With the exception of the Medallion apartments at 4th/Main, there have been no ground-up market rate housing developments built in the Historic Core in Downtown LA. Pretty much all new lofts and condos in the Historic Core that have come on the market over the last decade have been conversion projects taking advantage of the adaptive reuse ordinance. All that’s about to change, however, as numerous high-rise projects have been proposed in the Historic Core that will be the next evolution of Downtown LA’s urban revitalization, filling in all those anti-pedestrian surface parking lots. We won’t have to wait too long for some action because the exciting new chapter for the Historic Core begins now with Topaz, a new mixed-user, that broke ground last Friday near 6th/Main.
Topaz replaces a surface parking lot that stretches from Main to Los Angeles Street adjacent to the historic Santa Fe Lofts. The mixed-use development will rise 7 stories and include 159 units for rent and a fairly large amount of commercial retail space on the ground floor totaling 23,000 square feet that will face both Main and Los Angeles. The market rate project will be developed by Jade Enterprises and designed by Downtown LA-based architect firm TSK (Tate Snyder Kimsey).
Topaz will add potentially 200 new residents to the block and fill in a large gaping hole along both Main and Los Angeles between 5th and 6th Street helping to activate the ground floor with future restaurants and shops that will open here once the project is completed in fall 2016. And also important to note is the fact that Topaz will add in a much needed balance of market rate housing to a block along Main Street dominated by SROs including the new Pershing Hotel Apartments currently under construction at 5th/Main less than a block away.
Renderings for Topaz were first released last year on Building LA.