|
contents | business | |||||||||
| Mack Urban, Aecom acquires land in downtown Los Angeles’ central business district Mack Urban and Aecom Capital, the investment fund of Aecom Technology Corporation (NYSE:ACM), announced the acquisition of six acres of land in downtown Los Angeles' South Park district located in the central business district (CBD). Valued at more than $80 million, this transaction is the largest land acquisition, by acreage, in the CBD since before the U.S. economic recession began during 2008, noted Paul Keller, CEO of Mack Urban. The seller was EVOQ Properties. "Mack Urban is building a portfolio of class A, institutional quality, highly amenitized multifamily residential developments in West Coast gateway cities. This acquisition of land in L.A.'s South Park is a major component of our plan, " said Richard Mack, CEO of Mack Real Estate Group. "Just as importantly, Mack Urban and Aecom believe that these buildings will provide a special investment offering for institutional investors, who are looking for long-term class A multifamily ownership opportunities in select West Coast urban markets. We are pleased that Aecom shares our vision, and we hope that this will be the first of many partnerships." The project is currently in the planning and design phase, and is being prepared for the entitlement process, with the initial groundbreaking expected in late 2014 and completion of final phases slated for 2024. South Park ranks among the downtown area's premier residential neighborhoods commanding top rents for new apartments and the most comprehensive set of lifestyle amenities, according to a recent RCLCO report. The immediate neighborhood encompasses 32 square blocks of residential properties and includes the most dynamic retail and entertainment venues in downtown, including the Staples Center and L.A. Live. The location of the new Mack Urban/Aecom Capital project is within a short walk of these amenities and adjacent to the Metro Pico Station. Designed by the Los Angeles architectural firm, AC Martin Partners, this development's ultra-sleek vertical towers will add a new dimension to the downtown Los Angeles skyline. The project will reflect the high-quality, best-in-class, multi-generation historical successes that are part of both Mack Urban and Aecom Capital, said Matt Burton, Mack Urban President/CIO. Tishman Construction Corporation, a wholly owned subsidiary of Aecom, will be the construction manager of the project. write your comments about the article :: © 2013 Construction News :: home page |