Last summer, we saw that construction was humming along nicely for the newest mixed-use project rising in City West, which is an urban neighborhood of Downtown LA just west of the Financial District over the 110 freeway (the landmark 1100 Wilshire tower resides in City West as well). The seven story apartment rental building with ground floor retail developed by Holland Partners, named simply after its address “Eleven Eleven Wilshire” (aka 1111 Wilshire), is about 95% complete and is waiting to receive their TCO (Temporary Certificate of Occupancy) from the city soon before their first residential occupants can begin moving in hopefully by March 2013.
The rental market has been extremely tight in Downtown LA, to say the least, with many credible sources citing a 2% vacancy in the overall downtown market. That kind of demand translates into a lot more rental units now under construction, including City West’s 1111 Wilshire, which has already received strong demand with approximately 15% pre-leased according to the property manager Brook Purcell. The building will be attractive to a wide variety of renters as there about two dozen different layouts with studios, one, two, and three bedrooms available. Most of the units come with a balcony as well. In addition, the building is stocked with amenities including a 24-hour fitness center, pool and BBQ lounge area, and an amazing rooftop garden. Prices range from $1,485 for a studio to $3,500 for a three bedroom unit.
What excites me the most about 1111 Wilshire is the energy it’ll inject into the neighborhood when the building is eventually fully occupied. With potentially 300 net positive residents, many will be coming out to walk their dogs, jog, or even walk to work, which will help activate our streets with more pedestrians. There is also about 8,000 square feet of retail space on the ground floor with plans to bring in a couple of new restaurants, increasing the amenities available to City West residents in this burgeoning urban neighborhood.