San Francisco, CA – (January 30, 2014)
GID announced today the formation of a joint venture partnership with The Hanover Companies to develop Hanover Grand, a luxury apartment community located near the Staples Center and L.A. Live in downtown Los Angeles. Construction is set to begin in April 2014 with the first residences available in February 2016. This joint venture is the third between GID and The Hanover Companies.
The mixed-use building will include 271 apartments, two live-work units, and 11,881 square feet of ground floor retail space. Two resident courtyards will provide a resort-style swimming pool, fire pit lounges and an outdoor kitchen. Amenities include a fitness center, club room, two elevated sky decks and a large lobby with a lounge area. The luxury residences will feature solid surface countertops, stainless steel appliances, hardwood floors and will be built to CAL Green and Los Angeles Green building standards.
The 1.33 acre development site is located in the South Park District of downtown Los Angeles, on the corner of West Olympic Boulevard and Grand Avenue. The site enjoys exceptional access to the interstate system and is in close proximity to the Financial District, Fashion District, and the Entertainment District. Hanover Grand will be just blocks from the Metro Rail, L.A. Live and the Staples Center. Strategically located in the heart of the South Park District, residents will be within walking distance of restaurants, grocery stores, corporate headquarters and a rich mix of entertainment options. Recent developments have solidified South Park as one of the best places to live, work and play in Los Angeles.
Matt Stuart, Vice President and Director of Western Region Acquisitions at GID commented, “This is the second development that GID is involved with this submarket in addition to already having an ownership in Renaissance Tower, a 205 unit apartment community located across Olympic Boulevard from this site. GID will look to continue to expand our presence in this submarket as we believe it will deliver superior rent growth versus the overall Los Angles rental market.”