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Premium apartment complex slated for construction in Little Tokyo

By Hayley Fox
Published: Wednesday, July 25, 2012, at 09:56AM

A rendering of the apartment complex slated for 2nd and San Pedro streets in Little Tokyo.

An 240-unit apartment complex is slated for construction on the corner of 2nd and San Pedro streets in Little Tokyo. Developers say rent in the seven-story building will average about $2,200 a month.

The 1.74 acres of property was acquired by Irvine-based Sares-Regis Group (SRG), which plans to build housing units on the corner space where there's currently a large parking lot. The complex will include studios, one and two bedroom units, and townhouses.

Although details are still being finalized, developers expect that more than half of the units will be studio and one bedroom apartments.

The housing complex will include a pool, spa, two-level fitness facility, rooftop deck and multiple lounges. There will also be 17,000 square feet of retail space as well as three levels of underground parking.

"It's [Little Tokyo is] a seasoned neighborhood that is multicultural with shopping, a night life and civic pride that is shown in the preservation of so many of its iconic features," said Bill Montgomery, president of SRG's Multifamily Acquisitions & Investment Division.

The property is located at 232 E. 2nd St., across from the multilevel Weller Court shopping center which includes a grocery store and multiple restaurants.

Construction on the apartment complex is set to begin next March, said Montgomery in a statement.

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