Jade Enterprises plans 379-unit resi complex in Fashion District

Site is a retail strip Jade purchased for $24M last year

Oct.October 06, 2016 11:00 AM

For Jade Enterprises, the residential market doesn’t seem to be losing its luster.

The prominent Los Angeles landlord filed a plans Wednesday to bring a 379-unit mixed-use residential and retail complex to an underused site in the Fashion District, according to city documents.

The development calls for an eight-story building on the corner of 11th Street and South Main Street, which is now the site of a retail strip. The 1.3-acre site is currently zoned for manufacturing. Jade acquired the bulk of the eight-parcel site as part of a $24 million portfolio buy last August, according to CoStar.

Of the 379 units, about 42 will be reserved for very low-income households.

A spokesperson for Jade would not comment on the plans.

The developer has a number of major projects in the works, including the nearby “Emerald,” which calls for 154 apartments and 10,000 square feet of commercial space at 1340 South Olive Street.

Jade has long been a major landlord in Downtown’s commercial submarket but recently began investing in residential projects, too. In its gem-themed multifamily series, there’s also the 410-unit Onyx in South Park and the 159-unit Topaz, which is under construction in the Historic Core.

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