LOS ANGELES (August 10, 2016) - MacFarlane Partners, a real estate investment manager that specializes in investments that promote smart growth, urban revitalization and sustainability, announces the groundbreaking of the first phase of its Park Fifth development in Downtown Los Angeles.
The first phase of Park Fifth will be a seven-story mixed-use apartment building consisting of 313 units totaling 221,000 net square feet and 7,456 net square feet of retail.
“Downtown Los Angeles continues to experience dynamic growth and our Park Fifth project, directly adjacent to the world-class public space of Pershing Square, will be an ideal location for those who desire high-end amenities coupled with access to multiple transportation options,” said Ken Lombard, president of MacFarlane Partners.
The Park Fifth development includes mid- and high-rise residential buildings of 600,000 gross square feet of multifamily residential and retail space on a 2.3-acre parking lot that is directly across from Pershing Square and diagonal to the historic Millennium Biltmore Hotel. It is adjacent to the Pershing Square Metro Station, which provides commuters with underground-rail access to points throughout Los Angeles. The site also is located along the planned route of Downtown’s restored historic streetcar line.
Amenities at Park Fifth will include: a 14,000-square-foot courtyard, a pool deck with a zero-edge 60x20 foot pool, cabanas, poolside bar, hot tub, BBQ areas and out-door dining areas; an indoor/outdoor fitness center with cardio, weight room and fitness on demand; resident lounges with multiple entertainment and media offerings, including bar, kitchen, ample seating, private dining and televisions.
Construction on the first phase of Park Fifth began on July 25, 2016 with expected delivery in the first quarter of 2019.
The architect of the first phase of Park Fifth is Ankrom Moisan Architects. Bernards is the general contractor.
About MacFarlane Partners
MacFarlane Partners is a real estate investment management and development firm with approximately $3 billion in assets managed on behalf of some of the world’s largest pension plans and institutions. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and today is a leading investor and developer of properties that promote smart growth, urban revitalization and sustainability in urban and high-density suburban areas nationwide. It is headquartered in San Francisco, with regional offices in Los Angeles and Washington, D.C. For additional information, please visit the firm’s website at www.macfarlanepartners.com.
# # #