MacFarlane Looks For Partners at Park Fifth
- Jul 24, 2015
By Alex Girda, Associate Editor
A major mixed-use development project is on the market for financiers. MacFarlane Partners is the developer in charge of Park Fifth, and is currently looking for a deal involving either a presale or joint venture opportunity for the project.
MacFarlane’s offering gives a potential investor the chance to become part of a large downtown L.A. mixed-use community. The company tasked CBRE Capital Markets’ Institutional Properties team members Curtis Palmer and Ted Fentin to market the assignment.
Slated to take shape at the corner of 5th Street and South Olive Street in the proximity of Pershing Square Park and the Gas Company Tower, Park Fifth will occupy a 2.3-acre site. When completed, the $400 million project will total 660 rental units, as well as 12,000 square feet of retail space.
Residents will benefit from an amenity package that includes a 14,000-square-foot courtyard, floor-to-ceiling windows, private balconies, dog walks, fitness center, rooftop terraces, and multiple lounge areas and pools. A parking facility accommodating up to 695 vehicles is also planned at the site.