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LA County closes $302M in financing for Koreatown tower
The project is the county's new administrative building, part of a larger redevelopment complex
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