San Francisco, CA – (June 18, 2014)
GID announced today the formation of a joint venture partnership with The Hanover Companies to develop Hanover Olive, a luxury apartment community located near the Metro Rail, Staples Center and L.A. Live in downtown Los Angeles. Construction is set to begin in July 2014 with the first residences available in May 2016. This joint venture is the third in downtown Los Angeles, and the fourth overall between GID and The Hanover Companies.
The mixed-use building will include 263 apartments and 14,384 square feet of ground floor retail space. Two resident courtyards will provide a resort-style swimming pool, fire pit and an outdoor kitchen. Amenities include a fitness center, club room, three elevated sky decks and a large lobby with a lounge area. The luxury residences will feature ten-foot ceilings, solid surface countertops in kitchens and baths, stainless steel appliances, hardwood floors and will be built to CAL Green and Los Angeles Green building standards.
The 1.18 acre development site is located in the South Park District of downtown Los Angeles, on the corner of West Olympic Boulevard and Olive Street. The site enjoys exceptional access to the interstate system and is in close proximity to the Financial District, Fashion District, and the Entertainment District. Residents will benefit from close proximity to restaurants, grocery stores, various corporate headquarters and a rich mix of entertainment options.
Matt Stuart, Vice President and Director of Western Region Acquisitions at GID commented, “GID is pleased to work with The Hanover Companies for a fourth time. The combination of Hanover’s exceptional multifamily construction and the dynamic location of downtown Los Angeles should lead to another successful partnership.”