Circa opens in DTLA with $25K-per-month penthouses, 14% of units leased

The developers estimate it will take a year to lease out all the units in the $500M project

From left: Jamie Lee, Circa, Scott Dobbins. (Courtesy TRD, Circa)
From left: Jamie Lee, Circa, Scott Dobbins. (Courtesy TRD, Circa)

Circa has officially opened its doors in Downtown Los Angeles.

The $500 million project, developed in partnership by Hankey Investment, Jamison Services and investor Shawn Zackary, brings a flood of new luxury units to the Downtown market, which is already inundated with several residential high-rises.

Located on Figueroa Street, the twin 35-story towers span 2 million square feet overall. There are 648 apartments, two swimming pools, fire pits, indoor and outdoor yoga spaces, and 2,000 parking spots, the Los Angeles Times reported.

On the buildings’ exterior, a massive LED screen covering 18,000 square feet pours bright light onto the streets abutting the L.A. Live and Los Angeles Convention Center.

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Rents for a one-bedroom apartment start at $3,000 per month, while the penthouses demand a steep $25,000 monthly.

Circa is currently 14 percent leased. It’s likely going to take more than a year to lease the property, Scott Dobbins, president of Hankey, told the Times.

The eye-catching residential project is just one of the many developments shaping the skyline in DTLA. There are more than 6,000 units expected to hit the market this year in the area. One example nearby is Oceanwide Holdings Co.’s Oceanwide Plaza, a sprawling project consisting of three mixed-use towers with condos, a hotel and retail, which topped out earlier this year. [LAT]—Natalie Hoberman