LOS ANGELES, CA - California Landmark Group (CLG) has started construction on “G8”, a 230-unit apartment development in the Marina Arts District adjacent to Marina del Rey, CA. G8 will be one of the largest multifamily developments to be built on Los Angeles’ Westside in several years.
Located at 13448 West Beach Avenue with access along Beach, Glencoe and Del Rey Avenues, G8 will feature a mix of single, one-, two- and three-bedroom units ranging in size from 550 to 1,500 square feet. G8 will feature more than 15,000 square feet of common area amenities, including a pocket park, three courtyards with pools, collaborative indoor and outdoor workspaces, a fully equipped fitness center and a rooftop deck offering unobstructed city and ocean views. Unit interiors will feature contemporary industrial finishes typical in many “byCLG” projects. Incorporated into the development will be 25,000 square feet of renovated creative office space.
Spanning a full city block and nearly three acres, the $100 million development is designed as six architecturally distinct contemporary structures of varying heights in order to reduce the scale and massing of the project. The design team includes design architect Rios Clementi Hale Studios and executive architect PK Architecture.
The Westside, especially the beachside communities, is one of the most desirable places to live in the Los Angeles area and also is one of its tightest rental markets, according to CLG founder Ken Kahan.
“G8 is being built to meet the demand from millennials and young professionals who want to be near the beach and take advantage of the explosive growth in jobs created by established and startup companies in tech, digital media and entertainment in the area.”
The coastal area stretching six miles from Santa Monica south to Playa Vista is home to more than 500 tech and related companies earning it the moniker of Silicon Beach. Since 2011, the area has attracted such successful startups as Snap, Inc., True Car, and Dollar Shave Club, all of which currently enjoy valuations in excess of $1 billion. Startups located in Venice, Santa Monica and Marina del Rey received approximately three quarters of the approximately $4 billion of venture capital that poured into Los Angeles last year, according to Built in LA, which tracks that information.
G8 is the seventh and largest apartment project developed by California Landmark in the Marina Arts District since entering the market in 2006. When construction of G8 is complete, (fourth quarter - 2019), the Los Angeles-based real estate investment and development firm will have delivered more than 725 apartment units to the area.
Once home to auto repair and body shops, the Marina Arts District is now an enclave of contemporary apartments and state-of-the art creative commercial space, while still retaining its original industrial feel with edgy, urban designs. The neighborhood is an easy walk to an abundance of shopping, dining and entertainment options, located in both the Marina shopping district and the eclectic Abbot Kinney neighborhood. It is also an easy commute by car or bicycle to Venice Beach, Santa Monica and Culver City.
About California Landmark: California Landmark Group (www.californialandmark.com) is a Los Angeles-based real estate operating company that has acquired, repositioned and developed more than $750 million worth of luxury multifamily and Class A commercial real estate assets throughout California over the past three decades.