Attached to the 31-story tower, currently known as the “Coast Building,” there will be a five-story parking garage that faces Hill Street, north of the existing Coast Federal Savings building. The five-story parking garage will have 385 parking spaces, while the parking structure below the residential units will have 284 parking spaces. In total, the new project will contain 669 parking spaces.
A LaeRoc executive recently commented on the new project, saying, “We’re very excited to finally be announcing this project at 9th and Olive. Of course, it’s been in the works for several months. However, this is the first opportunity that we’ve had to officially comment on its progress. With the approval papers officially in hand, the project is in the clear. We hope to begin the construction phase in early 2013.”
The new development at 9th and Olive Streets is one of many developments LaeRoc is currently working on in Los Angeles. The real estate firm recently announced that it has received approval to begin working on converting the Gerry Building in the city’s Fashion District into 72 commercial condominium units (a total of 122,213 square feet of office and retail space).
A LaeRoc spokesperson commented: “Clearly, the leadership team at LaeRoc has a lot of faith in the City of Angels. We believe that Los Angeles is ready to grow and expand in ways that haven’t been witnessed in decades. As the demand for high-end and retail, office, restaurant, and residential spaces continues to rise, LaeRoc is prepared to meet that need. This new development at 9th and Olive Streets is just one way that LaeRoc Investments will be involved in Los Angeles’ projected growth spurt.”
LaeRoc isn’t the only real estate firm projecting extraordinary growth in this Los Angeles neighborhood. Other developers and investors are looking at ways they can capitalize on the booming industry and demand surrounding this area of Los Angeles. As new projects continue to develop and enter the construction phase, many residents are excitedly watching their own property values increase.
“This project is good for LaeRoc,” commented a company spokesperson, “but it’s also good for the community as a whole, which is exciting for us.”