|By Marketwired .||
|June 17, 2014 07:36 PM EDT||
LOS ANGELES, CA -- (Marketwired) -- 06/17/14 -- Trumark Urban announced today it has purchased a fully entitled development site in the South Park neighborhood of downtown Los Angeles, where it will build a $100-million condominium complex of 24 floors with 151 units. The property, located at the corner of West 11th Street and South Grand Avenue, will fill a growing demand for affordable for-sale homes in the city's urban core.
"This building is the right size and location for our entry into the market," said Arden Hearing, managing director of Trumark Urban. "Many developers are building rental apartments, which has helped to bring retail services to the area, but the sub-market is dramatically lacking new condo inventory for those residents who prefer ownership. In that, we see opportunity."
An offshoot of San Francisco Bay Area-based Trumark Companies, Trumark Urban recently expanded into Los Angeles and now has more than 1,200 residential units across 10 projects in process between Los Angeles and San Francisco, for a total investment exceeding $750 million.
"We have been watching Los Angeles for years, and downtown specifically," Hearing said. "We see a unique confluence of events that results in a burgeoning urban scene ready-mixed with jobs and amenities."
The South Park site was entitled in 2007 and has been sitting on the shelf since the financial crisis. Trumark Urban will spend the rest of this year on design and entitlements and plans to break ground on the condos in January 2015. The condos will be offered to the market in early 2016 with closings later that year.
With this project, Trumark Urban is refreshing the design, amenity offerings and unit mix for a new generation of buyer. The condos will have a sophisticated, contemporary design, and amenities will include a sky-pool lounge area with outdoor fire pits and barbecues, pet-washing stations, a movie theater, and community and business areas.
"We are excited to offer this project in such a special location to a market that is really underserved in terms of new condo inventory," said Kevin Bixler, site acquisition manager for Trumark Urban. "We are looking aggressively for additional A+ sites in various, targeted, locations around Los Angeles."
Trumark Urban is under contract to purchase a second downtown Los Angeles development site, also slated for condo development. Construction is anticipated in the 3rd quarter of 2014.
Trumark Urban continues to buy property in San Francisco and Los Angeles and is exploring new acquisitions in markets beyond California.
About The Trumark Group of Companies
The Trumark Group of Companies is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, R&D and retail development. Trumark has raised more than $340 million of equity and funded 24 deals since the depth of the recession in 2009. www.trumark-co.com/companies
Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Its pipeline exceeds 4,400 lots in core in-fill areas of California, representing more than $2.8 billion in future revenue. www.trumarkhomes.com
Trumark Urban develops condos in core urban neighborhoods close to jobs, transit and local businesses. Since making the strategic decision IN 2011 to focus on for-sale condos, the division has acquired ten sites between San Francisco and Los Angeles that are targeted for over 1,200 condominium units with total projected revenues expected to exceed $1 billion.
Trumark Commercial, which builds, leases and sells commercial buildings, has entitled or developed approximately two million square feet of office, R&D, retail and hotel properties in the northern portion of the Golden State. www.trumarkco.com/commercial
Oct. 1, 2016 09:45 AM EDT Reads: 2,755
Oct. 1, 2016 09:45 AM EDT Reads: 819
Oct. 1, 2016 09:15 AM EDT Reads: 1,669
Oct. 1, 2016 09:00 AM EDT Reads: 2,938
Oct. 1, 2016 08:45 AM EDT Reads: 5,502
Oct. 1, 2016 08:30 AM EDT Reads: 2,505
Oct. 1, 2016 08:30 AM EDT Reads: 3,413
Oct. 1, 2016 08:00 AM EDT Reads: 1,312
Oct. 1, 2016 08:00 AM EDT Reads: 2,270
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Oct. 1, 2016 07:30 AM EDT Reads: 1,176
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
Oct. 1, 2016 07:00 AM EDT Reads: 2,411
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Oct. 1, 2016 07:00 AM EDT Reads: 1,866
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Oct. 1, 2016 06:30 AM EDT Reads: 1,933
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Oct. 1, 2016 06:00 AM EDT Reads: 2,809