A development team comprising Lowe, Aecom Capital and Rockwood Capital has started construction of the $350m Ivy Station in the US.
The new transit-oriented development at the Culver City station of the Los Angeles Metro Expo Line is expected to feature 200 apartments upon completion, as well as 55,000ft2 of ground floor space that will be used as retail and restaurant space.
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A 148-room boutique hotel and 200,000ft2 office building will also be built under the initiative.
Additionally, the new complex is set to feature 1,500 spaces of below-grade parking, including 300 designated for use by Metro transit riders.
The station's development is expected to provide additional convenience to Los Angeles employees, residents and visitors, as well as expedite public transit efficiency.
Culver City Mayor Jeffrey Cooper said: “The city’s overall plan has been to create a higher-density transit-served neighbourhood that provides new quality housing, retail, and employment opportunities that will help improve regional mobility and air quality by reducing local reliance on the automobile.
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By GlobalData“We have developed a strong partnership with Lowe and we look forward to the opening of the Ivy Station project.”
The 5.2 acre urban infill site will be equipped with easy pedestrian access and connectivity for Expo line riders to the station and surrounding neighbourhood, which will ensure a seamless connection with the existing Metro station.
The new station complex is also expected to support new businesses in the region such as media and entertainment companies, retailers and restaurants.
Bernards is serving as General Contractor for Ivy Station, while CBRE is representing the station’s office and retail leasing.
The project is expected to be completed in early 2020.
