Posted: Thursday, August 16, 2012 10:18 am | Updated: 10:28 am, Thu Aug 16, 2012.
DOWNTOWN LOS ANGELES – Jade Enterprises, a major commercial property owner with significant holdings in the Fashion District, has submitted plans to build its first Downtown residential project.
The company is looking to build a 419-unit, two-building complex at Pico Boulevard and Flower Streets on two side-by-side parking lots, according to plans filed with the city.
The project would rise over a cumulative 42,000 square feet of commercial space.
“We see demand in multi-family development, so we’re looking to capitalize on that,” said a Jade Enterprises spokesman, who declined to provide a project budget.
The development site is just north of the Avant, a three-building, 440-unit complex currently under construction at 1340-1360 S. Flower St. The under-construction phase involves two buildings estimated at $95 million. The Avant is slated to include 11,000 square feet of retail space.
Jade Enterprises’ plan still requires city entitlements — getting those approvals could take a year or longer.
Jade also owns the First Republic Bank building at 888 S. Figueroa St.
Contact Ryan Vaillancourt at ryan@downtownnews.com.
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