Realm Group and Urban Offerings are moving forward with a high-rise residential project in the Fashion District.
Newport Beach-based Realm Group closed on a 1.7-acre parcel for the project at 222 E. 7th Street, paying $24.3 million, according to the Los Angeles Business Journal. Realm and Urban Offerings have plans to build a 33-story, 452-unit apartment tower they are calling “7th and Maple.”
The firms secured approval for the project in the fall from the Los Angeles Planning Commission, but not everyone agrees with the development. Critics protested near the site about a week after the planning commission approved the plan, upset that a tower with mostly market-rate units will go up near Skid Row, the largest homeless community in the city. The tower will include 50 units for “very low income” residents, but critics said that many homeless individuals wouldn’t qualify for the units.
The site is currently a parking lot. The developers plan to include 13,600 square feet of ground-floor commercial space in the tower. There are also plans for a pool terrace on the sixth story and a dog park.
It’s one of the first high-rise projects being proposed in the Fashion District, but not the only one. Lena Group is one step ahead with its 948-unit mixed-use City Market project, which includes a 38-story tower. The City Council gave the project the green light last month. [LABJ] – Dennis Lynch