Park Fifth Architectural Landmark Elevates ''Infinity Living'' in Downtown L.A.
Opulent, $1 Billion High-Rise Condominiums to Soar as Tallest Residential Edifice in the West
May 15, 2007
LOS ANGELES--(BUSINESS WIRE)--Los Angeles will be looking up in wonder as the spectacular Park Fifth, the tallest residential building west of Chicago, rises in Downtown Los Angeles. Capital partners Africa Israel and Namco Capital Group along with Houk Development Company are creating an architectural landmark in their visionary plans for Park Fifth, the first luxury residential high-rise to be built in Downtown. The Park Fifth project will also include a five-star hotel, to be operated by one of the leading names in luxury hospitality.
In a defining moment of the renaissance that is transforming the heart of Los Angeles, the estimated $1 billion Park Fifth will elevate the Downtown horizon and bring a new, exciting style of opulent “infinity living” to the corner of Fifth and Olive Streets, across from historic Pershing Square. And it’s almost here—Park Fifth’s sales center, which includes life-sized models of its 732 residential units, will open by appointment in summer 2007, with groundbreaking slated for the first quarter of 2008, highlighting the project’s exquisite taste and luxurious atmosphere; the high-tech wealth of comfort, service and amenities; and the fantasy and flair of Park Fifth’s high-energy, super-connected, here-and-now scene.
Park Fifth living opens an infinite variety of possibilities to its residents’ imagination, from cultural activities, to entertainment and nightlife, to active exploration of L.A.’s vibrant Downtown. The sophisticated design’s expansive glass walls will command floor-to-ceiling, unimpeded panoramic views of the city, from the ocean to the mountains. The striking architecture of Park Fifth, designed by the internationally renowned firm of Kohn Pedersen Fox, integrates the refinement of a New York-style luxury residential tower with the golden, quintessentially Southern Californian climate and lifestyle.
"Loft architecture has dominated the large amount of residential development in Downtown Los Angeles in recent years. We believe the city is ready for a new phase of sophisticated urban living that integrates the upscale urban lifestyle with Southern California’s unique character and natural setting,” said Rich Marr, the project manager. "This pioneering project creates a landmark that will stand as a powerful statement of Downtown Los Angeles’ revitalization into a cultural, entertainment and social center.”
The design features a lofty 76-story tower and a 43-story tower, connected by a 15-story residential bridge. The hotel will occupy the lower floors through the bridge area, and the condominium units in the 43-story tower will be identified with the hotel brand and offer their residents access to the hotel’s amenities and services.
While the 76-story tower will attain icon status as the tallest residential building west of Chicago, two mid-rise buildings surrounding a plaza will relate in height and proportion to the early 20th-century commercial buildings of the historic Downtown core. A monumental, eight-story “urban window” through the Fifth Street façade frames a view into the plaza from Pershing Square.
The plaza embodies the vision of Park Fifth’s creators of a Downtown oasis. Without sacrificing sunlight, open air spaces and green foliage, architecture and nature blend in Park Fifth’s plaza, sky gardens, private lanais and terraces. Glass balconies and floor-to-ceiling windows allow barrier-free views of the vastness of the city and its marvelous natural setting.
Park Fifth will offer 732 living units of varying sizes, attuned to the infinitely varied styles of California living. Choices for residents range from $400,000 to $3 million, including:
• Beautifully appointed units, ideal for live/work spaces
• Pied-à-terre suites designed for commuting professionals
• Two-story, 3,000-square-foot residences, and
• All units equipped with state-of-the-art technology, including telecommunications, entertainment, and next-generation “smart house” systems.
Amenities for residents include:
• Two rooftop pools and oversized whirlpools with food and bar service
• An observation deck on the 76-story tower
• Rooftop gardens on the 15th and 36th floors of the 43-story tower with built-in fire pits
• Fitness rooms in each tower
• 20-seat theater viewing rooms, music and video libraries in each tower, and
• Classrooms for wine tastings, cooking classes and other educational seminars.
The Park Fifth Public Plaza Level features a sculpture garden, water features, a casual café, and an elegant restaurant offering indoor and outdoor dining overlooking the park at Pershing Square. The hotel at Park Fifth features a luxurious health spa offering treatments to residents and guests.
The world-class Park Fifth project team includes design by globally renowned architect Eugene Kohn of Kohn Pedersen Fox (KPF), who was responsible for such imaginative venues as the Rodin Museum (Seoul), the award-winning towers and urban courtyard of De Hoftoren (the Hague and the Museum of Modern Art, New York). The Los Angeles office of the Leo A. Daly architectural firm will assist KPF to complete working drawings and provide construction supervision. Interior design is by the leading international firm Hirsch Bedner Associates.
About Park Fifth Development Partners
Park Fifth’s capital partners, Africa Israel and Namco Capital Group, along with development partner Houk Development Company, bring a wealth of experience and capability to the venture. Africa Israel is a publicly traded, Israel-based international development company with a strong U.S. presence with its U.S. headquarters in New York and multiple projects underway in Manhattan, Miami, Las Vegas, Phoenix, Myrtle Beach, South Carolina and now Los Angeles. Brentwood, CA-based Namco Capital Group owns and manages more than 10 million square feet of residential and commercial projects in Southern California and across the U.S. Namco also owns a community bank in Los Angeles, operates an insurance brokerage firm, serves as a large 1031 exchange accommodator and has an active mezzanine financing division. Houk Development Company has been responsible for numerous high-profile projects throughout the Los Angeles area for nearly 30 years. Based in Los Angeles, the company has been a major participant in the Downtown renaissance and currently owns, develops and manages real estate properties in Southern California.
For more information please visit
www.parkfifth.com or call (213) 629-0000 for an appointment.
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