Premium apartment complex slated for construction in Little Tokyo
A rendering of the apartment complex slated for 2nd and San Pedro streets in Little Tokyo.
DOWNTOWN LOS ANGELES — 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.
audiofrog (@audiofrog) on July 25, 2012, at 11:12AM – #1
That parking lot provides the best view of the downtown skyline from Little Tokyo.....it will be missed.
:..(
zeMinimalist (@zeMinimalist) on July 25, 2012, at 01:28PM – #2
These many parkings lots in DTLA are an eyesore and don't allow for neighborhoods to connect. This will be a very welcome addition!
keenast on July 26, 2012, at 12:45PM – #3
True, true. The view will be missed ;-(
Regardring zeMinimalist: parking lots don't allow neighborhoods to connect....? I would have no clue what you mean. Eyesore...well, let's think for a second where all the cars are going now....... Lot's of folks never visit downtown because parking is a major problem and there's no master plan in place like what one finds in Santa Monica (free 2 hour parking) Beverly Hills (same) Pasadena (same).....
John G on July 27, 2012, at 07:19AM – #4
@ audiofrog
I wouldn't worry too much about missing the skyline. Those units will provide great views for the tenants (as well as a great location). This means low vacancy rates and a long-term economic hub that will vitalize the streets and the general area.
This is exactly what downtown needs!
DawnC on August 21, 2012, at 12:16PM – #5
Yeah, that view is awesome especially at night. It's not many places that you have a view like that at street level.
The people and businesses that move in better be even more awesome to make up for it.
Morthos on September 01, 2012, at 10:11AM – #6
What an ugly building. Not much more appealing than the parking lot really...