Analysts say Downtown Los Angeles is at risk of being oversupplied with luxury apartments — a theory which will be tested as more projects open for leasing.
Carmel Partners’ 33-story, 363-unit glass tower is up next. The development, which is rising at Eighth and Olive Street in South Park, will begin pre-leasing in early December.
Artist rendering of an Atelier unit
Dubbed Atelier, the project follows Carmel’s 700-unit Eighth & Grand project above Whole Foods, which is “over 50 percent leased,” according to a spokesperson for Carmel. CoStar analyst Steve Basham has cited rent and parking concessions Carmel offered at Eighth & Grand as evidence DTLA’s luxury sector is slowing.
Artist rendering of unit
Atelier includes luxury studio, one-, two- and three-bedroom units, as well as penthouse residences, with floor to ceiling windows. Designed by Solomon Cordwell Buenz, its target renters are “affluent urban-dwellers,” Dan Garibaldi, a managing partner at Carmel Partners, said in a statement.
Artist rendering of lounge area at Atelier
Atelier’s fifth floor will have an amenity deck with a 25 meter long Olympic-size lap pool and spa; poolside cabanas with HD televisions; a BBQ and game terrace with a regulation bocce court and fire pits; a dog run and pet spa; and a yoga patio. A roof terrace 340 feet in the air will have pool tables and entertaining spaces.
The project will have 9,900 square feet of retail space. Floorplans range in size from 466 to 1,842 square feet, and will have keyless entry locks accessible by phone. Rent prices have not been set, according to the spokesperson.