Large-scale apartment development is underway in Marina Arts District
A Los Angeles real estate developer is building 230 apartments in the city’s burgeoning Marina Arts District, a former industrial zone by Marina del Rey.
California Landmark Group, which has built other residential complexes in the neighborhood, has started construction on an apartment and office project at 13448 W. Beach Ave. called G8.
The $100-million complex will have six architecturally distinct structures of varying heights spanning a city block. The design by Rios Clementi Hale Studios and PK Architecture is intended improve the scale and massing of the large development.
“It’s over 800 feet long, like an 80-story building” on its side, said Ken Kahan, founder of California Landmark.
G8 will feature a pocket park, courtyards with swimming pools, shared indoor and outdoor workspaces, a fitness center and a rooftop deck.
The 25,000-square-foot office component will incorporate a former industrial building on the site with new construction.
The Marina Arts District is roughly bounded by Beach Avenue to the north, Maxella Avenue to the south, Del Rey Avenue to the west and Redwood Avenue to the east.
The neighborhood was a hodgepodge of small residences and a variety of industrial and manufacturing complexes when it was discovered in the 1990s by developers, who were looking to provide less expensive housing than was available in Santa Monica to workers at internet companies and other creative businesses.
Builders now tout the area’s proximity to beaches, bike paths and jobs offered by the growing Silicon Beach technology cluster, which includes social media firm Snap Inc., automotive pricing website TrueCar Inc. and Dollar Shave Club.
G8 is the seventh and largest apartment project developed by California Landmark in the Marina Arts District since entering the market in 2006.
When construction of G8 is complete in late 2019, the firm will have completed more than 725 apartment units in the area.
The G8 units will be priced at about $3.50 to $3.75 per square foot per month, Kahan said, or nearly $3,000 for a one-bedroom unit. He expects renters will be about ages 25 to 50 but not necessarily all tech workers.
“We are not relying on Silicon Beach,” he said. Other “creative, entrepreneurial talent has migrated close to the water.”
About a fourth of the occupants of his buildings are entrepreneurs who have home offices, he said. “These are independent people.”
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