The LA Times reported on Sunday that a $100 million mixed-use project will break ground in March 2013 in Little Tokyo. The new 7-story apartment complex will be developed by Sares-Regis (who also developed Westgate Apartments in Old Pasadena) on a site in Little Tokyo known as “Block 8.”
According to the report, the still unnamed project will have 240 units of market rate rentals with an average monthly rent of $2,200. It will be built at 2nd and San Pedro on a parcel next to the existing Sakura Crossing apartment building, which is also home to the popular Lazy Ox Canteen restaurant.
Another mixed-use project is supposed to break ground soon on the Block 8 site as well. We reported back in May 2012 that developer Avalon Bay Communities plans to build an apartment complex called “Ava Little Tokyo” that entails 280 units within two separate buildings at 2nd and Los Angeles St.
Once both these projects come fruition, which will be sometime in 2015, the entire 6-acre Block 8 site will finally be completely built out — or what I like to call “a maturing urban neighborhood” — from its current disappointing state as a desolate surface parking lot more fit for Irvine, not the urban center of the second largest city in the United States. There will be hundreds of new residents added to Little Tokyo along with new retail and restaurants, especially along 2nd Street, that will finally bridge Little Tokyo to the Historic Core for pedestrians.