Lennar’s Olympic & Olive to Open with 201 Apartment Homes & 4,000 SF Retail
IRVINE, CALIF. – September 2, 2014 – (RealEstateRama) — Award-winning national firm KTGY Group, Inc., Architecture + Planning, is pleased to announce that construction is under way on Olympic & Olive, a luxurious new 201-unit mixed-use rental community in downtown Los Angeles, developed by Miami-based Lennar Multifamily Communities. Designed by KTGY, the contemporary 1.08-acre development is located in the South Park neighborhood on the southwest corner of Olympic Boulevard and Olive Street and is Lennar’s first project in Downtown Los Angeles. Olympic & Olive is slated for completion in summer 2016.
The new, hip, urban residential community at 1001 S. Olive Street will offer open floor plans consisting of 64 studios, 109 one bedroom units, and 28 two-bedroom units, ranging in size from approximately 500 square feet to 1,100 square feet.
“This development continues the trend of more residential units in the historic downtown LA core,” said KTGY Principal David Senden. “Like most developments downtown these days, we’re focusing on Gen Y and their preferences.”
According to Senden, the amenity spaces in this residential community will be special. “With a big clubroom space spilling out to a beautiful pool and sundeck on level three and a roof terrace and outdoor kitchen at level seven, there are a host of gathering places and interesting spots to entertain or relax. The ground floor level has 4,000 square feet of retail targeted for a restaurant that will cater to this demographic,” Senden said.
The development also features 12 two-story “loft-style” apartment units on the ground floor along Olive Street that feature individual walk-up entries with direct access from Olive Street, private patios, and landscaped courtyards. Access for the residential units will be located on the east side of the community
along Olive Street and will flow into the residential lobby for residents and visitors. Also on the ground floor are the leasing office, residential elevator lobby, mail room, bicycle storage area.
“Unlike other developments, the community offers townhomes running along Olive Street, allowing residents to have direct access from the sidewalk,” said Senden. “In addition to the restaurant space, these townhome units will hide the parking garage and make for a friendly pedestrian experience.”
The third level features a lushly-landscaped central courtyard along Olive Street that includes a pool, spa and seating areas, two additional courtyards, and two large resident amenity spaces, including a 1,500- square-foot fitness center.
“An extensive use of different varieties of metal on the skin of the building will set this building apart from other buildings of this type downtown that rely primarily on stucco as their cladding material,” said Senden. “Oversized curtains on the exterior of the amenity’s space add a bit of whimsy along with shading the large expanses of glass from the southerly sun.”
Overall, the project design includes nearly 22,000 square feet of open space. Two above-grade levels of parking and one subterranean level are planned, providing a total of 228 spaces. The community will also have parking for 221 bikes.
“Really, it’s all about lifestyle. Even though this development is located in the heart of downtown, we want residents to feel like they have a respite from that hustle and bustle when they get home. It should be their sanctuary,” said Senden.
For more information about Olympic & Olive, see www.lennarmultifamilycommunities.com.
Lennar Multifamily Communities
Lennar Multifamily Communities has been built on the financial strength and entrepreneurial spirit of Lennar, one of the nation’s leading homebuilders since 1954. Founded in 2011, Lennar Multifamily has quickly emerged as a leader in the development of luxury rental communities nationwide. Lennar Multifamily specializes in the creation of quality urban, suburban and student housing. Each development is constructed to complement the existing neighborhood and designed with luxury features and amenities. Through institutional and private equity partnerships, Lennar Multifamily provides construction management, asset management, development and property management services to create high quality rental communities. See www.lennarmultifamilycommunities.com
About KTGY Group
Celebrating nearly 23 years, KTGY Group, Inc., Architecture and Planning, is a national award-winning firm providing comprehensive planning and award-winning architectural design services for residential communities, retail, hospitality, mixed-use and related specialty developments. KTGY delivers innovative solutions that reflect clear understanding of development, market and consumer trends, and financial performance. KTGY serves clients worldwide from offices in Irvine, Oakland and Santa Monica, Calif., Denver, Colo., and Tysons, Va. See www.KTGY.com