real estate development current projects
In 2013, the company along with joint venture partner Bolour Associates purchased an industrial site at the corner of E. 7th Street and S. Santa Fe Avenue in the Arts District of Downtown Los Angeles. The approximate 100,000 square foot site contains nine structures totaling over 50,000 square feet of industrial buildings and was entitled in 2007 for the development of 180 live-work units. Crescent Capital Partners is currently working with the community, the City Council’s office, and the Planning Department to design a project that is not only economically viable but also one that can functionally and socially define new live-work spaces in the Arts District. The proposed $130 million project is set to break ground in 2015 and to be delivered in 2017.
In June 2013, Crescent Capital Partners along with Bolour Associates and joint venture partner Provenance Hotels purchased one of the most important sites in Downtown Hermosa Beach. The 25,000 SF site sits on the corner of Pier Ave and The Strand and has 200 linear feet of frontage on The Strand overlooking Hermosa Beach’s iconic beach volleyball courts. The work has begun with the local community & the City of Hermosa Beach to entitle the site for the development of a three story hotel with upscale restaurants, retail spaces, rooftop pool, public terrace and lounge areas. HKS Hill Glazier Studio was selected to design the $120 million hotel. The hotel project is expected to be completed by the end of 2018.
Crescent Capital Partners and joint venture partner Bolour Associates identified this site in early 2013 and negotiated an 18 month escrow with the seller. After a lengthy escrow and due diligence period, the partnership purchased the heavy industrial manufacturing site on the corner of Palmetto Street and Colyton Street in July of 2014. Currently, the site consists of 60,000 SF of land with an existing 12,000 SF structure. The site sits directly across from the La Kretz Innovation Campus which is currently under construction. The company plans to build a mixed-use residential and retail project on the site. The company is in the early stages of designing the site and engaging the community. Crescent Capital Partners plans to deliver the approximate $95 million mixed-use project in 2018.
The revitalization of the Los Angeles River is one of most important public initiatives that is underway in the City of Los Angeles. In February 2013, Crescent Capital Partners and joint venture partner, Bolour Associates, purchased a 95,000 SF commercial manufacturing site adjacent to the bike path on the Los Angeles River. The site consists of 700 linear feet of frontage along the River in Elysian Valley and contains over 50,000 SF of existing manufacturing buildings. The company will work with local government and civic organizations such as Friends of the LA River to create a development plan for the site that is consistent with the future vitality of the LA River. Ultimately, Crescent Capital Partners envisions building a mixed-use complex consisting of live/work, creative office, and retail uses. aaron