Developer Plans Massive Bioscience Complex in South LA
Project would span 736,000 square feet and include office and lab space
Los Angeles continues to see healthy demand for medical real estate.
Capri Investment Group is negotiating with an entity tied to Fred Leeds Properties for a 736,000-square-foot bioscience development in the Crenshaw neighborhood near Baldwin Hills, Urbanize reported. The total development calls for 360,000 square feet of lab space; 196,000 square feet of office space; 165,000 square feet of incubator space; and a 15,000-square-foot retail plaza.
The project would be located on a 10-acre site at 3700-3772 West Martin Luther King Jr. Boulevard and 4023-4025 Marlton Avenue, which is owned by Fred Leeds and L.A.’s Community Redevelopment Agency.
Los Angeles has seen rising demand and increasing investment for medical offices or properties related to health care, as well as modern office space in general. For example, Kaiser Permanente recently completed a $90 million outpatient facility nearby at 3782 West Martin Luther King Jr. Boulevard, also in the Crenshaw neighborhood.
Chicago-based Capri Investment Group also owns the adjacent Baldwin Hills Crenshaw Plaza Mall, where it plans to build more than 2 million square feet of new housing, office and hotel space. The project calls for an eight-story hotel with 400 rooms, an office tower with 148,000 square feet of space, 551 condominiums, 410 apartments, and 330,000 square feet of new shops and restaurants.