Ground was broken recently on West 27th Place, a mixed-use, market-rate student housing development adjacent to the University of Southern California in Los Angeles.
CityView, an institutional investment firm focused on urban real estate, in-city housing, and metropolitan infrastructure, is the owner of the project. The developer is Los Angeles-based Symphony Development, the architect is Clark & Hedrick Architects Inc. and the general contractor is Cobalt Construction Co.
The project is registered for LEED gold certification.
“If certified, West 27th Place will be the first and only LEED certified, amenity-rich student housing option at USC,” says Sean Burton, president and CEO of CityView. “This project demonstrates our core mission of applying institutional capital to innovative urban projects that demonstrate smart growth, sustainability and metropolitan economic opportunity.”
West 27th Place is projected for completion in summer 2011 in anticipation of a fall 2011 academic year. Atlanta-based Place Properties has been retained to spearhead lease-up and property management services.
The development consists of 161 units (410 beds) designed for both individual lease and roommate matching. The unit breakdown includes 60 studio units, 44 one-bedroom units, 42 two-bedroom units and 15 four-bedroom units. The project includes approximately 22,000 sq ft of street-facing retail space and 183 parking spaces.
Property amenities include a swimming pool, sun deck, fitness center, study rooms and on-site management office. West 27th Place sits on approximately 1.03 acres of land adjacent to the USC campus, boasting close proximity to downtown Los Angeles, Staples Center, L.A. Live and the University’s Fraternity and Sorority Row.
Energy efficient building elements include on-site recycling, drought tolerant landscaping, high efficiency irrigation, on-site storm water treatment and erosion controls.
Within each apartment unit, amenities such as low flow water fixtures and Energy Star laundry and cooking facilities contribute to the building’s ability to exceed California’s Title 24 energy guidelines by more than 14%. Energy Star light fixtures, common area motion sensors and fluorescent lighting throughout help the building minimize electricity usage. Heating and cooling expenses are reduced with dual glazed operable windows, solar reflective roofing and programmable thermostats. Construction waste is reduced by up to 95% due to offsite wall panel fabrication and recycled content materials. If certified, West 27th place will be the only privately financed LEED certified student housing development in the greater Los Angeles region.