A large live-work loft development in the Arts District that was first proposed in 2014 is again moving forward, with plans to demolish the existing warehouse to make way for the complex. It would add to the growing list of construction projects in the booming area.
Beverly Hills-based Bolour Associates wants to build a 310-unit apartment complex at 527 S. Colyton Street. The 12-story building would encompass 320,000 square feet. The number of units — expanded two years ago from the original design — will include studios to three-bedrooms, Urbanize reported. Thirty of the units would be set aside for very low-income families. There will also be 27,400 square feet of commercial space.
A 10,000 square-foot warehouse is set to be razed to make way for the new development.
Portland, Oregon, based Ankrom Moisan Architects designed the project, which is highlighted by a seven-story opening for an open-air plaza. Construction is expected to last more than two years, with the opening slated for 2023, according to a city report.
Bolour acquired the property for $5.4 million in 2014, property records show. Nearby, Bolour and Greystar are building a 320-unit mixed-use project called the AMP Lofts.
The projects are among several planned in the area. Last month, the City Council approved AvalonBay’s live-work project that will bring 475 units to the district. And Tishman Speyer is planning a three-building office campus spanning 203,000 square feet there as well.[Urbanize] —