at Grand Avenue and 12th Street with 536 rental residences, 13,000 square feet of retail space and a 10,000-square-foot park.
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Kelsi Maree Borland
