Los Angeles, CA (PRWEB) December 19, 2013
Bolour Associates, Inc. (Bolour), a leading Los Angeles-based real estate company, together with Crescent Capital Partners (CCT-AMP) announced today that Shimoda Design Group, an award-winning Arts District architectural firm, has been selected to design a live-work development at 695 South Santa Fe Ave. The 100,000 sq. ft. parcel will have up to 240 joint live-work quarters and up to 20,000 sq. ft. of restaurant and creative office space. The developers submitted their entitlement application to the City of Los Angeles today.
“As a local Arts District resident and business owner, I’m delighted to be working with the developers on creating an environment that is conducive to creative collaboration,” said Joey Shimoda, AIA, Architect and Founder of Shimoda Design Group. The project is developed around a concept of courtyards. It features a podium courtyard that includes a 25,000 sq. ft. central park with open space area, world-class gym, and outdoor pool and sauna, while the street-level commercial courtyard will include up to 15,000 sq. ft. of commercial, retail, and restaurant uses along with 10,000 sq. ft. of outdoor seating. The property recreates the live work condition that has made the Arts District such a desirable location. “Buildings are more than mere foundations, they’re the building blocks of our social connectivity,” said Mark Bolour, CEO and Principal of Bolour Associates and project co-developer. “Joey and his team have captured the essence of this in their design concept.”
“Our design inspiration is premised on the elegant aesthetic of industrial buildings and complements the lifestyle of the creative people who live and work here,” said Mr. Shimoda. “We value the significant contributions the creative community has made over the decades and recognize that the project should capture the spirit of creativity and collaboration that the Arts District represents for Los Angeles,” commented Mr. Bolour. Appreciating its industrial roots, the project’s materiality features board formed concrete and corrugated metal blocks, giving it a sense of permanence, while its application adapts to the current and future demands of the community.
Previously referred to as AMP Lofts from the prior tenant American Moving Parts, local resident and Creative Director, Mathew Foster has been engaged to help name the project and lead its brand stewardship. “Our community is changing quickly, and I’m very excited to be a part of and working on a project that’s creating something new and long-lasting in a neighborhood with so much history,” said Mr. Foster.
Live-work properties are communities that embody the changing patterns of employment and the digital knowledge economy. “It’s about the experience of working collaboratively and promoting a culture of social creativity,” said Mishel Michael, Principal of CCT-AMP. “We believe our project responds effectively to the emerging live-work economy.” Adding to this Mr. Bolour said: “The project strives to achieve a sustainable work-life balance for community members and will serve as a conduit to energize the talents of its residents.”
Bolour and CCT-AMP acquired the property this past June and serve as the project’s co-developers.
About Bolour Associates
Bolour Associates is a privately-held real estate investment, development, and finance company. With 35 years of industry expertise, the firm has a longstanding track record of creating value for clients and urban communities. Our associates embrace changing real estate environments and employ a creative approach to generating sustainable growth. Our commitment to the highest standards of integrity is the hallmark of our business. Headquartered in Los Angeles, Bolour is a leader in the Southern California commercial real estate market and southwest regions of the United States. http://www.BolourAssociates.com
Crescent Capital Partners is a value-add real estate investment and development firm, founded in 1994. Led by Mishel Michael, Principal, the company has developed retail, hospitality, and multi-family assets in Houston, Denver, Las Vegas, and Southern California.
About 695 South Santa Fe Ave.
Located at the expanding southern end of LA’s burgeoning Arts District, the project is a modern lifestyle live-work property. The neighborhood is known for its industrial warehouses, artists, and is home to pioneering cafes, restaurants, and retailers. The 100,000 sq. ft. parcel will have up to 240 joint live-work quarters and up to 20,000 sq. ft. of restaurant and creative office space, with views of downtown Los Angeles and the San Gabriel Mountains.