Another modular high-rise in the works for Downtown L.A.

A prolific Los Angeles-primarily based actual estate improvement firm with a penchant for modular building has types on yet another project in Downtown.

Bolour Associates, a Beverly Hills-dependent firm which funds and develops tasks, announced very last week that it had provided a $11.5-million loan for the acquisition of an industrial web-site at the southeast corner of 12th and Olive streets in the South Park neighborhood. Current improvements – which includes brick warehouses courting to the early 20th century and surface parking – are slated to be razed to make way for a new multifamily residential advanced.

1200 S Olive StreetGoogle Maps

“Bolour proceeds to actively lend on land and progress alternatives throughout Southern California, like this mortgage supporting the acquisition of a vacant industrial developing and 30,476-square-foot land site in the coronary heart of Downtown Los Angeles,” reported Bolour’s main executive officer Mark Bolour in a assertion. “This parcel will quickly be entitled and reworked into a 16-tale, 356-device modular multifamily advancement providing much-desired, extremely amenitized apartment inventory in L.A.’s city middle.”

A title lookup for the residence lists the buyer as an entity affiliated with Appropriate Group, which compensated $16.5 million for the site. The Hollywood-dependent developer is now planning two modular high-rise condominium properties close by at 845 S. Olive Road and 252 S. Spring Street which would create a mixed total of almost 700 residences. The firm’s other tasks consist of a proposed revamp of the Morrison Lodge on Pico Boulevard.

The 12th and Olive Web-site is hemmed in by the Aven apartment tower and the Wren growth, both of those crafted by Mack Serious Estate Team. That company also owns a number of other parking plenty in the surrounding vicinity, which slated for redevelopment with apartment and lodge towers.