Business Real Estate

Another big housing and retail project is underway in South Park

The $54-million Olive & Pico project is under construction in the South Park area of downtown L.A.
The Olive & Pico project will have 293 apartments above shops and restaurants

Work has begun on another large-scale housing and retail project in South Park, a booming neighborhood in downtown Los Angeles east of Staples Center.

Olive & Pico, as the $54-million complex will be known, is under construction on the block surrounded by Pico Boulevard and Olive, 12th and Margo streets.

The seven-story complex being developed by the Wolff Co. of Scottsdale, Ariz., will have 293 apartments over street-level shops and restaurants. It was designed by TCA Architects and should be completed by mid-2016.

Wolff Co. also plans to develop a 347-unit apartment and retail complex nearby at 12th Street and Grand Avenue.

Thousands of new apartment and condominium units have been built in South Park in the last decade, and many more are under construction or planned. The neighborhood is also getting new hotels, restaurants and a grocery store.

"South Park is one of the most desirable and active-lifestyle districts in downtown Los Angeles," said Jeff M. Bernards, senior vice president of Bernards, the construction company that is building Olive & Pico.

South Park's biggest draws include the Los Angeles Convention Center, 7th Street's "restaurant row," the Grammy Museum, L.A. Live entertainment complex and Staples Center.

roger.vincent@latimes.com

Twitter: @rogervincent

Copyright © 2014, Los Angeles Times
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