CITYVIEW SECURES FUNDING FOR $125M SOCAL OPPORTUNITY ZONE
Southern California-based developer CityView has secured funding to move forward on its $125 million multifamily projects, Adams & Grand. The seven-story property is located near USC in an opportunity zone and will feature 296 units and 5,000 square feet of retail space. With funding in place, construction will begin this month, and the property is scheduled to deliver in early 2023.
“Our vision is to create a large, modern mixed-use building that will appeal to professionals; university faculty, staff, and graduate students; split commute households; and renters looking for an alternative to downtown,” Sean Burton, CEO of CityView, tells GlobeSt.com. “It will feature modern finishes and well-designed, multifunctional communal amenities along with an affordable and workforce housing component to serve the area. The commercial spaces on the ground floor will be programmed to serve residents and the community.”
The property was an ideal fit for CityView’s strategy, which has targeted transit-proximate, walkable—the area has a 91 walk score and a 92 transportation score—locations in emerging markets. The developer re-entitled the property with a general plan amendment and zone change. “We saw a need in this submarket for new non-purpose-built student housing,” says Burton. “While there has been some limited development in this area, it has been primarily purpose-built student housing, which does not serve the larger community or the faculty and staff at the seven colleges, universities, and trade schools that sit within approximately one half to one and a half miles of the project.”
The property is located in the Figueroa Corridor, an evolving submarket near USC, which has recently benefitted from investment activity. According to Burton, the investment is driven by demand from USC and Exposition Park, which includes the Coliseum, the $1 billion Lucas Museum of Narrative Art, Banc of California Stadium, South Park, and the financial district. “We believe [the financial district] will continue to make the area even more desirable to renters in the coming years.”
This isn’t CityView’s first development in the area, and it is leveraging past experience to guide this project. “We have built or renovated a number of projects in this area and have deep expertise in the L.A. market,” says Burton. “We feel confident in our ability to deliver and manage a great building and provide much-needed new housing, creating upwards of 1,000 jobs through the construction of the project, and serve the area through community-oriented commercial uses.”