Carmel Partners plans 600-unit condo complex in Arts District
While some are holding off until the next cycle, many developers just can’t get enough of the Arts District.
A development firm has proposed a mixed-use development for a two-acre site at 520 to 532 South Mateo Street and 1310 East 4th Place, city planning documents show. The Real Deal determined the owner to be the San Francisco-based Carmel Partners.
In the lot bound by Mateo Street, 4th Place and Santa Fe Avenue, Carmel is planning to build a residential complex of 600 live-work condos on top of 60,000 square feet of commercial space. The industrial building on the lot would be demolished under the plan, Urbanize reported. It was built in 1988.
Carmel purchased the 89,000-square-foot site last October for $24 million in an off-market sale, according to CoStar. The seller was the Erwin Essie Appel Family Trust.
In its environmental review case report, the developer is filing a general plan amendment and a zone change.
Just down the street, another large development is in the words — At Mateo, a 53,000-square-foot creative office conversion by a joint venture between Blatteis & Schnur and ASB Real Estate Investments.
Meanwhile, Carmel Partners has a full plate. The firm is currently developing a 700-unit residential complex at 770 South Grand Avenue, as well as a gigantic 11-acre parcel — one of the largest proposed developments in L.A. County — that would feature residential, commercial and retail space. [Urbanize] — Cathaleen Chen