A new mixed-use property by Carmel Partners in the heart of the Los Angeles Arts District has begun construction. The Forge at Alloy development will include a 127,500-square-foot, six-story office building with retail space, as well as a new 35-story, 475-unit residential tower.
Carmel Partners has hired Cushman & Wakefield’s Los Angeles office to handle the leasing campaign. The building’s front will mimic the Arts District’s old warehouse and industrial architecture and will be located at 530 Mateo Street, between the 4th Street Bridge and Santa Fe Avenue. The building will have high ceilings and plenty of natural light, as well as an elevated outdoor space with lounge sections located between the office and residential buildings. Office occupants will have exclusive access to a rooftop terrace.
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The site will include a new pedestrian and retail paseo that will function as an all-year meeting spot for outdoor concerts, movies and public art displays. The paseo, which will be a rail spur, will connect Santa Fe Avenue with Mateo Street.
Commentary on the Carmel Partners mixed-use development in downtown Los Angeles
“One of the advantages from a leasing standpoint is that we have time on our side,” said Mike Condon Jr., vice chair of Cushman & Wakefield. ” Furthermore, with a late Q4 delivery next year, we should be building through the bottom.”
“Aside from timing, the project design has a tonne of flexibility from a sizing standpoint,” Condon stated. “At plus or minus 120,000 square feet, it is an ideal size for a single tenant user.” Nonetheless, our plus-or-minus 25,000-square-foot floor plates work well with full-floor tenants.”
“We were drawn to the opportunity to develop a mixed-use project in the Arts District, which has been a vital area for commercial and residential growth and demand,” Will Cipes, SVP development at Carmel Partners, explained. “Our vision is to create a unique destination that presents a true live-work-play environment while embodying the industrial aesthetic and creative energy of this cultural hub of Los Angeles.”
