Cityview, a premier multifamily investment management and development firm, and an opportunity zone program managed by The Townsend Group, a leading provider of investment management and advisory services exclusively focused on real estate and real assets, announced they have partnered to develop Adams & Grand. The $125 million, mixed-use project is located in an opportunity zone near the University of Southern California (USC) in Los Angeles, and will feature seven stories, 296 units, 5,000 square feet of retail space, extensive amenities and two rooftop sky decks offering sweeping views of Downtown Los Angeles. Ground up construction of the project will commence this month and is expected to complete by Q1 2023.
“Adams & Grand is located adjacent to the Figueroa Corridor, which has experienced significant investment driven by demand from USC and Exposition Park (with the Coliseum, the $1 billion Lucas Museum of Narrative Art and Banc of California Stadium) from the south, and South Park and the financial district from the north,” said Sean Burton, CEO of Cityview. “Catering to college faculty and staff, other professionals and students, the project will bring much-needed housing to this rapidly growing and vibrant area of Los Angeles.”
Adams & Grand is designed to achieve LEED Silver certification and will offer 125 studio, 87 one-bedroom and 84 two-bedroom floor plans. Twenty-five of the units will be designated very low affordable and three of the units will be designated moderate income affordable. All floor plans will feature stainless-steel appliances, Nest thermostats, vinyl flooring throughout, quartz countertops and in-unit washer-dryers. Some units will feature balconies as well.
“We are excited about the Adams & Grand project,” said Brian Woods, portfolio manager at The Townsend Group. “The Townsend Group’s strategy within opportunity zones is to find quality projects that allow our investors to contribute to and participate in the economic growth of opportunity zone areas by working with strong development partners like Cityview, who have the experience, market knowledge and property type expertise to deliver on their business plan. The Adams & Grand project will add housing, further investment in the area and expand on the economic energy originating from Downtown.”
Communal amenities will include a CV Works business center, two-story club room, expansive fitness center, movement studio, resort-style pool and spa deck, pet run and wash station, outdoor lounge and two rooftop decks. The community also offers 390 parking stalls and 332 bike stalls for residents and their guests. Tenants for the retail portion of the project will be carefully curated to fit the lifestyle of residents and complement the surrounding community.
“Cityview has a long history of successfully developing projects in areas subsequently designated as qualified opportunity zones,” said Burton. “Our expertise in developing in opportunity zone areas makes projects like Adams & Grand a natural fit with our strategy of delivering quality housing in high-growth areas near job centers.”
Located at 2528 S. Grand Ave., the mixed-use community will be ideally located half a mile from USC and Exposition Park and less than two miles from Downtown Los Angeles’ South Park, Whole Foods and LA Live. It is easily accessible to a variety of notable employers occupying over 30 million square feet of office space, including Uber, Spotify, Gensler, City National Bank and Oaktree. It will also be situated within two miles of seven colleges serving approximately 70,000 students, making the community and its retail components an important resource for students, faculty and staff. The project boasts a walk score of 91 and a transportation score of 92 and will sit one block from the 23rd Street Metro station, allowing easy public transportation access east to Downtown and west to Santa Monica.
Cityview optioned and then fully entitled the property, which included a zone change and general plan amendment. Townsend recently formalized its investment in the project, though it had been working closely with Cityview to track progress. The investment partnership is partnering with builder WPIC Construction LLC, architecture firm Togawa Smith Martin, interior design firm Nadia Geller Designsand structural engineering firm John Labib & Associates on the project.
“The construction of Adams & Grand will create upwards of 1,000 jobs,” added Burton. “We are really excited to break ground on this project and bring much needed jobs and housing to our community during this especially difficult time.”
Additional Los Angeles area projects from Cityview include 5935 Pico, a 123-unit mixed-use community in Mid-City Los Angeles that recently broke ground; Haven, a $75 million mixed-use community located in Culver City that completed earlier this year; and Mira, a 174-unit project located in a qualified opportunity zone in Warner Center that was sold last year pre-temporary certificate of occupancy to an opportunity zone buyer.