MacFarlane Partners, a real estate investment manager and developer that specializes in investments promoting smart growth, urban revitalization and sustainability, announces today the topping off of Park Fifth, a 24-story high-rise that it is developing in Downtown Los Angeles.
Situated at 427 W. 5th Street, Park Fifth will consist of 347 rental apartments and 5,300 square feet of retail space. The project is being built adjacent to Trademark, a seven-story residential mid-rise building that MacFarlane also is developing, Trademark will house 313 rental apartments and 7,500 square feet of ground-floor retail space.
Suffolk Construction is performing construction management services for Park Fifth, while Bernards is performing construction management for Trademark. Both properties are scheduled to be completed during the first half of 2019.
“Park Fifth is the ideal location for residents who desire high-end amenities coupled with proximity to public transit and major office employers of downtown L.A.,” said Victor B. MacFarlane, chairman and chief executive officer of MacFarlane Partners. “Years ago, we saw this site as an ideal location for multifamily residential use as downtown continues to evolve as an exciting place for people to live, work, and play.”
The Park Fifth structure tops off in Downtown Los Angeles during a time when the area is experiencing a significant construction boom, with developments that are more varied and expansive than in the past.
“I have long stood with Victor MacFarlane and his team in developing both Park Fifth and Trademark, which will transform and bring much-needed housing to this part of downtown,” said L.A. City Councilmember José Huizar. “I congratulate the entire team on reaching this topping-out milestone and look forward to the grand opening of this top-notch, quality development.”
Park Fifth is located across West 5th Street from the Pershing Square Metro Station, which provides commuters with underground-rail access to points throughout Los Angeles. The building is around the corner from the planned route of Downtown’s restored, historic streetcar line.
Pershing Square, one of the largest public spaces in Downtown Los Angeles, lies directly south of the project, while Grand Central Market, a historic food hall and major local attraction, is on the next block to the north.
Designed by Ankrom Moisan Architects, Park Fifth will feature a wide range of amenities, including a 360-degree-view rooftop deck with an infinity-edge pool and cabanas; a fitness center; and a clubhouse with a bar/kitchen, TVs, ample seating and a business center. The building also will have onsite resident concierge services; a controlled-access bike storage and repair area; and a dog walk and washing station. The project is targeting LEED-Silver certification upon the completion of construction.
“We are proud of the contributions Suffolk is making to the revitalization and development of downtown Los Angeles,” said Mark DiNapoli, General Manager of California and National Chief Operating Officer of Suffolk Construction. “We use the most innovative technology solutions to deliver high quality projects as efficiently as possible, which distinguishes us from the competition.”
As part of Suffolk’s “build smart” approach to managing construction on the project, the team is using lean construction principles and building information modeling (BIM)/virtual design and construction (VDC) to enhance team-wide collaboration, eliminate waste and increase efficiencies on the project.
“Ankrom Moisan has worked on several development projects with MacFarlane Partners and Park Fifth is the crowning achievement in our relationship,” said Dave Heater, the firm’s president. “We are very proud of the design contribution we are making to the Los Angeles sky line and the DTLA community.”
“We could not be more pleased with our work on Trademark, our relationship with MacFarlane Partners, and our contribution to DTLA,” said Steve Pellegren, executive vice president of Bernards.
About MacFarlane Partners
MacFarlane Partners is a real estate investment management and development firm that acquires, develops and manages properties on behalf of some of the world’s largest pension plans and institutions. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and today is a leading investor and developer of properties that promote smart growth, urban revitalization and sustainability in urban and high-density suburban areas nationwide. It is headquartered in San Francisco and operates a regional office in Los Angeles.
About Suffolk Construction
Suffolk Construction is a national building contractor with $3.5 billion in annual revenue and offices in Boston, New York City, Miami, West Palm Beach, Tampa, Fort Meyers, Dallas, Los Angeles, San Francisco and San Diego. Ranked #23 on the Engineering News Record list of “Top 400 Contractors” in the country, the firm services clients in every major industry sector, including healthcare, science and technology, education, federal government, gaming, aviation and commercial. It is privately held and is led by founder, chairman and CEO John Fish.
About Ankrom Moisan Architects
Ankrom Moisan Architects, Inc. was founded in 1983 by Stewart Ankrom and Tom Moisan, two friends who quickly learned from their clients that they could build a different kind of architectural firm. Since those beginnings the firm has flourished, and today, with more than 360 employees and offices in Portland, Seattle and San Francisco, it ranks among the largest architectural firms in the western United States and serves an international client base. With a diverse portfolio that includes award-winning mixed-use developments, condominiums, market rate apartments, affordable housing, senior living communities, student housing, healthcare, workplace, and hospitality projects, the mission of Ankrom Moisan remains simple: “Create Places Where People and Communities Thrive.”
Bernards is a nationally ranked, multidisciplinary commercial builder headquartered in Los Angeles with four regional offices throughout California. Founded in 1974 by brothers Doug, Greg, and Jeff, the now employee-owned company delivers projects under all variations of general contracting, construction, and program management contracts to school districts, colleges, universities, developers, corporations, healthcare organizations, entertainment venues, and government agencies. The company’s broad base of repeat customers including USC, Caruso Affiliated, Rose Bowl Operating Co., and Six Flags Magic Mountain, and distinguished business portfolio attest to the satisfaction of its clients for over 40 years.