GLENDALE, Calif. (Nov. 11, 2010) — Alliance Residential Company is pleased to announce its acquisition of the ICIS Glendale property, a fully entitled and building permit-ready project site on Colorado Street in downtown Glendale, Calif. The deal closed on Oct. 15, and Alliance expects to break ground within two months. Completion is slated for mid-2013.
The 2.55-acre development site — which is situated between four of Los Angeles County's largest employment centers, including downtown Los Angeles, Hollywood, Pasadena and Burbank — comprises two parcels separated by a lightly traveled residential street. Parcel A, located at 524-550 W. Colorado St., is 92,293 square feet; Parcel B is 18,764 square feet and located at 554-552 Elk Ave.
Development plans include a five-story, podium-style building on Parcel A, incorporating four residential stories — with a total of 186 units — above a tri-level partially subterranean parking structure. The development will also feature 8,282 square feet of retail space along the heavily trafficked Colorado Street, as well as eight patio-style loft units along the Elk Avenue frontage. Parcel B will house a four-story tabletop building with 14 three-story, wood-framed townhome units atop a single-level at-grade parking structure.
The development will be branded as an Alliance-owned asset under the Broadstone community name. Apartment interiors will include wood plank-style flooring in the common areas, granite/Caesarstone/marble countertops, upgraded cabinetry, a stainless steel appliance package, oversized tubs, walk-in closets, and full-size stacked washers and dryers. Additionally, Alliance will incorporate an extensive amenity package, featuring a resident's club, business center, resort-style pool and spa, Zen garden courtyard with cabanas, state-of-the-art fitness center and digital game room.
Per V. Jay Hiemenz, Alliance's Chief Financial Officer, "We are pleased to be returning to a development strategy in the coastal markets where very little supply has been added in the last two years. We believe our timing capitalizes on a low basis through greatly reduced land costs and construction costs, which are at cycle lows given the lack of competing construction. We expect our lease-up for this project will have little competition from other new multifamily projects, as there are limited developments in the planning stages at this time — and, of course, financing is still very tight."
For more information, visit www.allresco.com.
Company Information
Alliance Residential is a fully-integrated multifamily real estate operating company focused on the development, acquisition, construction and management of residential and mixed-use communities in the United States. Headquartered in Phoenix, Alliance has 16 regional offices divided between six regions throughout the U.S. Over the past 10 years, Alliance has become one of the largest private apartment owners and the 15th largest management company in the nation, boasting a $6.0+ billion portfolio, and 45,000 units in 21 metropolitan markets across 12 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Nevada, New Mexico, Oregon, Texas, Utah and Washington). For more information, visit www.allresco.com.