SCG America, the U.S. subsidiary of Shanghai Construction Group, broke ground on a 35-story, 450-unit condo tower and retail complex at 400 S. Broadway on Thursday.
Developer Winfred Zhang is marketing the project as ideal for first-time buyers, the Los Angeles Times reported. But a closer look at the pricing on a per square foot basis shows the development might not be all that different from its neighbors — it’s cheaper because it has taken a New York City-esque approach to unit sizing.
The building will offer units as small as 400 square feet for around $350,000, which equates to about $850 per square foot. Larger units will span up to 1,300 square feet.
While cheaper than Ten50’s condos at $950 a square foot and Metropolis’ price tag at $1,000 per square foot, Perla’s price range isn’t too far off from the average price of a new condo in the area. In August, that number was $802 per square foot, according to the Mark Company. Resale condos trade for about $770 a square foot.
Perla hopes its residents will look beyond the condo’s four walls and take advantage of its common areas, which will include a combined 48,000 square feet of outdoor space. The site’s total square footage spans over half a million.
The $300 million project is slated to have three outdoor decks, swimming pools, cabana lounges, outdoor kitchens, dog runs and outdoor fitness classes. Bakeries, restaurants and coffee shops are expected to lease the project’s street level retail space.
SCG will begin selling the units next spring with completion expected in 2020.
Perla, which was once home to the city’s Chamber of Commerce, is just one of the many residential projects hitting the area. Other Chinese developments in the city include Shenzhen Hazens plan for a residential tower and W Hotel, Oceanwide’s Oceanwide Plaza and Greenland’s Metropolis.
SCG America has other projects in New York and Washington D.C., including luxury condo redevelopment Manhattan View at MiMa and two hotels in Pomona, according to its website. [LAT] – Natalie Hoberman