After a four-year pause, Mack Real Estate Development is proceeding with plans to construct a pair of high-rise apartment towers at the intersection of 11th and Olive Streets in Downtown Los Angeles (DTLA). The Los Angeles Department of City Planning recently released a Sustainable Communities Environmental Assessment outlining the proposed development, which would replace existing surface parking lots.
The smaller tower, located at 1105-1123 S. Olive Street, would rise 51 stories. It would feature 536 studio, one-, two-, and three-bedroom apartments, ground-floor retail space, and substantial parking accommodations. Across the street, a 60-story tower would offer an additional 713 residential units, more retail, and expanded parking. If constructed today, this second tower would rank as the 12th tallest building in Los Angeles.
CallisonRTKL is responsible for the architectural design of the towers, which are planned to include resident amenity decks at both rooftop and podium levels. Mack Real Estate anticipates breaking ground on the smaller tower first, subject to city approvals and permits. Estimated construction time is 30 months from groundbreaking. Work on the larger tower would follow, with a similar timeline, according to a report in The Real Deal.
These towers represent a major component in the ongoing revitalization of this section of Downtown Los Angeles, spearheaded by Mack Real Estate and AECOM’s decade-long master plan. The plan has already yielded projects such as the Wren apartments and the Aven tower, while another 16-story hotel was also approved.
Mack’s project joins other high-rise developments in the works, including a 70-story building planned by Crescent Heights and a hotel project by AEG. However, it is important to note that not all proposals reach fruition, as evidenced by the termination of a different high-rise project planned at 11th and Hill Streets.
Mack Real Estate Group draws upon the Mack family’s six decades of experience in commercial real estate. Founded in 2013 by William, Richard, and Stephen Mack, the company is headquartered in New York City, according to the company’s website. Mack Real Estate functions as a fully integrated developer, operator, investor, and lender with a presence in major US markets. The company credits its success to its adaptable investment strategies and focus on building strong partnerships within the real estate industry.
