Oregon developer plans 285-unit mixed-use project in Chinatown

Firm wants to build a 266K sf property near LA State Historic Park, area ripe for redevelopment

TRD LOS ANGELES /
Dec.December 07, 2018 09:00 AM
nbpCapital founders Spencer Noecker and Lauren Noecker Robert, and 200 Mesnager Street

A developer is planning 285-unit mixed-use project in Chinatown near the Los Angeles State Historic Park, an area that that is poised for major redevelopment.

Portland, Oregon-based nbpCapital applied for permits for the project on a 66,500-square-foot lot at 200 Mesnagers Street. The permits call for a seven-story building. The firm has said the project would be 266,300 square feet. It acquired the property in August for $15.2 million.

The site is now a cold storage facility and is surrounded by similar light manufacturing and warehouse space, but is directly across from the park — nicknamed Cornfield Park. It is a former brownfield that was developed into a park, which cost $20 million.

The park is at the center of the city’s Cornfield Arroyo Seco Specific Plan, which rezoned 660 acres to draw development. Developers have taken advantage of the new zoning.

More recent projects include a 920-unit project that Lincoln Property Company and Steve Riboli have planned on the opposite side of the park. Chef and restaurateur David Chang opened his Majordomo restaurant earlier this year about two blocks away from nbpCapital’s site.

Developers have also invested outside of the specific plan area. Barings and World Class Property Company bought a development property on Main Street for $14.6 million earlier this year. Townline and Forme Development filed plans in June for a 27-story mixed-use project in Chinatown’s core near Central Plaza.


Related Articles

arrow_forward_ios
California State Senator Scott Wiener and Construction Trades Council President Robbie Hunter

Construction union pulls “anti-Semitic” Scott Wiener attack ad

Construction union pulls “anti-Semitic” Scott Wiener attack ad
Federal authorities charged developer Serena Shi in an alleged $20 million EB-5 scam

Coachella condo project at center of $20M alleged EB-5 fraud

Coachella condo project at center of $20M alleged EB-5 fraud
California State Senator Scott Wiener

Coronavirus could hurt LA’s density push

Coronavirus could hurt LA’s density push
Renters across LA are at their wits end with construction and renovations (Credit: iStock)

LA renters stuck at home are fed up with ‘disruptive’ construction projects

LA renters stuck at home are fed up with ‘disruptive’ construction projects
Mayor Eric Garcetti and SoFi Stadium Justin Sullivan and Scott Varley/MediaNews Group/Torrance Daily Breeze via Getty Images)

LA will shut down construction sites that don’t follow COVID-19 guidelines

LA will shut down construction sites that don’t follow COVID-19 guidelines
Architect Simon Park and a rendering of the project (Credit: SSPSTUDIO ARCHITECTURE & URBAN DESIGN)

Boyle Heights slated for another mixed-use project

Boyle Heights slated for another mixed-use project
Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

The threat of fire doomed this Tujunga resi project. Now the developer will sue
6550 South Normandie Avenue (Credit: Google Maps)

Haroni Investments to turn parking lot into new apartments

Haroni Investments to turn parking lot into new apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...