Australian builder and developer Lendlease has secured a 3.5-acre transit-oriented development site at 3401 S. La Cienega Blvd in Los Angeles, and plans to build a 500,000-square-foot mid-rise scheme close to Culver City with 260 multi-family residential units, 250,000-square-feet of office space and ground floor retail.
The site next to the La Cienega/Jefferson light rail station was purchased for $92m by Lendlease and its 50% partner in the venture, Australian superannuation fund Aware Super, and the development will have an estimated end value of $600m when complete, Lendlease said on 1 January.
It is the pair’s first development in Los Angeles.
Lendlease aims to submit an application to the city this year and expects to start building in 2023, with a completion date set for some time in 2025.
"We have been a general contractor in LA for many years and are now eager to expand our investment and development operations in this critical market," said Arden Hearing, Lendlease Americas’ executive general manager of West Coast development.
He noted that the site is close to entertainment and technology giants HBO, Apple, Amazon and Sony.
Lendlease Americas CEO Denis Hickey said the company is targeting US "gateway cities" of San Francisco, Los Angeles, Boston, Chicago and New York.
The LA scheme is part Lendlease’s and Aware Super’s partnership to develop multi-family residential real estate in these cities, with Lendlease acting as development, construction and investment manager.
In 2020 the partnership acquired sites in New York and completed projects in Boston and Chicago.
Lendlease’s global funds under management currently stands at $24.8bn of real estate.
Image: The development will be next to the La Cienega/Jefferson light rail station in Los Angeles (Adam Moss/CC BY-SA 2.0)