Plans are set for the construction of a 350,000-square-foot creative office dubbed Above, along 411 South Hewitt Street, in the expanding Arts District of Downtown Los Angeles, California.
The project’s developer, Legendary Group, has already won rights to construct the speculative creative office that will have 311,000 square feet of office space spread across 12 floors and 22,000 square feet of ground-floor manufacturing space, as well as retail or food and beverage space.
A decade ago, the Arts Zone was a decaying warehouse district, but it has witnessed a revolutionary reconstruction boom since then. The area has attracted development, with developments ranging from the members-only social club Soho House to a Related Companies office tower.
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In addition, the submarket is a federally recognized opportunity zone, allowing investors to postpone capital gains taxes if they invest in real estate.
Implementation of the project
Construction of the Above, will begin next year and will be completed by early 2026. The proposal calls for several, high-clear areas on the bottom level and throughout the stack, which is geared toward an explosion of production and creative tenants in need of volume space.
According to Brittany Winn, who together with Cushman & Wakefield’s Mike Condon Jr., McKenna Gaskill, Pete Collins and Scott Menkus are leading the leasing efforts for Above, over 25% of the 4 million square feet of new enquiries in the Arts District in the previous year have indicated a desire for high-clear space.”
Atlas Capital Group launched a $650 million soundstage development in the Arts District in May, while SteelWave paid $80 million for a freshly developed office and retail campus from CEG Construction. Rexford Industrial Realty paid $94 million for a four-building creative industrial business park last summer.
Continuum Partners also intends to construct a $1.5 billion to $2 billion project in the Arts District that would include more than 400,000 square feet of office space, a hotel, and 1,500 residential units, as well as a 13-story mixed-use tower on Mateo Street.