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Projected spending on the top 10 construction projects in the city of Los Angeles for 2021 totals nearly half a billion dollars, with the top-two developments both nine-figure projects.
The Real Deal crunched the numbers from all new building permits filed in L.A. last year and ranked the top 10 developments by cost. Residential buildings dominate the list, but the priciest project is a massive office development in Universal City.
NBC Universal is building a 400,000-square-foot office campus at the Universal Studios backlot on the corner of Universal Hollywood Drive and Lankershim Boulevard at an estimated cost of more than $152 million. The 11-story building should be completed in 2023.
A 37-story apartment tower is on the rise in Koreatown, featuring 375 units plus a 160-room hotel and an eight-story parking garage, all at a cost of just under $147 million. Holland Partner Group is the project developer and MVE + Partners is handling the design concepts and construction.
The next-costliest project is less than a third as expensive — a nearly $42 million apartment building in Hollywood with 184 units.
Fairfield Development is constructing a 5-story, 275-unit building in Canoga Park with a price tag of $40 million.
CIM Group is working on a $25 million, 3-story office project in West Adams, and prolific Koreatown developer Jamison Properties is building a 114-unit multifamily project for $18.5 million.
A $13 million, 51-unit project is going up at the edge of Rose Hill Park, a $12 million self-storage facility is being built in Vernon, and an $11 million, 69-unit residential building is underway in West Adams.