Nearly a year-and-a-half into construction, Downtown's $300-million Park Fifth development is now above ground across the street from Pershing Square.

The project, which is being developed by MacFarlane Partners, consists of a 24-story tower and a seven-story podium-type building on a longtime parking lot lining 5th, Olive and Hill Streets.  The rpoject, which is scheduled for completion in February 2019, will offer 660 rental apartments and 14,000 square feet of ground-level retail space.

Portland-based architect Ankrom Moisan is designing the mixed-use complex, which will include open space amenities such as a landscaped courtyard and a rootop infinity pool.

Park Fifth may set the stage for another slate of changes surrounding the Pershing Square subway station, including a makeover of its namesake park and a potential 57-story tower at 5th and Olive.  At one of its northern entrances on 4th Street, developer Equity Residential has announced plans to construct a mixed-use tower on a current parking lot.  Across the street, MacFarlane is one of three finalists for the proposed development of the long-vacant Angels Knoll site.

Image via MacFarlane Partners
Image via MacFarlane Partners

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This Week in Leases - June 23, 2018

Two advertising studios make moves in DTLA and Park Mile.

ROW DTLA, located at the border of the Arts District and Industrial District in Downtown Los Angeles, has announced that creative advertising studio WC+A has signed a lease for 12,000 square feet of office space at the complex.