Park Fifth, the highly anticipated luxury apartment community in Downtown Los Angeles, has officially opened. Developer MacFarlane Partners and construction company Suffolk have delivered the two-tower 347-unit apartment project. It features 24-story high-rise building, and the adjacent Trademark, a seven-story mid-rise building in overlooking Pershing Square in Downtown Los Angeles.
"We knew from the outset that the downtown market—with the number of class-A apartments scheduled to be delivered around the same time as Park Fifth—that the market would be competitive," Victor MacFarlane, chairman and CEO at MacFarlane Partners, tells GlobeSt.com. "Nonetheless, we believed that we were going to deliver one of the best, if not the best apartment community in the market. The initial reaction to and leasing of Park Fifth has been outstanding. The response has been overwhelmingly positive about the design, the units and the amenity package."
The final product is exactly as was conceived by the architects and developers. "The renderings of the project were produced by the architects at Ankrom Moisan Architects very early on after the project was conceived, and we're proud that we were able to deliver a final product that was identical to what the team had envisioned," Bernie Morrissey, VP of operations at Suffolk, tells GlobeSt.com. "The material selections and finishes of the 24-story, cast-in-place concrete project helped give it a distinguished look in the center of a newly revitalized downtown Los Angeles, which all partners were very pleased with."
The property is located at Pershing Square in Downtown Los Angeles on a historic site. As a result of the location, there were some challenges in the construction. "With the historic TGB building adjacent to the east and another active construction project to the north, we had to synchronize logistics and work closely with city officials due to the high-traffic areas on 5th Street and Olive Street," says Morrissey. "This made deliveries and exceptionally challenging with everything having to be scheduled "just in time" to allow for transport, delivery and staging. Another factor that made for a difficult project site included having to track frequent events at Pershing Square Park and scheduling any major construction activities around recurring events so as to not cause interruptions."
In addition, the grade of Olive Street also presented a challenge. "Olive Street is also very steep, which made it a challenge to set up the assist crane there, but close collaboration with city officials and all partners brought the project together, which creates a quiet and peaceful place in the middle of bustling downtown Los Angeles," says Morrissey.
So far, there has already been significant interest. In fact, MacFarlane expects to lease up the property by the third quarter. "The interest has been outstanding so far and we have no reason to doubt that it will continue to be positive," says MacFarlane. "We designed this property to hold up for the long-term."
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Kelsi Maree Borland
