Mack Urban and AECOM Capital, the investment fund of AECOM, announced today the acquisition of six acres of land in downtown Los Angeles\u2019 South Park district located in the central business district (CBD).<\/p>\n
Valued at more than $80 million, this transaction is the largest land acquisition, by acreage, in the CBD since before the U.S. economic recession began during 2008, noted Paul Keller, CEO of Mack Urban. The seller was EVOQ Properties.<\/p>\n
\u201cMack Urban is building a portfolio of class A, institutional quality, highly amenitized multifamily residential developments in West Coast gateway cities. This acquisition of land in L.A.\u2019s South Park is a major component of our plan,\u201d said Richard Mack, CEO of Mack Real Estate Group. \u201cJust as importantly, Mack Urban and AECOM believe that these buildings will provide a special\u00a0 investment offering for institutional investors, who are looking for long-term class A multifamily ownership opportunities in select West Coast urban markets.\u00a0We are pleased that AECOM shares our vision, and we hope that this will be the first of many partnerships.\u201d<\/p>\n
John T. Livingston, chief executive of AECOM Capital, cited the ability of AECOM\u2019s team to co-develop, invest in, and provide construction and design-related services for the development as one of the many ways that AECOM connects to its partners and clients with an integrated delivery approach. \u201cWe are excited to play such an innovative role in the development of this area of South Park, and to create a unique downtown community environment,\u201d said Livingston.<\/p>\n
\u201cThe project is expected to comprise multiple buildings and offer modern high-rise living with phenomenal views,\u201d commented Keller, explaining that these apartments are expected to attract both young people as well as established professionals looking for an urban lifestyle and breath taking views in a desirable, walkable neighborhood. The studios are ideal for the suburban commuter who desires a landing pad during the workweek, he added.<\/p>\n
The project is currently in the planning and design phase, and is being prepared for the entitlement process, with the initial groundbreaking expected in late 2014 and completion of final phases slated for 2024.<\/p>\n
South Park ranks among the downtown area\u2019s premier residential neighborhoods commanding top rents for new apartments and the most comprehensive set of lifestyle amenities, according to a recent RCLCO report. The immediate neighborhood encompasses 32 square blocks of residential properties and includes the most dynamic retail and entertainment venues in downtown, including the Staples Center and L.A. Live. The location of the new Mack Urban\/AECOM Capital project is within a short walk of these amenities and adjacent to the Metro Pico Station.<\/p>\n
Designed by the Los Angeles architectural firm, AC Martin Partners, this development\u2019s ultra-sleek vertical towers will add a new dimension to the downtown Los Angeles skyline. The project will reflect the high-quality, best-in-class, multi-generation historical successes that are part of both Mack Urban and AECOM Capital, said Matt Burton, Mack Urban President\/CIO.<\/p>\n
Tishman Construction Corporation, a wholly owned subsidiary of AECOM, will be the construction manager of the project. Dan McQuade, chief executive of AECOM\u2019s construction services business, noted, \u201cWe look forward to contributing to the continued revitalization of Downtown Los Angeles and building our first project for Mack Urban.\u201d<\/p>\n
About Mack Urban<\/u><\/p>\n
Mack Urban <\/b>is a premier West Coast real estate investment and development firm that owns, builds and manages environmentally sensitive, urban infill projects designed to preserve neighborhood character and strengthen communities. The firm focuses on long-term holdings, with investments in diverse asset classes including transit-oriented development, high-rise residential, mixed-use multifamily, adaptive reuse, and student and senior housing.<\/i><\/p>\n
About Mack Real Estate Group<\/u><\/p>\n
Mack Real Estate Group (MREG), founded by William, Richard, and Stephen Mack, is an enterprise devoted to managing the…<\/i><\/p>\n","protected":false},"featured_media":0,"template":"","yst_prominent_words":[],"class_list":["post-11213","press-release","type-press-release","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/aecom.com\/tw\/wp-json\/wp\/v2\/press-release\/11213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aecom.com\/tw\/wp-json\/wp\/v2\/press-release"}],"about":[{"href":"https:\/\/aecom.com\/tw\/wp-json\/wp\/v2\/types\/press-release"}],"version-history":[{"count":0,"href":"https:\/\/aecom.com\/tw\/wp-json\/wp\/v2\/press-release\/11213\/revisions"}],"wp:attachment":[{"href":"https:\/\/aecom.com\/tw\/wp-json\/wp\/v2\/media?parent=11213"}],"wp:term":[{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/aecom.com\/tw\/wp-json\/wp\/v2\/yst_prominent_words?post=11213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}