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The Real Deal Los Angeles

Atlas, Square Mile plan 430 units on plot near Arts District

Project will include roughly 8,700 square feet of retail
By Subrina Hudson | February 02, 2017 01:00PM

Center Street lot, Len O’Donnell (Google Maps/USAA Real Estate Co.)

UPDATED: Jan. 3 2.15 p.m.: The development boom in the Arts District is causing neighboring areas to see new projects.

Plans for a large mixed-use project at 234 North Center Street, just north of the Arts District near the Los Angeles River, were filed with the city Thursday, planning documents show.

The developer wants to build 430 units, with 47 set aside for low-income residents, as well as 8,742 square feet of retail.

The property is owned a partnership between Atlas Capital Investors, Square Mile Capital Management, and USAA Real Estate Company, which acquired the site for $357.4 million in 2014.

The deal was acquired through Atlas, Square Mile and USAA’s purchase of the real estate investment trust EVOQ Properties, which owned more than two million square feet of rentable space and more than 13 acres of prime development land in Downtown Los Angeles, including this parcel.