As the future Wilshire/La Brea Metro station gains waves of press for everything from tunneling progress to the discovery of Miocene Era whale bones, the excitement (and mystery) surrounding this highly desired train stop is building. Adjacent to the metro, the development of our La Brea project is gaining buzz as the highly anticipated addition to the exploding La Brea shopping and dining district.
In case you need a refresher, our vision for the property is to develop a dynamic mixed-use project with residential, hotel and commercial components that will complement the area’s creative and professional culture. The residential component will feature 121 residential units that will be comprised of 105,000 square feet of rentable space with an additional 26,000 square feet of amenity and common area space. It will be built with a condominium map to allow for the sale of individual units upon construction completion.
The hotel portion of the project will consist of 125 rooms (keys) with an average room size of 350 square feet. The hotel will occupy 52,500 square feet of space in the southernmost portion of the property (immediately adjacent to the future metro station) and will feature separate entrances and common areas from the residential and retail spaces.
The building will also have 18,500 square feet of commercial (retail) space, including about 16,500 square feet on the ground and second floors in addition to a 2,000 square foot rooftop restaurant, bar and lounge with panoramic City views that will elevate the lifestyle experience of the project.
The completed project will be contained in a 202,000 square foot building envelope. CGI anticipates a 7-story building with two below-grade parking levels that will include 250 parking stalls in total.
Last month we shared projectionsabout a booming hotel sector in the coming years. “The hotel sector is expected to experience a record-breaking year of occupancy levels in 2019, according to a forecast from CBRE Hotels America Research. Occupancy levels are expected to surge to 66.2% next year, driven by a 2.1% increase in demand.” The timing of our La Brea project is both propitious and well-timed to meet the growing demand on both an occupancy and a sales front.