CITYVIEW SECURES $125 MILLION IN FUNDING FOR PROJECT NEAR USC

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CITYVIEW SECURES $125 MILLION IN FUNDING FOR PROJECT NEAR USC

By Hannah Madans December 21, 2020

12.21.2020

Work at Adams & Grand starts this month.

Century City-based multifamily developer Cityview has secured $125 million in funding for an opportunity zone project near USC.

The mixed-use development, dubbed Adams & Grand, will include apartments plus retail space and parking at 2528 S. Grand Ave.

“Cityview has a long history of successfully developing projects in areas subsequently designated as qualified opportunity zones,” Sean Burton, Cityview chief executive, said in a statement. “Our expertise in developing in opportunity zone areas makes projects like Adams & Grand a natural fit with our strategy of delivering quality housing in high-growth areas near job centers.”

The residential component of the seven-story building would hold 296 units, including 25 affordable apartments set aside for low-income tenants. The bedroom sizes would be a mix of 125 studios, 87 one-bedrooms and 84 two-bedrooms.

Amenities would include two sky decks, a business center, a two-story club room, a fitness center, a pool and spa deck, and a pet run and wash station.

Construction is scheduled to start this month and finish in early 2023.

In addition to being located in an opportunity zone, Adams & Grand will be funded by opportunity zone investors.

Established under the Tax Cuts and Jobs Act, which went into effect in 2017, federal opportunity zone tax incentives were designed to boost development in “distressed” communities.

Burton said all the changes underway near USC also made the location desirable.

“Adams & Grand is located adjacent to the Figueroa Corridor, which has experienced significant investment driven by demand from USC and Exposition Park (with the Coliseum, the $1 billion Lucas Museum of Narrative Art and Banc of California Stadium) from the south, and South Park and the Financial District from the north,” he said in a statement. “Catering to college faculty and staff, other professionals and students, the project will bring much-needed housing to this rapidly growing and vibrant area of Los Angeles.”

Student housing and housing near universities is seen by some investors as a safe bet during challenging economic times because some people go back to school to earn degrees.

Cityview is working with builder WPIC Construction, architecture firm Togawa Smith Martin Inc., interior design firm Nadia Geller Design and structural engineering firm John Labib & Associates on the project.

Cityview is also working on a handful of other projects around L.A., including a 123-unit mixed-use development in Mid-City.

In total, the company has completed close to 150 projects and made more than $4 billion in urban investment.