Developer Cityview has secured funding from Opportunity Zone investors for a 296-unit mixed-use project near the University of Southern California. The complex will target college faculty and staff.
The Century City-based firm plans to break ground this month and wrap construction by early 2023.
The complex is slated for 2528 South Grand Avenue and dubbed Adams & Grand for the intersection there. The site is about a half mile from the USC campus.
Humphreys & Partners Architects designed the project. The complex is seven stories with 5,000 square feet of retail space and two rooftop decks.
The units are a mix of 125 studios, 87 one-bedroom units and 84 two-bedroom units. Some units will have balconies. The developer has set aside 28 units at below market-rate prices.
The units are catered “to college faculty and staff, other professionals and students,” said Cityview CEO Sean Burton. Amenities include a club room, gym, pool, pet run and wash station, and an outdoor lounge.
Cityview puts new projects in the pipeline at a regular pace and last December sold three of its ground-up projects — a 174-unit multifamily building in Warner Center, a 346-unit Koreatown complex, and a 240-unit complex in Costa Mesa.
Opportunity Zone investors are able to defer capital gains taxes through 2026. Investors will receive reductions on those taxes if they keep their money in an OZ project for longer than that. The program has been criticized for failing to meet its goal of helping the nation’s poorer communities through investment. Some have called the program nothing more than a tax break for developers.