LA County closes $302M in financing for Koreatown tower

The project is the county's new administrative building, part of a larger redevelopment complex

TRD LOS ANGELES /
Jul.July 27, 2018 10:00 AM
510 S. Vermont Avenue

Los Angeles County secured $302 million in financing for an administration building at 510 S. Vermont Avenue, part of a larger development project in that area.

The mortgage for construction of the 21-story, 468,000-square-foot building came from a public-private partnership between L.A. County Facilities Inc., and Public Facilities Group of Seattle, a a nonprofit set up for financing such projects, according to Los Angeles Business Journal.

The term of the loan is 33 years. The county will pay the debt in the form of a ground lease from the city of Los Angeles, and will own the property after paying it off.

Trammel Crow Company and San Francisco-based Hathaway Dinwiddie are involved in development. Gensler architects designed the tower.

Construction on the tower is scheduled to begin on August 9. The project will replace a vacant, low-slung county-owned building and a parking lot on the property. The tower will include 13 floors of office space above eight levels of parking and will include a 10-story parking structure next door.

County officials approved the redevelopment of the property and two neighboring properties in 2016.

A 12-story county building next door will be converted into an apartment building with ground-floor retail, according to Urbanize. [LABJ] — Dennis Lynch 


Related Articles

arrow_forward_ios
Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Michael Sorochinsky, Steven Fifield, Mike Parrell, and Next on Sixth

Big deal: Sam Zell’s Equity Residential buys 398-unit Koreatown resi complex

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development

Bob Halavi and 827 South Grand View Street (Credit: LinkedIn and Google Maps)

This 60-unit resi project would add to MacArthur Park’s growing pipeline

Top to bottom: a rendering of the project and a photo of the site at 3170 West Olympic Boulevard (Credit: Google Maps)

Koreatown hotelier sells shovel-ready development site entitled for 252 units

Domvs London co-founder Barry Watts and 800 Tortuoso Way (Credit: Linkedin, Dougas Elliman)

Developer lists a third of Park Bel Air for reduced price of $45M

From left: Comerica Bank CEO Curtis Farmer, Jamie Lee and 2842 West James Wood Boulevard (Credit: LinkedIn and Google Maps)

Jamison nabs construction loan on another big resi project

arrow_forward_ios