The Los Angeles City Council has given the green light for development firm Palisades to build a major new project in Echo Park.
The development, named 1111 Sunset for its address, will include the first skyscrapers in the area between Downtown L.A. and Dodger Stadium, with three buildings at 49, 30 and 17 stories high. On a 5.5-acre site at the former home of the Metropolitan Water District, Palisades will add 737 apartments — 76 of which will be reserved for rent at below-market rates — plus 48,000 square feet of offices, 95,000 square feet of shops and restaurants, and either a 180-room hotel or another 90 rental units.
SEE ALSO: Developer Proposes 23-Story Mixed-Use Tower Near Miami’s Brickell Bay Drive
Construction is on pace to be complete by 2028, according to Urbanize. The project was designed by SOM, Stanley Saitowitz | Natoma Architects, and Kengo Kuma & Associates.
Palisades did not immediately respond to requests for comment.
Other major projects are also on the way in the Downtown L.A. area. In the spring, the 1.2 million-square-foot Angels Landing high-rise secured long-awaited entitlements. It will include the third-tallest building in the city. Also, Related Cos.’ Grand development, designed by Frank Gehry and 45 stories high at its tallest point, is nearly complete.
Multifamily activity is dominating Southern California real estate. The Greater L.A. market led the nation last year in total investment volume, with multifamily and industrial making up the bulk of the output. In L.A. County, the number of vacant multifamily units declined 37.6 percent in the first quarter this year compared to 2021. Rent increased 7.5 percent from 2021 to an average of $2,084 per month, and the median sales price per unit is up 10.1 percent year over year.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
