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The Real Deal Los Angeles

Greystar plans Arts District live-work complex

Project on Alameda Street calls for 186 lofts and 22,340 sf of commercial space

September 06, 2016 12:40PM
By Cathaleen Chen

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The warehouse at 330 South Alameda Street and Greystar CEO Bob Faith (Credit: Loopnet, Greystar)

The warehouse at 330 South Alameda Street and Greystar CEO Bob Faith (Credit: Loopnet, Greystar)

Greystar of Charleston, South Carolina has become the latest developer to seize upon Downtown L.A.’s Arts District.

The firm filed plans last week to construct a seven-story mixed-use complex with 186 live-work lofts, 22,340 square feet of commercial use and 402 parking spots according to city documents.

The site at 330 South Alameda Street is currently occupied by a 31,456-square-foot industrial building, CoStar shows, and is owned by an LLC in connection with ZDI, Inc., a Santa Monica-based development firm.

The property last changed hands since 2000, according to property records.

Less than a mile south, Los Angeles developer Hillcrest Company recently proposed a 122-unit live-work complex at the corner of 7th and Decatur Streets. Also nearby,San Francisco-based Carmel Partners is planning a mixed-use development for a two-acre site at 520 to 532 South Mateo Street.

In July, Greystar acquired a 215-unit Rancho Palos Verdes apartment complex for $105.5 million in one of 2016’s priciest multifamily deals. The firm — which also has projects in Hollywood, Santa Monica, Culver City, Glendale and North Hollywood — could not be immediately reached for comment.

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